Startup failure: How to Bounce Back and Reload Your Energy
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Success is not final, Failure is not fatal,
It is the courage to continue that counts - Winston S Churchill
Startup world has a strange pull. With companies becoming unicorns almost in a jiffy and founders turning billionaires, nothing attracts young grads more than entrepreneurship. But what no one tells them is that the road is uphill and the rate of failure is much higher than that of success. The most heartbreaking part of being a founder is when your dreams and aspirations are crushed. This is where it starts to get tricky and sometimes gets you.
Recently, there was this tragic incident of a bright, young girl who commited suicide in Kolkata, India, because her startup failed. And this is not an isolated incident, it happens worldwide and in horrifying frequency.
Founders talk about struggles, heartaches all the time but we like to focus only on their success and accomplishments. We get zapped by their fancy cars, high-flying lifestyle and their luxurious getaways. But in reality, that is only part of the narrative.
The other part, is painful, it's frustrating and very depressing. Failure, persistence, sacrifice -- all these are an intrinsic part of success. Failure is not just losing money, it is deeply emotional and has the power to completely change the person.
It's a common knowledge that nine out of ten startups fail. It's a cold reality. What should you do or not do in an unfortunate event of your startup failing? I know, it is easier said than done but do keep the following in mind.
Fight your bad days and do not allow yourself to lose hope as your best days are yet to come. Be quick to get back on your feet. Learn what not to do. The process is going to be painful but be sure, there would be progress.
Put yourself in a position to create value despite failure. It is important to keep your mind working. Failure is a perception. If a failed startup's founder is taken to be wiser and more experienced, he would talk about it freely and feel empowered but if the society labels the founder as weak and incapable, it will become a stigma for him. Don't let that happen. Talk about your learnings and be confident.
Chalk out a new strategy before moving forward
Failure teaches you. You should pinpoint what went wrong and don't do something that did not work for you. Don't brood over your failed startup too much. More importantly -- don't let it take away your motivation.
Reload your energy to talk about your next amazing idea.
Get ready to build again, buddy!Do you have a story to share? Let us know on our Facebook India page.