Startups

Why introspecting failures is important for entrepreneurs…

Source | LinkedIn : By Mahesh Nair

Fresh into the new year, most entrepreneurs have already made up their minds about their new resolutions to fast track their start-up to the next level.

However, it is also the time to pause and look back and identify the various factors which have kept the start-up from achieving the desired levels of success in the past year.

By now, all founders know that a start-up’s journey is littered with frequent pitfalls, but a quick and sure recovery is only possible if apt remedial measures are taken as soon as possible. This requires a thorough analysis of what went wrong, to logically derive solutions from the assessment rather than applying any quick fix remedies.

Acknowledge the mistakes through introspection

In an entrepreneur’s life, setbacks tend to outnumber successes. These frequent knocks can give rise to a tendency to write off these failures and start afresh. But, lessons may not have been learnt in the process and the entrepreneur is likely to repeat the pattern of failure.

Entrepreneurs have a tunnel vision, where their venture is concerned, wanting the venture to be all about the technology or totally focussed on sales, without keeping the right perspective of the business and having a balanced plan. Unless the entrepreneur is able to embrace the failures, accept and acknowledge the miscalculations, moving on in the right direction is not possible.

For entrepreneurs, their start-up is their brainchild and baby, whether it is a product, service or technology. Acknowledging the shortcomings in one’s own baby is the toughest call. Entrepreneurs who are able to accept the failure of the product or technology and are willing to change these with more effective features are most likely to succeed next time around.

Failure analysis helps to project realistic expectations for investors

It is a natural tendency for entrepreneurs to notice only achievements and gloss over the failures. However, this does not benefit a start-up in the long run. It is important to understand the hiccups that the start-up has faced, even when pitching to investors, and have potential solutions chalked out, so they know you are in full control of things and know how to turn the situation around. This also prevents investors from having unrealistic expectations from a start-up, and in case of any future glitches, they are less surprised by the outcomes and more supportive in the long run.

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