Failing with your first startup may not be such a bad thing
November 27th, 2006 by Gerhard Rasocha
Chris Campbell of Particletree on 5 Reasons to Create Your First Startup and why it may be a good experience even if you fail:
1) It Prepares You for How Much Work Is Involved
2) It’ll Teach You What to Look for in a Cofounder
3) It’ll Show You How Flexible Your Ideas Need to Be
4) It’ll Teach You the Importance of Passion
5) It’ll Show You How Little You Know About Money
Chances are very high that you will fail with your first company. But this may not be such a bad thing after all. If you realize the failure early enough without sinking too much money, you can propably get out of the business without too much damage.
You are now much better prepared to make your next company a success. Much better than someone who hit a “lucky punch” once.
So, start small, follow your ideas with passion and get out, if it does not work out. Don’t get discouraged and apply what you’ve learned to your next startup, and always remember: failing makes you smarter than succeeding.