The One Lesson Every Entrepreneur Should Learn

<i>If you are an entrepreneur starting a business, you should already know that the odds are against you. This is simply a statistical fact.</i><p>Then the best way to succeed is not to understand that the odds are against you, it's to change those odds. If investors won't invest, find out why and change those odds. If no one wants to join you, find out why and change those odds. If customers don't buy, find out why and change those odds. If things don't work, find out why and change those odds.<p><i>Not only that, but most successes rely on countless variables, and most of these variables are out of your control. </i><p>Then find a way to work in a world defined by less-than-countless variables, most of which <i>are</i> within your control. You can't control what others will think or do, but there are things you <i>can</i> determine that will affect you plan of action.<p><i>By deduction, most successes are lucky ones.</i><p>Remove the words "By deduction" and your sentence is generally true. Keep those words and get a chuckle from those who know how to alter their landscape to remove luck from the equation.

While I agree with this article's primary point - that fear of failure alone should not stop or paralyze you, I disagree with most of the rest.<p>To me, articles like this are the same as the rich guy telling the poor guy "C'mon, just buy the car. What's the worst that can happen?" The fact of the matter is that a lot can happen that can have long-term consequences that should be weighed and considered.<p>I admire entrepreneurs that can make incredible leaps of faith, but we typically only hear about the ones who succeed. There's also ones who took the leap with nothing to land on and came up short. There's also ones who carefully planned and took a "controlled leap."<p>Also, what does every action sports star, race car driver or soldier say? They say it would be more dangerous if they weren't at least <i>a little</i> scared of failing, and that elements of fear keep you attentive and energized. The same applies in entrepreneurship.<p>"Failure" carries different consequences depending on the person and the situation. To some, failing means they lost some investor's money and are on to the next project, or for some could mean having to find a job. While it could mean bankruptcy to others. Depending on circumstances, not everyone can afford to be so cavalier and needs to be a little more analytical.<p>Fear of failure is part of entrepreneurship and its historically the hurdle that separates entrepreneurs from everyone else. It certainly shouldn't be taken lightly.

Just commenting to say I will not read any article with a hook like "The one thing you should X or you are a bad Y."<p>I'm pretty sure there is more than one lesson to learn about, well, anything.

I think we should start to seriously challenge the overhype of "fail fast, failure is fine".<p>Ever since the adoption of "Lean startup" methodology, "failure" suddenly becomes a no big deal to entrepreneur. Making decision is like throwing a Hail Mary that you don't really care too much about the outcome. Yeah I failed. So what? Let's try it again. Let's try 100 more times and we may hit a home run.<p>If you can put a A-class work in front of people, why do you even want to settle on B/C/D-class stuff? The world doesn't, and shouldn't, work in this way. Failure is bad for your reputation, at anytime, anywhere, in front of anyone. There is a reason why nowadays, acq-hire is more and more popular, because it give others impression that, hey, I didn't fail, I sold my business because it's a good deal. Sure, 1 out of 10 cases is like this. But for the other 9? it just helps to cover your ass and avoid putting the tag "failure" on you in your future career.<p>Is failure end of world? Of course not. Does it mean you shouldn't set a high bar, think carefully, plan comprehensively, put as much effort as possible to maximize the outcome? Hell no. Remember, you can only control what you can control. So, whenever you do something you can control, you better do it right.<p>Sometimes you just don't get second chance.

"But most entrepreneurs, seeking validation, ask me whether or not they should pursue their ideas. There is only one way to find out — to go do it."<p>That is hardly a strong argument! I tend to put up the red flag when I hear "there is only one way" about anything.<p>Of course, one cannot tell with certainty if a business idea will work or not. No one really expects that, do they? Don't ask one person and expect their opinion to be any more than it is -- one piece of information, often anecdotal and biased in some way. Talk to many people. Select them based both on your target market and diversity. Construct a mosaic of information. Think about what you learn.<p>If you think probabilistically, I would suggest that an entrepreneur's 'startup' decision is better framed by two questions:<p>1. Given your nature and interests, what business ideas are more likely to work well?<p>2. What are some effective ways to test (figure out) if a business idea will work?<p>Some good options include: get out and talk to people; sell before build; learn about your industry; surround yourself with passionate, smart, informed people; experiment; test; measure; create.

I do think there's a fine line between being resilient and becoming unfazed by failure (the latter of which is bad). As the article points out, failure is important as a learning tool, but by the same token, trying to avoid failure isn't necessarily a bad thing. In fact, startups that consciously navigate uncertainty efficiently and mitigate risk as much as possible tend to be much more sustainable.<p>Sometimes I think entrepreneurs err a bit too much on the side of being too 'okay' with failing and pivoting (buzz word), but I'm a big believer in planning, executing, reflecting, and repeating. Sure, for some things you just have to jump straight in, but I think caution, thought, and preparation all go a long way.

Thanks for this great post. After speaking with some really successful entrepreneurs, I noticed they are extremely stubborn (in a good way) even after failing several times. The odds are stacked against them but they still allow themselves several years to find a semblance of success which they can develop further. I appreciate your article. I am working on similar topics for my book Disruptors so posts like this help.

A great side effect of this is that lots of young entrepreneurs take on challenges where they are totally oblivious to all the hurdles and challenges ahead of them. And continuing the mindset of just pushing on, they tackle them one step at a time.<p>Not being afraid to fail (fast) along the way, is just as important as not being afraid to start.

I'm going to agree and disagree. Good-faith business failure really shouldn't be stigmatized, but it is. As with record labels (which is what VCs are) you get a first shot if you can get an introduction, a second shot if you grovel, and then you're done. That's why even the most ill-conceived startups get "acq-hired" these days instead of actually failing. The career damage associated with failing is too much for anyone to stomach at this point.<p>The culture of fear actually makes sense because, in a feudalistic reputation economy where you can spend months dealing with the fallout of a bad reference or a business failure, there is a lot to be feared.<p>I feel like a lot of people put these manic "I quit my job to do a startup" posts and put them on HN and get lots of kudos. No one writes, "I'm 33 and answer to a 26-year-old 'tech lead' and I have no savings; that's how much my three startup failures have fucked up my life and career." People talk a good game about their successes, but failures are embarrassing, messy and complicated and almost no one is willing to share a full story over one of those, especially if they involve other people. (That's understandable, but it's still biased reporting.)<p>The unfortunate truth is that we really don't live in a world where that kind of cavalier attitude toward failure can be afforded. That's especially true given how rapidly age discrimination becomes a problem for us.