When over 90 percent of all startups fail, it’s in your best interest to do everything possible and stack the odds in your favor. Recently, the Founder Institute cited my article in Entrepreneur “10 Lessons to Learn From Failing Startups (Including My Own).” where I give a number of tips learned from failed startups—including some of my own! Read the full article to get my best tips, hacks, and advice, but also check out what else the Founder Institute uncovered.
For example, start by looking at the failure within your own industry or niche. If you’re starting a business based on an app for organizing your home, then why are you looking at the failure of a brick and mortar bakery? There will certainly be a few similarities, but you won’t learn as much when you look outside your own “community.”
You’ll need to learn how and when to be aggressive, which failed startups can show you. What about how to sustain a long-term vision? Keeping financials a priority or the dangers of raising too much money? Learn “soft” lessons by connecting with those who have been there and done that (poorly). That way, you can avoid those same pitfalls.
