How do you handle startup failure?

In my experience, failure ?? is not a unified concept that precludes anger, guilt or depression. In addition, the 50 shades of failure are closely intertwined with the concepts of Time & Money. The real question startups need to ask themselves and answer is, “Do we know how to fail fast and fail cheaply?” Once they know how to do this, they are more than ready to embrace the 50 nuances of failure and start playing a winning game. I am happy to offer trainings to startups who are interested. Get in touch.

It sucks. You feel like you let yourself down, your friends and family, investors etc. There is no easy way to deal with it unless you know you tried everything and it just didnt work out. It's really hard when your reality and life is your startup - all you ever did/talked about for the last few years. Take time off to decompress, write about it and talk about it with others. You're 110% not alone and I know so many founders who take comfort in talking with other founders.

I would first reflect on what went wrong, learning from mistakes to grow personally and professionally. Open communication with the team and stakeholders is crucial, being transparent about the reasons behind the failure. Taking care of my well-being and seeking support from friends and mentors is important during this tough time. Networking and asking for feedback can open up new opportunities, and I would consider exploring different career paths or entrepreneurial ventures. Managing finances and planning for the future would be a priority, while continuous learning and staying resilient are key for future success. Celebrating the achievements, no matter how small, helps maintain a positive outlook.

I dislike this machine-created list. Number one: CUT LOSSES, review how you can support your employees in finding new jobs. Organize sale of assets, pay debts & return funds to investors. IF YOU CAN AFFORD IT, take time off. If you cannot afford it, find a temporary job to pay your bills. Then slowly ease into understanding what could you have done differently. Sometimes, you could not have predicted certain circumstances (who could have predicted covid, for example?). Be kind to yourself, and have some early, small indulgences... a walk around the block, on the beach, etc. You don't want to move on from the past, you want to learn from it, and sometimes it takes a while to separate firm failure from personal failures.

Handling startup failure is like accepting that sometimes puzzles have missing pieces—it's about facing the situation with honesty. Acknowledge the reality that not all startups succeed, much like realizing some puzzles can't be completed. Understand that it's a part of the entrepreneurial journey, similar to knowing that not every attempt leads to a perfect solution. Take a moment to reflect on what went wrong, like examining a puzzle to see where pieces are missing. It's a bit like admitting defeat in a game; Accepting the reality of failure allows you to learn, reset, and prepare for the next exciting challenge, just like starting a new puzzle with a fresh perspective.

At this juncture, it became crucial for me to assess whether the factors that played a role in the failure could be channeled positively into a different project. I strongly dislike dwelling on hindsight and engaging in the "what if I had done that" game. My preference leans towards a pragmatic approach – identifying the contributing factors, scrutinizing their relevance to the failure, and determining if the manner in which these factors were employed might have led to the unfavorable outcome. Moreover, it's essential to explore the potential for leveraging these factors in a constructive manner for future endeavors rather than fixating solely on past missteps.

I find accepting failure to be a skill. Those who succeed, have multiple failures under their belt. What makes them different from the others who don't make it in the long run, is the skill of accepting failure and then learning from it, dispassionately. Step back, let go of the first knee jerk reactions to failure, and study what went wrong and - as importantly- what went right. Ask others. Solicit feedback aggressively. Especially from your friends, colleagues and team. They'll know best. One has to crowdsource feedback, there is really no alternative. Lastly, knowing what went wrong takes the sting out of failure. There is nothing worse than going round and round in your own head wishing for a better outcome.

Recognize flaws. Establish new approaches. Silence your inner critic, ask for constructive feedback. Appreciate what you learned. Regroup, move forward, apply improved standards. Take another gamble on a new dream. R.E.S.T.A.R.T

The main cause of startup failure is making a product that nobody wants. Why does it happen so often? Most Founders are afraid to talk to prospective customers and hear negative feedback, get “rejected”. They have a prevention-focused mindset dominated by a fear of failure. I’ve researched this phenomenon extensively and wrote about it on my blog.

Its Sunday, which means I'm doing a critical review of my week and asking the following questions in service of analysis and my responses to help: List 3 great things that happened to me last week -Played tourist in my own town (NYC) -Upgraded to a business class seat -Listened to a nourishing keynote speaker Friday and getting ideas on how I can craft my own List the main struggle People on the fence. I surrender. 2 things I learned about myself Acting from a scarcity mindset I may be addicted to worrying thoughts 2 things I learned about others -Women are often the least kind to one another -How you do anything is how you do everything One decision this week I could make this week better Direct message on Linkedin

Facing startup failure is tough, but it's essential to handle it constructively. First, analyze the reasons behind the failure—was it market fit, execution, or other factors? Take responsibility for your choices and seek lessons from the experience. Maintain a positive mindset. Connect with mentors, advisors, and peers to gain guidance and emotional support. Evaluate your options. Consider pivoting your idea or exploring new avenues using the knowledge you've gained. Prudent financial planning is crucial. Cut unnecessary costs and stabilize your finances to weather the aftermath. Transparent communication is key. Be open with stakeholders about the situation; this honesty could lead to potential partnerships or collaborations.

Absolutely! Self-compassion is also important but often missed. Being kind and compassionate towards oneself during such challenging period is crucial. It is important to recognise that failure is not indicative of one's self-worth or abilities. Practicing self-care activities will help one to manage stress and maintain overall well-being.

I used to take failing really hard. Blame it on the Asian tiger parenting, where failure wasn't an option. I am 11 years into my business, and when I fail at something, I ask the Dr. Ben Hardy question: How did this happen FOR ME, instead of TO ME. It forces me to distill the lessons. Each night, as part of my daily journaling practice, I do write down the things I am proud of myself for. Today, I am proud of myself for checking into my flight and being responsible.

Step three is all about recognizing what you did right during your startup journey. Even though it didn't work out, you still achieved many things. Maybe you built a great product, got customers, or learned a lot. Don't forget to celebrate these wins and pat yourself on the back for having the courage to try. Those experiences and skills you gained will be super useful for your next adventure.

Make a list of every single accomplishment and milestone. Don’t leave anything out. This list will help you to pat yourself on your back and provide the confidence you need to keep moving. You can do this. You will do this. Don’t give up. Ever.

Delivered effectively, feedback represents an invaluable learning opportunity for entrepreneurs. It's akin to receiving free advice – a clear, unfiltered perspective on what aspects of your services or products resonate with customers and what aspects do not. Within our own company, for instance, client feedback revealed a lack of clarity around utilizing our consultancy services. As a result, we adapted our consultancy process to incorporate post-project navigation and guidance services. This offers clients ongoing support in practically applying the deliverables, reflecting our commitment to enhancing customer experience.

An example I Have seen is a company in Blockchain space. A Defi company aiming to build a decentralised exchange raised 2.5 Mn used over a whastapp message (thanks to Bull Market). But soon over the next one year, realised that along with Tech Liquidity is the biggest challenge. And due to lack of experience in BD, they crashed. However the founder was resilient do he and his team (lean culture helped him to avoid firing) came back to their advisors for feedback and realised that their strength is building scalable tech stack. Eventually after 2 years, built a B2B solution that's scaling up really fast now. So analyse, take feedback and most importantly accept and celebrate the failure just like you do with success.

A busca de feedback de pessoas envolvidas na opera??o e constru??o da empresa é bem valiosa, pois tira a sua vis?o enviesada e apaixonada de todo o processo criado dentro da startup para trazer ensinamentos e pensamentos que talvez n?o tenham passado em sua mente.

When your startup faces a setback, seeking feedback and support is like talking to friends when a game gets tough—it's about getting advice and encouragement. Talk to people who can give you helpful suggestions, just like asking friends for tips on how to play better. Listen to what they have to say about your business or personal growth, similar to hearing your friends' experiences. It's a bit like getting together for a team talk; seeking feedback and support helps you rethink, learn from others, and gather strength for the next try in the entrepreneurial game. Remember, even if things didn't go as planned, there are people who are there to cheer you on for the next round.

We set a crucial rule when launching our startup - disagreements should always be constructive, not personal. With our diverse backgrounds, this wasn't just about avoiding clashes, but also about combining our strengths. Every debate provided us with an opportunity to refine our ideas. Our diverse experiences enhanced our ability to solve problems. This approach fostered respect and understanding. The rule became our guide to promote growth through constructive collaboration.

Exploring new opportunities after startup failure is like discovering a whole new game level—it's about finding fresh challenges and exciting possibilities. Look around for different paths or ideas, much like exploring new areas in a game. Consider what you've learned from the failed venture as valuable experience, similar to gaining skills in a game that help you in the next levels. It's a bit like unlocking new features; exploring new opportunities allows you to adapt, grow, and find a game strategy that suits your strengths, just like navigating through the entrepreneurial landscape with renewed vigor and knowledge. Remember, in the game of startups, each opportunity is a chance for a comeback and a shot at a higher score.

1st step: start a 'morning routine' and make sure to include some form of physical exercise. If you already have one then start an 'evening routine' with a non-negotiable writing part, mostly free-flow writing style, it works, believe me. Tips: - follow your routine, at least five days a week - make sure you hit 75% of routine tasks 2nd step: think of 'three key skills' that you as a co-founder or as a core team member developed only because you were part of this business. 3rd step: too much positivity can be toxic, especially after failure. Now, it's time to take care of your finances along with answering this one big question: How can I leverage the experience of leading a startup in my next professional or entrepreneurial endeavor?

Many believe we become what we think about. Keep engineering the vision of what it is you genuinely want. Desire is the starting point. Napoleon Hill said "Man's only limitation, within reason, lies in his development and use of his imagination." You have six intellectual factors that, when understood, developed and harnessed, will give you everything you need to create what it is you genuinely want. Every health human being is blessed with a marvellous mind. It's the most powerful asset anyone has. It came to us free, but it didn't come with an operators manual. If you want to mitigate risk of not hitting the mark in the future, invest in yourself. Develop your understanding the power of your mind and the truth of what you're capable of.

Each business failure presents a fresh opportunity, a chance to channel the acquired insights into a new venture while ensuring that past errors are not repeated. In my experience, this setback facilitated the realization that substantial growth doesn't necessarily hinge on a large workforce; instead, it hinges on assembling a meticulously skilled team and devising a user-friendly software solution. For us, this amalgamation of factors proved pivotal, leading to a strategic pivot.

You too can handle startup failures like a seasoned entrepreneur: 1. Accept, take responsibility, learn, don't give up. 2. Seek feedback, take time, pivot, remember your "why" and start again. Remember, Failure is a learning opportunity.

Having failed in my first 4 businesses before existing my next 3 successfully, I know first hand just how important it is to have the right mindset. For me dealing with failure all comes down to having a big enough reason why. The impact I want to make and the legacy I want to build is so grand that I don't actually think anything can get in my way. I would have to be incapacitated in order to quit. In saying all that I do believe that it's about failing forward intelligently, learning from every experience and understanding that the game we call business is like a roller coaster. They'll be ups and downs along the way, the key is to focus on the journey and the person you're becoming in the process more than the destination itself.

Startups fail due to multiple reasons, internal or external. However, if you had put your best into the previous venture, you have actually not failed: you have learnt. And what you learnt, the technical knowledge and the network you gained, all this is you new "networth", that you can leverage on in a new endeavour. And so you should! Because now, you're worth much more than before, so your probability of success has increased. I wish you success with your next startup!

Here's the thing about Entrepreneurship - don't do unless you have the total and complete mindset, belief, and gut-punching drive that demands you HAVE to. The modern notion of Entrepreneurship today is wrong. Most people are talking about 'Enterprising skills, beliefs, and mindsets'. Because, my friends and colleagues who are true entrepreneurs have bet the entire farm and their lives on a single idea - there was ZERO other options. So it was make it work their way, or go down trying. That to me is the single defining mindset that determines the difference between a true 'entrepreneur' or another who actually wants to be 'enterprising'. And for my 20p, the mindset need for today's workers is to be enterprising - not entrepreneurs.

In some places around the world with strong startup ecosystems (Silicon Valley for instance) failing is expected and encouraged. Statistically, your startup will fail. You are gaining experience, will handle future mistakes better and after experiencing failure have a better chance at succeeding. If you’re an entrepreneur, you’re never out of it. You may be resetting, recharging, or pivoting. Find the new opportunity.

Certainly, in entrepreneurship, understanding that failure can be a stepping stone to success is crucial for fostering a resilient and growth-oriented mindset. 1. Continuous Learning and Adaptation: Embracing failure as a learning opportunity encourages entrepreneurs to remain open to new insights and skills. 2. Embracing Risk for Innovation: Seeing failure as a catalyst for innovation motivates entrepreneurs to take calculated risks and explore novel solutions. 3. Perseverance and Resilience: Entrepreneurs who view failure as a temporary setback demonstrate resilience and tenacity. Leveraging failure as motivation, they persist through challenges, maintaining focus on long-term goals.

I have co-founded or been the CTO of at least 5 startups. And yes, some have failed. My formula for handling startup failure is quite simple. Did I do my part to make it successful? Did my co-founders do their part? Was it the right time? Was it the right idea we were executing on? Did any outside influences fight against our success? After adding it all up, if I feel good about the answers, I just move on to the next. It is always better to use your energy building something you think will be great than to waste it languishing over something that wasn't.

When you're on the entrepreneurial road, it's totally normal to think about throwing in the towel sometimes, and trust me, I've been there. I've had my fair share of failed ventures, and each one knocked me down a bit. But here's the thing: every time I failed, I learned something. It's super important to remember that hitting a rough patch and feeling like quitting is just part of the game. It's these tough moments that really test your grit and teach you the most. Sharing these personal ups and downs can be super helpful and relatable for others who are riding the same rollercoaster. Bottom line, every mess-up is actually a step forward, teaching you something crucial for the next big win.

I think it’s important to detach and not tie your worth and identity to the failure, or success for that matter. A startup is not who you are, but rather something you do, amongst other things that you might be excellent at. It’s a growing, learning, and mindset changing experience that sometimes comes to an end after it has served its purpose. And then you’re on to the next challenge.

Early in my career, I had decided to go on the Entrepreneur journey. But lack of mentorship and lack of right team led to the downfall of what was a dream. I had to sit down and acknowledge the shortcomings and then find a way on how to improve on those so as to succeed again. It's all about the mindset & the long term goal. Obviously shattered and heartbroken, but picked myself up, got a job to learn the details and here I am back to the Founder journey.