David Waxman, Serial Entrepreneur and Startup Mentor at Amplify LA (http://www.amplify.la/), talks about failure in startups. Learn how to embrace failure it in a way that will lead to success.
- Recognize that every company will be faced with failure
- Be prepared for the worst possible outcome
- Embrace the problem & the solution will present itself
One thing I do when I meet with new founders and new teams is to sit them down and say, “Look. One of these days, in fact, probably on more than one occasion in the next few months, you’re going to sit down one day and you’re going to think, crap. This business is going to fold tomorrow.”
It happens because a partner leaves you, a supplier leaves you, the big client leaves you, maybe you’ve got a problem with one of your investors. This stuff happens and it’s part of the first – it’s part of starting a company.
So, you got to prepare for that and let your team know like, “We’re going to face some hard times as well as these great times. And as much as you celebrate the great ones, the hard times will come.”
When they come, you have to just embrace it and push through and lock arms. And what I’ve seen most of the time, like 90% of the time is you get through these things. These days don’t come with a locked door when you come to work. They result in getting through the problem. And that makes teams more powerful afterwards.
So, every company is faced with failure. But when you push through to those moments and you lock arms and march as a team and get through the other side, it only makes you stronger.