How startups learn from failures and mistakes

No one wants to taste the bitter taste of failure, but it is unavoidable. For entrepreneurs, the experience of failure is a very important learning process. Richard Branson, founder of the British Virgin Group, can count as one of the world's best-known entrepreneurs, and he has made a contribution in the fields of tourism, aviation, finance, communications and music, with personal wealth exceeding 3 billion pounds. However, such a successful person has experienced many hardships and failures. Before he founded Virgin, he had founded the bird breeding company and the Christmas tree growing company, but failed. After great success, the failure of the past may not be worth mentioning, but it is very important to learn from the failures. If failure can be properly handled, it is not a bad thing in many cases. Many entrepreneurs go through the ordeal and baptism of many failures before they finally move on to success. If you fail, it means you are at least trying, but if you are not good at learning from failure, then you are really failure.

In the exchanges with many entrepreneurs, we often hear "pivot" and other similar words, meaning that with the company's understanding of user needs, the company's development and management ideas will change. "For startups, the best way to upgrade is to market and learn from them, at least for internet companies," says Jason Calacanis, a leading entrepreneur and publisher, in an introductory interview. ”

Picture sharing application Instagram is a model for the great success of transformation in the process of development. Instagram was transformed by Burbn, and Burbn was not originally a picture-sharing application, it was a foursquare-like check-in application that users could use to share their current location and other content, BURBN founder Kevin Systrom found that users are mainly for sharing photos, with the in-depth understanding of user needs and hobbies, Systrom will be the share of the photo function of the sign-in application BURBN transformation into a positioning function of the photo-sharing application. Today, Instagram application download has exceeded 13 million, Systrom also fame and fortune. If at that time Systrom not according to market feedback timely adjustment company development direction, the result is conceivable.

For startups, failure isn't scary, and it's scary not to get out of it quickly and learn from it. However, how can you get out of the failure quickly, learn from it and move on? As most of the entrepreneurs put their full energy and effort on their own company, after a period of development, suddenly found that the direction of development before the wrong, need to readjust the direction of development and even need to start afresh, which for many of them is difficult to accept.

If you do not admit that you have made a mistake, then what is the correct error? Therefore, if you find that there are problems in the development and operation of the company, then do not delude yourself that your company is no problem, so dragging the problem will only push the company step by step into the abyss of destruction. Put aside your stupid self-esteem for a while, make a mistake and admit that it is the prerequisite to solve the problem.

If you've confessed to a mistake and are planning to make amends, tell your plan to someone who needs to know, who may be your family, employees, customers, and investors, and explain the ways you'll be able to reverse the dilemma. This will make the relationship more solid and work together to push the company forward.

In the process of solving the problem, you may face some difficult choices. As the saying goes, one of the hardest choices in running a company is layoffs, and if that's what it takes to adjust the direction of the company, then you have to. If the company's problems are not very serious, and do not need to completely adjust the direction of development, then just find the right way to make up the problem. In many cases, because of the company's needs, perhaps you need employees to do unpaid overtime, in this case, lower your arrogant head, the apology should apologize, and explain the company's plight. The last thing you want to see is to let the company's past mistakes happen again, and to avoid a similar mistake happening again, you have to figure out exactly what made the company wrong, and if you can start all over again, what good ways to avoid making mistakes. In many cases, it is also a good idea to introduce more experienced new members to the board of directors, who may be your mentor, advisor or investor, which can bring new energy to the company.

Whatever remedy you plan to take, remember that failure is not a bad thing, if you can quickly get out of failure and learn from failure.

Via TNW

Article from 36 Krypton