Failure is said to be an inevitable part of success. Failing a startup isn’t the end of the world, especially if you learn from the failure and use this knowledge as a stepping stone. An entrepreneurial failure, to be less painful and to help you grow, should be fast and cheap.
If you fail slowly, you have lost valuable time. If you burn a lot of money on the way to nowhere, can destroy your reputation and cost you the future trust of investors.
Learning from failure doesn’t have to be a firsthand experience. Learning from the mistakes other entrepreneurs make can save us a lot of trouble. Many startup enthusiasts share their experience with the world, which is a great way to share best practices and not-so-good moves.
Read also: The 13 Top Reasons Why Startups Fail
During his TEDxJGU Talk, Yashash Agarwal shares the lessons he has learned from his startup failure. Let’s hear these five things that he and his team regret not doing!
- A good team is everything!
- Talk about your business!
- Test before you invest!
- Compliances aren’t a joke!
- Only the deeper “Why?” drives!