Lessons Learned When Your First Startup Fails – Part 2
Here is the second part of my article about how to cope when your first startup fails.
Lesson 4 – It is not your fault
Maybe you didn’t do enough market research or ask enough people what they want, but that doesn’t mean that your idea isn’t viable. Perhaps some other things caused the failure, but it is not your fault, and it doesn’t mean that you have to give up on your dream of owning a startup. Instead, you need to reflect on what went wrong and look at what you can do to ensure your next startup has a better outcome.
Lesson 5 – Failure is a stepping stone
Failing at your first startup can be terrifying. After all, it has been your dream since forever to become an entrepreneur. It is not easy to sit on your hands and not start the business you so desperately desire. But it is also important to think of failures as a stepping stone. Failure is like a rock falling from a height. It cannot be seen until it is already falling. While it may take a long time to hit the ground, it is one hell of a ride until then. The key to stepping onto your next big and successful business is to have a clear goal, a good team, and the experience to know what to do and what not to do in the long run. (Besides, since you are not the only one with the idea, if/when your new startup begins to take off, you will start to be inundated with many business proposals from other founders. There is no shame in considering these as an alternate plan.)
Lesson 6 – Start again
The first failure is an inevitable part of the journey. You need to be prepared to go through a series of failures if you want to have a successful company. Failure is what helps you grow as a person. It would help if you were prepared to accept it, learn from it, and get back to it. The right way to prepare for failure is to look at your past failures. Ask yourself these two questions: What did I learn from that failure? What was the cause of that failure? The next time you have a failure, remember to learn from it and prepare for it accordingly. Also, setting a clear endpoint is important. Startups tend to have ambitious and seemingly unrealistic plans. It is natural for a startup founder to want to go further and further. The faster you can reach your goal, the happier you will be.
Success is never far from a company, but failing does happen to everyone. A failed startup is a learning experience, which will help you in your next startup endeavor. I hope you enjoyed this piece. If you did, please share it with your friends.
The future is yours, be brave.