Tuesday, January 19, 2010

The end of my first entrepreneurial venture

In January 2009 Marko, Viljo and me launched a small entrepreneurial venture offering eco-tours to Croatia and Kazakhstan in Estonia - Reisid Vabadusse. In December 2009 we decided to close the project. The main reasons? The inability to get together sufficient amount of groups for the tours due to the economic downturn, more-difficult-than-planned business model and changes in regulation (higher obligation of deposits for tourism companies that is difficult for us to handle).

A combination of these factors made us believe that the venture shouldn't survive its first year. As it was a testing year anyway, it was quite rational decision for us.

The blog related to ecotourism and tourism in general will be continued.

So, what would my personal income statement related to this venture be?

  • Around 2500 EEK (ca. 150 EUR) of investment not returned
  • Many hours of work together with my devoted partners

  • Experience in preparing, starting up and driving own business venture - everything from writing a business plan to marketing and sales
  • Good understanding of tourism and travel industry
  • Personal entrepreneurial lessons (e.g. importance of well thought-through operational plan)
  • Great moments of synergy and fun experienced together with two positive and reliable people

All in all, it does not look all that bad for a first venture. There are new ideas in relation to Reisid Vabadusse too.