The second blog post from the Fuckup Night Málaga has arrived! Julia, who organizes the Fuckup Nights in Málaga is one of my fencing students when she asked if I could share my fuck up story with the world. She has her own personal motto “Bad Decisions make good stories” and this is how she fell in love with the concept of attending one of the events 2 years ago in Prague, Czech Republic. After moving to Málaga she decided to give it a try and organized her first event which was a great success!
Now at the 3rd Fuckup Night Málaga, I continued the fuck up stories as the second speaker of the night and told everyone what happened on my journey … ultimately leading to a massive business fuckup!
I am a president of a fencing club Larios Perchel Malaga and a Business Consultant. We launched the first B2B internet platform in the world for producers and bottlers of Extra Virgin Olive Oil in the year 2000 with financial investment from Banco Santander and other Business Angles (a huge 3 million euros worth!). After an important investment in developing the technological and human resource structure with 15 qualified workers, we closed down 1.5 years after launching the company.
The Fuckup: How could it go so wrong right? Firstly, we hired 15 qualified workers, (with MBA’s, programmers etc) the best of the best. This obviously didn’t come cheap. We all had a great working relationship and got on very well, as Ben Kolp mentioned in blog post number 1 we ‘married’ very well. However, we forgot one very important thing, the producers! Taking you back to the year 2000, there was no internet coverage at all, and the producers didn’t know how to use it. In the end, a very well thought out and advanced tool was used by the wrong people (the brokers), as the producers just simply didn’t know how to. The market wasn’t ready for our business idea, to technologize the olive oil industry, and that was that.
The main lesson I learned, don’t forget about the ‘little people’. The workers/producers, for example, probably the people who are costing you the least amount of money, however, they could make or break your business. Additionally, If you don’t thoroughly take into consideration the market and research every single angle of your business, problems will occur somewhere down the line. And for us, it ended up being a very costly problem that was too late to fix! A quote we say in fencing but also an important lesson in life ‘You may win or you may lose, one thing you can be sure of is you always learn’.
Arturo is a Business Consultant with Executive and Managerial experience in Finance, Marketing, and Business Policy. He has participated in launching many business ideas, some of them successful and others not so much. His academic formation (MBA, Master of Finance, Bachelor International Business) and mainly his personal life experience has helped him develop a sixth sense regarding start-ups and small family business. Although at the present time he is working with several local businesses in Malaga (one of them recently merged with a big international company) he is open to help out in new business ideas and/or business plans.
Like the Facebook page to stay updated on the upcoming Fuckup events and see the live stream of my talk below, excuse the image quality however the audio is great!
Publicada por Fuckup Nights Malaga en Jueves, 14 de junio de 2018