Why the fear of failure could make you fail…
Yes you do learn more from your failure then your success… but it still sucks.
Chris O’Brien writes about FailCon 2010 in San Francisco, a conference dedicated to… you guessed it… failure. The idea is that we can learn from the mistakes of other versus our own experience.
Here’s the summary:
- be honest and transparent, it’s not worth covering up bad news
- Confront the elephant in the room: Don’t let bad situations fester. This will avoid creating even deeper resentments over time.
- Minimize the pain: Don’t sign long-term commitments with vendors or employment deals. If you need to, be able to shut down the company in 15 days with no obligations remaining.
- Hire believers: Every startup is a drama with inevitable highs and lows. Build a team that will be able to cope with both.
- Plan for success: Assume the system you build at first won’t be the last. Be ready for the challenges of expanding the system for more users.
- Take the money and run: Yes, every entrepreneur believes they are going to be the next Facebook. But most won’t. So if a good buyout offer comes along, take it.
I think that’s the definition of wisdom (learning from others and the world around you) vs. knowledge (personal experience).