We can learn from startup mistakes more than entrepreneurs’ success stories because of the common mistakes and how to avoid them. One of the essential things you need to know to make your startup successful is failing as fast as possible. Startups cannot afford the most significant mistakes and wild ideas; they must try and fail first, then iterate on what is not working. We all know what happened with Facebook, but did anyone remember about MySpace (if you know what is MySpace)?
Everyone loves success stories but learns from failures because that’s the only way to get anywhere. Every company learns from its own mistakes, except startups trying to start up.
Starting a business is arguably one of the hardest things anyone can do. And whether you’re an entrepreneur by trade or someone who wants to start a small side hustle to earn some extra dough, there are many trials and tribulations to consider before diving in headfirst.
Most entrepreneurs will tell you that it’s hard work for sure, and it’s still rife with uncertainties. However, what they won’t tell you is just how much they’ve learned from their startup mistakes in the past.
Some entrepreneurs start their businesses knowing that they have zero ideas about what they’re doing: No Business Plan, nor Business Model, No Product-Market Fit understanding, no Potential Customers Analysis, No Cash Flow planning, no Business Schools…
And while this is a risky move, to say the least, it’s also an interesting approach that has led to some incredibly successful Businesses.
It’s worth noting that some of the most iconic businesses were built by people who failed miserably at previous ventures.
Please take a look at these famous entrepreneurs who failed and how they conquered their past fumbles …
-Richard Branson: Virgin Group founder Richard Branson is one of the most well-known entrepreneurs on the planet. But in case you didn’t know, Branson started his first business as an 18-year old when he co-founded Student magazine.
After just a year, the publication ended up folding, and Branson blamed himself for the failure. However, he made the best of it by launching Virgin Records, which led him to his first fortune.
-Steve Jobs: One of the most iconic entrepreneurs of all time, Steve Jobs is often told as a success story. But Jobs was fired from his own company due to personality conflicts with his co-founder.
Jobs ended up taking a 12-year hiatus from the tech industry before launching Apple computers in 1976. And the rest is computer history.
-Mark Zuckerberg: After founding Facebook in 2004, Mark Zuckerberg is worth an estimated $50 billion. However, the social media giant began as a project between Mark and his then roommates, Chris Hughes and Dustin Moskovitz.
Their website, TheFacebook.com, was launched in 2003 and got off to a shaky start. Fortunately, their initial idea led to a social networking craze that’s still going strong today.
-Bill Gates: In 1975, Bill Gates and Paul Allen formed a partnership called Microsoft which would go on to become the most well-known software company in the world. The company was named Micro-Soft but is now known as just Microsoft.
Sadly, Gates and Allen had an extremely volatile relationship during their early days at Microsoft and ended up suing each other on numerous occasions.
So, what can we learn from failures?
- Commit to something: Entrepreneurs often boast about the power of “guts”. But while we admire their courage, actually committing to something is much easier said than done.
- It’s not all about the money: Of course, money plays a huge role in starting a business. But there’s also a lot of emotional investment to create a new company.
- Celebrate your wins: Failing in business is inevitable. So, instead of beating yourself up whenever you make a mistake, it’s better to celebrate your gains and build upon them. Startup Founders should learn from quick wins and fast failures.
- Be open to change: While some early-stage startups are too quick to jump ship on their Business idea, being close-minded can be a considerable obstacle preventing growth.
- Please keep it simple: Many entrepreneurs want to do too much too soon, which can spell disaster for any new business venture. Keep things as basic as possible and build upon your early successes.
- Give credit where it’s due: Successful entrepreneurs understand that they didn’t get to where they are alone. And they also understand that their failures are often a product of their team’s success.
- Start slow: Many entrepreneurs jump into businesses with both feet and over-extend themselves as a result. Begin with a small investment and work toward your ultimate goal one step at a time. Even if you are not a tech person, don’t know your ideal customer, type of Marketing, or niche markets, take time to learn quickly during your startup project.
In summary, there’s no right or wrong way to approach starting a business. Common Startup mistakes or success stories, you should learn from both. It all depends on you and what you want to accomplish in life, and how your can flips your startup mistakes to make it to the next level.
