Successful Startup 101: September 2014 Successful Startup 101: September 2014 | Page 64

If your startup fails,
you’ve failed.
For some reason, people associate failure
with two ideas: that your product must not
be worth purchasing or that you should quit
altogether. This is absolutely incorrect.
Many successful startups have failed
numerous times. If you need proof, look
at one of the cofounders of Paypal – he
launched 4 startups; 3 failed and one did
“okay”.
Failure is more of a state of mind than
anything else. Yes, it means that something
needs to be changed because you did not
reach success, but success is also not a
journey. Many people need to fail to learn
and grow, because failure teaches lessons.
If you’re facing a failure with your startup,
find out why – what needs to be changed?
What areas of your startup were successful?

There are many questions you can ask
yourself to turn these negative issues into
positive opportunities.

Expectations: Expect to fail. Failure will
allow you to alter your business in ways that
will eventually benefit your company in the
future and open the doors for success when
you come out for round 2. If your startup
is successful from the get go, work hard to
ensure that it continues to thrive.

A new product will
obviously mean immediate
customers.
Unless you’re lucky enough to have a TV
infomercial that advertises your product line,
immediate customers is definitely a fantasy.
Just because you have created something