Travis Kalanick (Uber) resigns but still an Icon in the world of Entrepreneurship

Travis Kalanick/ Getty Images

Who doesn’t know Uber? Uber became an instant hit from its very inception and the model has spread to many locations around the world. And the man behind Uber is the young entrepreneur Travis Kalanick.

But once you take money from an investor, you cede some element of control. Travis Kalanick found that out over the past few weeks. He resigned as CEO of Uber Tuesday night, after being pressured by his board, which is made up primarily of his investors, including First Round Capital, Benchmark Capital, Lowercase Capital, Menlo Ventures, and Fidelity.

We can all imagine the pressure mounting, as allegations of sexual harassment from key executives became public, with added reports of a cutthroat culture that encourages sub-optimal behavior, and let’s not forget that the company continues to lose a ton of money every month.

Just look around and ask any Uber driver this simple question, "What do you think about Uber and its policies, attitudes, and public image?" Yesterday, I asked my Uber driver why he had both an Uber tag and a Lyft tag. His answer surprised me: "I see the number of passengers dropping for Uber and rising for Lyft." This was not the first time I had heard this. Therein lies the issue at hand; people are voting with their apps.

You see the board has one responsibility and that is to the shareholders. Their job is to do what is best for the company and not for Kalanick and his brilliance or vision. I am sure some issues have been blown out of proportion and I am sure some issues are actually bigger than we know.

But despite his resignation, there are lots of things we can learn from Travis Kalanick and the height of success he has taken Uber to.

     1. Learn from Your Mistakes

One of the major reasons why many businesses around us fail, especially start-ups, is because they get demotivated by failure and give up. But it is important to keep in mind that failure is also a part of life and for any business to be successful, one must learn from their mistakes and move forward. Don’t let your mistakes hold you back or deter you.

2.      Solve Problems

If you want to make your business a success, give options to people that solve their problems. Uber was started because there was a lack of cabs in Paris and that is how the idea came to Mr. Travis and he turned it into a success. If you strive to solve problems and make it easy for your customers, you are sure to attain success. Customers are loyal to convenience and price. Give it to them.

 

3.      Gravity of Problem

It is important to determine how hard is the problem for which you are trying to provide a solution. The greater the degree of the problem, the easier it becomes to be successful if you are able to provide an effective solution, keeping consumers in mind.

4.      Give People Magic

There are a lot of start-ups and business ideas that come into place and vanish as quickly. What customers are looking for is creativity and innovation. Do something which people did not imagine of. Get them talking about you and your magical ideas. People talking and getting inspiration from you is one sure shot sign of your success. Ideas which help them earn money, save money, or give them value for money is what customers are looking for.

5.      Take Risks

Nothing comes easy in life and there is no guarantee of success. In the end, it is all about how much you believe in yourself, your ideas, and the risk you took. It's gain for some and loss for some. But unless you don’t take that risk, you won’t know what’s in store for you. Believe in your idea and do whatever it takes to make it a success.

These days, with a lot of start-ups becoming successful, it is important that you take inspiration from them and achieve your goals. One of the many factors for any business venture to be successful is the passion that one holds for it. If you set up a business which you are passionate about, no matter what scale you start at, you are sure to reach heights of success, as your passion will be your driving force. Any business that is successful is a result of the passion for it. At Investodia we wish you nothing but success. Please drop your comment and share if you found this useful. Thank you.