Startup Failures Lead to New Opportunities
By: David Cummings ~
Failing at a startup is never fun. In fact, it’s often emotionally draining and frustrating. Fortunately, for many entrepreneurs I’ve talked to, myself included, failing at a startup always results in amazing learnings. When a startup fails there’s often so much more to learn because a number of tactics were tried and didn’t work. When a startup succeeds and does really well, it’s easy to believe that most of the decisions were right without necessarily learning many hard lessons.
After an entrepreneur fails, often some of the best opportunities emerge, including joining a new startup. Here are some observations about entrepreneurs that have decided to move on to the next venture:
- After a failure, it’s easier to judge what type of team and market you want to be part of for the next venture
- Failure creates more humility and hunger for the next go around
- Often what not to do is easier to define than what to do
- Failure tests whether you really like the startup world or would prefer a different type of environment
Startup failures are a healthy part of the ecosystem, especially when the entrepreneurs reflect on what worked, and didn’t work, and talent is recycled into the next wave of ventures.
What else? What are some other reasons startup failures lead to new opportunities?