Startups · Fundraising

How do you keep yourself motivated when your first startup fails?

Kishor Parmar SEO Manager at Herbal Remedy India (HerbalRemedy.in)

October 5th, 2016

Failure is disastrous in all terms. This is especially more harsh when you have seed funded your startup with the help of your family and friends. Because they are not going to be with you in your next venture.

Daniel Turner Interaction Designer, Xerox PARC

October 5th, 2016

WAIT. The whole point of trying and failing is what can you learn from failing. Your work isn't over just because you failed.

This is a point that often gets passed over in the whole "fail big, fail fast" -- yes, failing can be a good thing, but only if a) you don't hurt people along the way and b) you learn from it. That's the value in failing -- today, it seems, people are lauded just because they failed. That's crap. Failing and learning is value (again, as long as you don't screw over employees, investors, users, the public, etc.).

Arthur Lipper Chairman of British Far East Holdings Ltd.

October 5th, 2016

Failure can be a learning experience which increases the possible success of future efforts.

Jonizia Jones Performing Arts Professional

November 1st, 2016

You simply have to know when failure is or is not a option. I've pitched my business idea to multiple venture capitalist and angel participates. After 2 years I realized my business didn't need any funding and that I should alter my business plan. I brainstormed my "nitch" and customer and realized I was targeting the wrong people. Sometimes your business is a failure but the "idea" is not and when the idea is great patience and consistency is key.

Arthur Lipper Chairman of British Far East Holdings Ltd.

November 1st, 2016

Failure is a learning experience. I keep urging entrepreneurship educators to offer courses in "How to terminate a business with honor and dignity". If the entrepreneur does it right the same investors who lost money with the entrepreneur are likely to be open to the possibility of back another effort. If done badly the entrepreneur will have difficulty in the financing of new efforts.

Susan Meredith Sustainability Consultant and Speaker on Energy Management

November 4th, 2016

I used to carry around a quote:  "Failure is the opportunity to begin again more intelligently."  Learn from the failure.  Then it has value.  Use your current state as a reference point as you turn ALL your attention on the future you are creating by moving from where you are to the vision that you have.  

Jim McMullan Business Development at Integrated Wealth Strategies

November 4th, 2016

Read about Colonel Sanders....mostly a 'failure' until age 65... 

https://en.wikipedia.org/wiki/Colonel_Sanders

"Sanders believed that his North Corbin restaurant would remain successful indefinitely, but at age 65 [in 1955] sold it after the new Interstate 75 reduced customer traffic. Left only with his savings and $105 a month from Social Security, Sanders decided to begin to franchise his chicken concept in earnest, and traveled the US looking for suitable restaurants."

KFC is the largest restaurant chain in the world. Most successful entrepreneurs have failed multiple times.

Sooner is better than later. Later is ALWAYS better than never.

Dane Madsen Organizational and Operational Strategy Consultant

November 4th, 2016

After Winston Churchill saved the western world by dragging the US kicking and screaming into WWII, the British people showed him their appreciation by voting him out as PM. His entire concession speech is inspiring about such moments:  "Success is not final. Failure is not fatal.  All that is important is that we have courage." 

Alan Clayton Roaming Mentor @ SOSV

October 5th, 2016

Just remember - life is short - there are only sticks and carrots to motivate you. Best is a really big juicy carrot - sticks wear out. Maybe the REAL carrot you were after in your 1st venture is still out there.

Shel Horowitz I help organizations thrive by building social transformation into your products, your services, and your marketing

October 5th, 2016

Start thinking 1) Is there a way to reuse the ashes of this business in another venture? 2) What can I do for immediate income that will enable me to pay back my investors (because of course you DO want them along next time, and if you pay them back, they will not hold your failure against you--and also because you certainly don't want to hurt your friends and family financially). This might mean working out a payment plan where you pay a bit as you can, every month. 3) What kinds of businesses can I start that won't require any capital invested (and there are plenty)?

Daniel Turner Interaction Designer, Xerox PARC

October 5th, 2016

Sure, it can be. My point is that you have to do the work and make an effort to learn. Too many people just put on the "I failed!" badge and try again, making the same mistakes.