Serial entrepreneur Frank Joshi learned about business the hard way. He was shown the trials and tribulations of his career before he started Mvine social business Software Company.
I always wanted to run my own business, but the advice I was given to start as an accountant or go on sale. Accounting is not interesting so I made the second. I did my training with a copy of the company for several years, which gave me a grounding in what sales is all about: calling people up, handling rejection, emotional, get up off the floor and realized it was a numbers game and you work hard you get lucky.
My first attempt in the early 1980s, I run the company’s marketable document management system that flips around £ 500,000 peak. This product is sold in the United States, and I took the distribution rights to sell it in the UK. I started to build a good business, but when I reported back to the U.S. and ask them if they will upgrade the software from DOS to Windows, they said: “We do not ‘- that kind of destroys my first venture.
I took it for a year or so before I realized it was going to end. The lessons have to have to know when to cut your losses. While you are running a business, you have to give 100 percent effort but when it’s time to be the first to walk.
Nose And Weight
After that I returned to full-time job working for a software company. Going from running a company for having a boss is a challenge, because suddenly you are not in control. Equally though, it is an opportunity to try and get back into the market, find out what’s happening in the software while licking my wounds and try to embrace other opportunities. But after a year the company acquired, and because I was the last one I was one of the first out. I get along with some other people to start a company in a different space – promotional merchandise.
Things did not go well with my colleagues. I do all the work, bringing most of the sales and partner extort amount that I built. In the end all it does not smell right, on an equal footing and assurance is not there. Then I met a friend of mine said general accounting, business partnerships equivalent to two to five years on average, while those with three last 18 months.
In 1995 I founded my cousin Martex friends. We build what was then called the portal business – effective online trade directory to find a system of classification of the product. It was way ahead of time, the Internet is an unknown quantity. From 1995 to 2000, our main missionaries and preaching the benefits of the internet and email as its use is not widespread at all.
After selling for 16.5 million pounds, I started again with a project in what is now called social business network. The first iteration of the music community focused on social that involves fans and musicians followed by MySpace and Facebook. Mistakes are a record label at the same time. While we know how to build an online community, the mistake is to try and be something we do not.
Finally we signed four artists, but we lost about £ 500,000. And not knowing the music industry, we also clearly too early to market.
I said, ‘If it works, great, but if not we will go back to typing’, the B2B space – so we returned to the building and start from scratch. Now, my experience has allowed me to rediscover Mvine as a major player in the social business software and services to a team with a 15-year heritage in the community and building relationships to grow.