By Josh Ariyo
Once upon a time, there was an overconfident entrepreneur named Fred, who had an exciting idea for a startup that could “revolutionize” the world of gourmet ice cream machines. After months of pitching his idea to investors, Fred finally landed the funding he needed. He was ecstatic! The investors bought him the fanciest, most advanced ice cream machines money could buy.
But one small problem: Fred had no idea how to use them.
Determined to prove he could do everything himself, Fred refused to read the manual. “Pfft! It’s just a machine,” he said. “How hard can it be?” He also rejected hiring someone with experience, convinced that no one else could understand his “vision.”
The first day in the ice cream lab was… messy. Fred poured ingredients into the machine, hit a few random buttons, and waited. Instead of delicious gourmet ice cream, the machine spat out a frozen blob that looked like mashed potatoes and smelled like burnt toast. He tried again. This time, it produced a mixture that could’ve passed for concrete.
Each failure only made Fred more stubborn. He tried turning the machine upside down, yelling at it, and even threatening it with a hammer. Still, no ice cream. His investors started worrying when he could only show them a pile of sticky disasters and broken machinery.
Finally, Fred’s machines staged a rebellion—they started spewing ice cream sludge all over his kitchen, creating a scene that resembled a dairy-themed horror movie. Covered in vanilla goo and with tears of frustration running down his face, Fred had to face the truth.
In the end, Fred’s company didn’t revolutionize gourmet ice cream, but it did teach him an important lesson: some things are best left to the professionals.
The investors? They opened their ice cream parlour—with a real expert. Fred? He opened a blog called “How Not to Run a Business.”
LESSON LEARN IN A BROADER WAY:
1. Know When to Ask for Help
Fred was determined to figure things out himself. He ignored the manuals and refused to hire anyone with experience, believing no one could see his vision as clearly as he did. But soon, his “I can do it all” attitude led to chaos.
Lesson: Knowing when to ask for help can be a game-changer in business. Entrepreneurs, especially those starting out, often think they must do it all alone. But bringing in professionals with specialized skills can save time, money, and a lot of frustration.
Example: Take tech startups—many founders are big-picture thinkers, not necessarily developers. Bringing on experienced coders early on can speed up product development and prevent costly mistakes.
Action Step: Identify areas where you may lack expertise, and consider outsourcing or consulting with experts. Whether it’s marketing, finance, or operations, hiring skilled professionals helps ensure things run smoothly.
2. Learning the Basics Is Essential
Fred thought he could rely on sheer determination and passion, skipping over the basic functions of his machines. Instead, he ended up with blobs of mush instead of gourmet ice cream. The truth? Passion alone doesn’t run a business—understanding core operations does.
Lesson: For anyone with a business idea, taking the time to understand basic operations is crucial. This doesn’t mean you need to be an expert in every area, but a foundational knowledge of how things work will guide decisions and prevent preventable mishaps.
Example: Think of restaurant owners—knowing kitchen fundamentals helps them understand the workflow and better manage staff, even if they’re not chefs themselves.
Action Step: Invest time in learning the basics of your industry. Take online courses, attend workshops, or shadow someone with experience. Foundational knowledge will empower you to make better business decisions.
3. Embrace Flexibility and Adaptability
After several failed attempts, Fred became increasingly stubborn. He tried every random button and even resorted to yelling at the machine, determined to make it work without changing his approach. Unsurprisingly, he only faced more frustration.
Lesson: Flexibility is crucial in business. What works in theory may not work in practice, and entrepreneurs who adapt their strategies are more likely to succeed. Whether it’s adjusting product features, revisiting a marketing strategy, or changing pricing, flexibility keeps a business resilient.
Example: The early days of Twitter were challenging; initially, the platform wasn’t intended to be a microblogging service. But as user demand evolved, so did Twitter’s approach. Adapting to what customers wanted ultimately led to success.
Action Step: Be open to feedback and willing to adjust plans as needed. Regularly review progress, assess what’s working, and don’t be afraid to pivot if the results aren’t meeting expectations.
4. Don’t Overlook Practical Experience
Fred’s inexperience eventually caught up with him. Not only did he fail to make ice cream, but he also damaged the machines. Meanwhile, his investors were growing wary of his lack of tangible results. Realizing the importance of experience would have saved him time, stress, and costly repairs.
Lesson: Book knowledge is valuable, but practical experience is where true learning happens. Whether you’re new to entrepreneurship or navigating a new industry, hands-on experience teaches nuances that theories often miss.
Example: Many successful entrepreneurs have worked in their industry before starting their own business. Gaining experience by interning, freelancing, or shadowing someone can offer insights you can’t get from books alone.
Action Step: If you’re venturing into a new field, consider working part-time or volunteering in that industry. Experience will help you learn industry-specific skills and develop realistic expectations for your business.
5. Prioritize Communication with Investors and Stakeholders
Fred’s investors eventually reached out, concerned about the progress—or lack thereof. He hadn’t communicated the difficulties he was facing, leaving them in the dark. When they finally saw the results, they were disappointed and worried about their investment.
Lesson: Communication is key, especially when other people’s money or time is involved. Investors want to know what’s happening, good or bad. Keeping them informed helps build trust, and they may even offer solutions or resources to help you overcome obstacles.
Example: Many successful startups keep investors updated through monthly or quarterly reports. This proactive approach shows responsibility and builds confidence in your leadership.
Action Step: Set up regular check-ins with investors or partners. Even if there’s little progress to report, keeping stakeholders in the loop fosters trust and transparency.
6. Learn from Your Mistakes
Fred’s company may not have revolutionized the ice cream industry, but it taught him valuable lessons about entrepreneurship. He recognized his errors, learned from them, and eventually started a blog, “How Not to Run a Business,” to help other aspiring entrepreneurs avoid the same pitfalls.
Lesson: Failure is often the best teacher. Every misstep provides valuable insights that can be applied to future ventures. Instead of dwelling on mistakes, successful entrepreneurs use them as stepping stones to improve and refine their approach.
Example: Look at Richard Branson, who has faced multiple business failures. Rather than giving up, he analyzed what went wrong, adapted, and continued creating successful ventures.
Action Step: After a setback, analyze what went wrong and write down key takeaways. Consider creating a personal “failure log” to document lessons learned over time.
The Moral of Fred’s Story
Fred’s journey serves as a reminder that passion alone isn’t enough. Successful entrepreneurship involves humility, adaptability, communication, and a willingness to learn. For young people, singles, or married entrepreneurs, these principles are invaluable in building businesses that not only survive but thrive.
In the end, while Fred didn’t master gourmet ice cream machines, he gained something just as valuable—experience and wisdom. And sometimes, those lessons are worth more than the business idea itself.