Note To Startup Founders: Expect Failure

While success is what every startup founder aspires to, failure is also something they have to be ready for.  The reality is startups fail.  In fact, majority of startups fail; statistics reveal that 9 out of 10 will fail with most dying 20 months after raising financing.  A cold, hard truth that every entrepreneur must embrace.  Failure is actually identified by many seasoned founders and investors as a universal trait of the startup ecosystem that new entrepreneurs are advised to prepare for a failure post-mortem even before launching their venture. 

Image source: recyclinginternational.com

For some startup founders, the certainty of failure is a frightening prospect.  This dose of reality, however, is what entrepreneurs need to succeed.  The harsh statistics are not meant to dissuade entrepreneurs but to encourage them to work harder <I>and</I> smarter.  And entrepreneurs who accept their failure, learn from their mistakes, and adapt are the ones who succeed in their next endeavor. 

Below are some tips to help startup founders get ready for their brush with failure:

Anticipate ups and downs.  The startup life is like a rollercoaster ride.  There are definite highs and lows – be on the balance sheet or one’s emotions. The challenge for entrepreneurs is how to build perseverance amidst the low points. 

Image source: techstory.in

Accept that you cannot do it alone.  The idea for the next big social networking site, app, or product may have the brainchild of the founder, but without a team of trusted advisors and investors, such brilliant idea may not come to fruition.  But entrepreneurs have to keep in mind too that even with a stellar team, unexpected turns can rock an otherwise strong group.  

Persist without exception.  At the end of the day, entrepreneurs who had the stamina to fail and get up after will survive.  Achieving success may take several tries, but those with unrivaled passion and indomitable spirit will be greatly rewarded in due time. 

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