How to Succeed After a Startup Failure13-Jun-2016
When it comes to the challenge of launching a successful tech startup, what doesn’t kill you will only make you stronger as we explore how to snatch startup success from the jaws of failure
No matter how successful they’ve since become, each of the world’s largest tech companies were once ambitious startups struggling to overcome a countless series of setbacks, challenges and failures.
However, no matter how brutal, every story of startup failure can provide a number of vital lessons to ensure your startup doesn’t suffer the same fate.
Below you’ll find our list of the top steps startups need to follow to help their company become a success, as well as a few potentially lethal mistakes that you’ll have to avoid:
1. DON’T GIVE UP ON A GREAT IDEA
Once your startup has failed it can be tempting to wash your hands of everything and move on to your next good idea.
While this may feel like you’re maintaining your momentum, by moving on quickly you’re actually risking throwing out all of the good things you created or focussing on new ideas which aren’t as strong.
Faced with failure it can be natural to want to expend energy on searching for new ideas or exploring completely different innovations and industries. But don’t forget that there was a reason you believed your startup would succeed so make sure you don’t give up on that until you’ve explored every possibility and learned every lesson.
2. DON’T TAKE IT PERSONALLY
As an ambitious tech entrepreneur it can be painful to admit that you have failed.
However, by focusing too heavily on your own personal failings can lead many startups to throw out what were previously great ideas, split up effective teams or even walk away from their business altogether.
Instead it can be much more productive to figure out what it was that went right and focus on how you can leverage those strengths to ensure you come back bigger and better than ever.
3. HEAD BACK TO THE DRAWING BOARD
Nobody likes to give up, especially when it comes to something as personal as your own startup.
However, once you’re able to admit that your plan hasn’t worked there’s no shame in going back to the drawing board to figure out what went wrong and how you can ensure that doesn’t happen again.
By being brave enough to start again, with all the lessons you’ve learned, experience you earned and connections you’ve made can ensure that your startup comes back bigger and better than ever.
4. LEARN EVERY LESSON YOU CAN
One of the upsides of a failed startup is that you now have the time to learn every lesson you can about how to prevent this ever happening again.
Now’s the perfect time to read books, attend seminars and speak with experts to gain as much knowledge as you can to help drive your future success.
This is also a great chance to stretch your comfort zone and start studying new areas of knowledge, technology and industry that you could explore for future startup possibilities.
5. GOOD THINGS COME...
The most important lesson you can learn from any startup failure is that success doesn't happen overnight.
Even startups which appear to achieve instant mainstream recognition will almost certainly have years of struggles, setbacks and disappointments behind them.
Success invariable takes much more time and effort than you originally thought, but regardless of how much you feel your startup deserves success, you only ever have control over how you react to the many ups and downs you experience on the way.
SNATCH STARUP VICTORY FROM THE JAWS OF FAILURE
Every startup will know the frustration of failure, whether it’s an idea which never took off, an unexpected financial setback or being let down by a partner or team member.
Unfortunately, it can be impossible to predict which startups will succeed and which ideas will take off. As a startup, the only thing you really have any control of is how you react to the setbacks you experience on the way.
The most important thing to remember is that no matter how many setbacks you experience, you should never let go of the entrepreneurial spirit that got you here in the first place and which will help you become a startup success in the end.
GITEX Technology Week 2016, taking place this 16-20 October at Dubai World Trade Centre, is bringing together 400 startup companies from all over the globe will be in attendance to share their ideas, network with investors and ultimately pitch their startup for a chance to win vital funding from some of the world’s leading venture capitalists.
GITEX Technology Week. Where startups do business.
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