I feel like we don’t talk enough about what failure actually teaches you as an entrepreneur. Everyone shares their wins, but not the moments that really changed how they operate.
So I’m curious, what did your failure teach you that success never could?
What’s the biggest lesson your business failure taught you?
byu/ExpressBudget- inEntrepreneur
Posted by ExpressBudget-
8 Comments
Failure taught me: validate demand before building the entire product.
It seems to me that you can’t even hope to earn a dollar on your own without a team.
Don’t spend too much time on a product before testing demand. Don’t quit too early. Test more.
never give up.
Do better product or market research before investing. There are a lot of opportunities out there but very few of them worth your time and money.
– Biggest lesson: validate before you build = Do proper customer discovery.
– Second biggest lesson: common sense does not exist = Do not use your “common sense” to make decisions. Use data, facts and actual knowledge.
– Third biggest lesson: passion for the problem you are solving matters a whole lot more than you think = Without passion for the problem, it won’t work. And that’s not only for the founders. Every team member must love the problem you are solving.
– Fourth biggest lesson: you don’t know what you don’t know = Declare yourself ignorant, and that will force you to always be on the lookout for knowledge.
If something doesn’t work, try something different instead hoping you can optimize the old thing.
Experiencing real business failure taught me to plan for multiple outcomes, including the bad ones.
Hard to put it into words, but I got a great deal of wisdom from failure. It changed how I think.