Learning from Failure – Have a Plan

Having a plan helps the team move forward in a proper manner. Not having one results in different members of the team putting energies in different directions, thereby resulting in a loss of time, effort and money.

Boo.com was an ecommerce company which went bust despite launching on a big scale, in multiple countries. Besides the other challenges they faced, the biggest factor for their failure was the lack of a project plan which resulted in a complete lack of communication within the team. As was said after it went bust, Boo did not fail as an ecommerce company, it failed as a company in general.

Advice – Do not start investing time and money without having a plan.