First You Fail: Entrepreneurial ventures fail. It’s a sad fact. However, how your business fails will determine whether you get another shot at success. Sometimes, it might just be more respectable to admit a setback; these are 5 reasons why.
- Don’t be the business owner that spends their last quid pursuing a dream that has turned into a nightmare.
- Remember that ‘Failure isn’t fatal’. If you hear the smoke detector going off in your house, you run. So why do we ignore the alarms when it comes to business? If you heed the alarm and get out quickly enough, you can avoid getting burned in the long run.
- The notion that you hang in there until you die is insanity. Do all the things under your personal control. Then if the marketplace is telling you it’s not going to work . . . you take your marbles and go to the next game.
- It is wiser to keep your investors happy in hopes they will support your next venture. Don’t burn through your investors’ cash.
- Most founders are eternal optimists and keep thinking, ‘We can make this work,’ even though all the signals indicate otherwise. It is more honourable to bow out gracefully than to be forced out of business or have to declare bankruptcy.
What do you think? Does this go against the tide of popular opinion which encourages entrepreneurs to ‘go down with the ship?’
Do share your thoughts, we would love to know!
Adapted from Entrepreneur.Com