I was reading through the news on LinkedIn the other day and I came across this great article about failure. Failure is usually considered a dirty word in the start-up business, but really it is just a way for entrepreneurs to learn and grow. The article, posted originally by LearnVest, is entitled “Entrepreneurship 101: What I Learned From My Failed Business.” Five entrepreneurs were asked what lessons they learned from their failures and the answers were enlightening. I will provide a summary here, but you should really check out the whole article at the link above.
Lesson #1: Put someone clearly in charge.
Lesson #2: Your founding team should represent varied skill sets.
Lesson #3: Make sure your business is self-sustaining.
Lesson #4: Protect yourself before your company.
Lesson #5: Make sure your personal life can accommodate your business.
These are all really good points to consider when you are starting a business. Oftentimes entrepreneurs get so excited about their amazing business idea and forget how important it is to plan long-term. Setting out a plan for who you see yourself working with, how the business might grow, and how it could be dissolved down the road is important. Entrepreneurs should never be afraid of failure, if one idea doesn’t work out, another will come along that could make you even more successful. Instead, it is important to plan for bumps so that if you do fail, you do it faster, recover more quickly, and move on to your next great idea.