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This 40-year-old lost almost $100,000 on his first 3 start-ups

Original Content Publication Date: 07/12/2018

Summary

When pursuing success, it's too easy to focus only on the 1 in 10 entrepreneurs who make it big on the first try. But it can be beneficial to look at the other side as well. Bryan Long, one of the 9 in 10 entrepreneurs who don't make it big on the first try, has unsuccessfully launched three different start-ups. But he says that it taught him to turn his traditional view of failure on it's head. In this article he shares the how and why.

Key Points

  • Long found consolidation and an attitude change in the book "The Lean Startup" by Eric Ries
  • He discovered it's not a case of "let's give up", but instead of questioning why you failed and what needs to change
  • He followed the approach in Ries' book "build, measure, learn"
  • He realized that it is more important to have a growth mindset vs. a fixed mindset
  • He discovered that the secret to a successful business is always team and timing

Discussion Questions

1. What would you consider to be the most valuable principle that Long learned?
2. What can entrepreneurs do to prepare themselves to deal with facing failures in the future?

REFERENCE

 Link to original article


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