Failure is part of the circle of life. So when you get advice from founders who learned from their mistakes and grew their businesses big, you should listen. The co-founder and CEO reveals the platform lost 80% of its revenue in one night when it changed its auction model to an online shopping site. The man behind Amazon’s $580 million acquisition of Souq.com has advised start ups to ‘fail fast’ in order to learn fast.
Ronaldo Mouchawar is Souq’s co-founder and CEO and admits he’s made hundreds of mistakes that helped build the Middle East’s largest e-commerce website. “You have to innovate, and you have to fail. Those are two things that every entrepreneur has to go through. If you’re failing, fail fast. Learn fast,” he said.