7 + 3 Lessons From Failed Startups
Great Inc post on lessons from a failed startup include:
1. Consider the entire experience
2. Raise money when you can not when you need too
3. Don't give away equity too soon or too fast
Read the other 4 from the Inc post: https://www.inc.com/yoram-solomon/7-lessons-you-should-learn-from-my-failed-startup.html
I'd add three of my own lessons from my "failed startup":
1. Don't think in terms of success and failure, win and lose. Think about impact, learning, and potential. Startups require a more nuanced sense of win/lose.
2. Don't hire your friends even if they are the right people because you are probably blind to faults, issues, or other "round peg in square hole" problems with friends.
3. Create any startup in collaboration with customers. Don't do the "mad inventor" thing and go off and think you've created a better mousetrap. You won't. Instead, collaborate and build on what you learn from real customers facing immediate problems.
I believe in sacrifice. For the last year I've put everything into the completion of what I now think of as my triptych:
* Martin's Ride To Cure Cancer (bicycle ride across America Summer of 2010).
* StoryofCancerStore.org - shop to cure cancer http://www.curecancerstore.org
* CureCancerStarter.org - corwdfunding cancer research (http://www.curecancerstarter.org) should launch on Monday 10.14 if the creeks don't rise.
We celebrated last week with an amazing Google+ Hangout on Air and then an invisible hand tried to strangle me last night. The post explains how life should never be taken for granted and tiny things (like flu shots) can create BIG impacts.
The lesson no to hidden in the story of how an asthma attack almost killed me is don't let your life become so out of balance that such a dramatic reminder is required.
I believe in the sacrifice too, but sacrificing yourself for the dream your building is moot and a bit goofystupid (says the man who almost died last night from letting his life get out of balance :).
So do as I SAY not as I DO :).
Marty