Understanding that most startups fail, Tracy Sun and Manish Chandra knew they were going to have to take advantage of every resource and bit of advice they could get in order to make Poshmark work.
Sun and Chandra founded Poshmark, which makes an app that lets users sell clothes from their closets, in 2011. As the duo explain during an Inc. Trep Life mini-documentary, the company launched with an audacious goal: to get every consumer's closet and every store in the world on its network. To date, Poshmark boasts more than 350,000 closets and has sold more than 1.5 million items.
Sun says the reason for their success was that they followed a kernel of advice from an entrepreneur they respect. "The best piece of advice I ever received is that startups die of indigestion, not because of starvation," Sun says. "Once you have your company, you're like, 'What if I do this and what if I do this and what if I do this?' The problem is, and where a lot of startups fail, is they try to do too much, and have indigestion. If I'm doing three things mediocre [it won't work], but if I just do one thing I can do it really well and the business impact could be much greater."
Check out the video below to find out more about Poshmark's story.
WILL YAKOWICZ | Staff Writer | Reporter, Inc.com
Will Yakowicz is a staff writer for Inc. magazine. He has covered business, crime, and local politics for The Brooklyn Paper and was the editor of Park Slope Patch. He has also reported in the West Bank and Moscow for Tablet Magazine. He lives in Brooklyn, New York.