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 hope this post will minister to you the same way it has to me. Being an entrepreneur is tough. There are many times that you may want to throw in the towel but remember why you're doing what you are doing.
Terrific article that mentions the importance of being 'in flow' with whatever you're doing in your entrepreneurial venture. And provides a link to a test you can do to find out what that is.
You have to be very tough and resilient when there is no salary cheque at the end of the month!