Lessons Learned When Your First Startup Fails – Part 1

Introduction

Statistically, most startups fail. As a founder, it takes courage and determination to start your own business from a mere idea. However, founders and startups are aplenty. Since most founders fail at their first attempts, it is crucial to learn how to recover from that failure. In this piece, I will talk about five lessons founders learn the hard way: When they fail for the first time. I will also talk about what needs to be done to get back up on your feet after your first failure.

To build a successful startup, one needs to be a tenacious human being. Many founders are first-time entrepreneurs who find it challenging to know the first thing about running a business. It takes guts to leave your cushy job to dive into this difficult industry. You need to have the same sort of resolve and hard work. That’s where your research, expertise, and best qualities of your personality come into play. Having these qualities of your personality, it’s essential to keep these in mind when you fail. Sometimes, your ideas could be flawed, and you might need to take some time to fix them. You will inevitably have to drop your first product, redesign and rebuild it. 

Lesson 1 – It is okay to fail

It is the acceptance of failure that is an essential part of learning from failure. Acknowledging that it is okay to fail is all part of the process. The first step to taking action and trying again is admitting that you have failed and moving on from that failure to get back on your feet. 

Lesson 2 – It is okay to think about failure

It is important to be mindful of how you behave while you are getting back on your feet. The best way to do that is to know the behaviors that make you feel self-conscious, nervous, and embarrassed. Those are the negative emotions that you should try to avoid. If you do not want to dwell on those negative emotions, then it is best to think about what you have learned from your failed attempt. Getting back up on your feet takes much self-belief: The first step in succeeding in anything is to have the belief that you can follow.

Lesson 3 – Failure is not a definitive measure of success

It takes guts to commit yourself to a business idea and execute it to success. However, you must understand that the success you are chasing might not be exactly what you thought it to be. The learning process of most entrepreneurs is a difficult one as they fail and then learn to get it right. You have to understand that failure is just a part of the journey. The more significant and more important challenge for you will be to figure out what to do after a loss. Too many entrepreneurs think that failures determine their success. It’s the successful ones who figure out what to do after a failure and use it as a learning experience. 

See you on the next part 

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