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. 

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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. 

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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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Started From The Bottom: Why More Graduates Are Considering Building Careers With Startups

Generations ago, people measured their success based on the company they’re affiliated with. They would flock to big conglomerates with hopes of climbing up the corporate ladder with pride. But today’s world is changing, as more and more graduates are leaning towards starting a career with a startup. Here’s why most college grads are skipping the big organizations and are heading to startup companies.

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Employees are given more opportunities in startups

While reality dictates that startups don’t pay as well as the bigger companies, its rewards are different. Working in a startup opens an employee to different opportunities that the bigger companies do not offer. Those who have been in the company soon after it opened will be given bigger responsibilities (i.e. leading a team or a project). Employees in startups have more opportunities to express their creativity, and they are allowed to explore different heights that are still in line with their profession.

Employees work beyond their job title

Many employees in structured companies often complain that they are stuck doing the same things every day, never experiencing “growth.” They only do what their job title tells them to do, and it can be boring and unfulfilling. However, working in startups will allow employees to wear different hats that will give them professional gain in the future.

Image source: startupdaily.net

Employees get recognized for their hard work

Praise or words of encouragement work as a fuel for the digital creative. It’s usually the team leader that gets all the credit for the hard work of another. But working in startups will allow employees to have their great work recognized.

Kingstown Capital Management is a startup consulting firm that provides startups and other businesses with effective management strategies. Visit this page for more information about the company.