What's the most important lesson you've learned from a startup failure?

Luke Emery
52 replies

Replies

Kavita
Marketing > Product Building
Shamil Kuramshin
Long term vision and value proposition are not smart phrases from business books, they are essential
Hamza Q
Start off with good people around you. Even more important if you're a solo founder
Luke Emery
@hamza_q4 Yes, most of my friends are entrepreneurs which means I am always talking about the things that help me grow
Josh Harris
@luke_emery how do you find fellow entrepreneurs? Do you go to conferences and events?
Hassan Muazzam
The most crucial thing to learn from startup failures is market validation. Before allocating resources, verify your target market, comprehend client needs, and undertake research. Success chances are increased by early guarantee.
Luke Emery
@hassanmuazzam All of my ecommerce businesses before started off as little side projects and when I could see there was a market I would go all in
Tim Dierckxsens
Don't fall in love with your product and don't forget to ask yourself if the problem is real
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Luke Emery
@web3tim Yeah I like to create businesses that are boring and NO ONE will love them, but make sure they serve a purpose
Aida Zu
Failure is experience. We learn a lot thanks to it. Failure is totally fine. Everything go through some fails, so do us people. The best thing you can do with a failure is to embrace it and learn!
Lots of them) You can't predict a lot of things, like an economic crisis, war, or something else. But the main thing is that you should always focus on your customers first and build your product/business considering the changes in the market.
Lucas Edwards
The most important lesson from a startup failure is to embrace resilience and adaptability. Learn from mistakes, persevere through challenges, and be willing to adapt your approach. Failure is an opportunity for growth and learning, and it sets the stage for future success.
Ethan Perez
key lessons from startup failures. Overcome setbacks, learn from mistakes, and make necessary changes for success.
1) Prototypes aren't businesses. 2) Be ruthless with killing zombie startups — 'businesses' that are essentially the walking dead 🧟
Luke Emery
@blake_whittington I have many of these, but something I realised that is valuable is that people will buy a prototype so they can turn it into a business. Last year I sold a buggy software I had built for $1000, which is better than $0!
Heleana Grace
Don't get too ambitious, at least not at the beginning. Allocate your resources to what your startup actually needs first, not what you want it to look like.
Luke Emery
@heleana Yeah MVP is the most important so you can get users. Features are easier to add than customers
Surya Manivannan
When I was getting into entrepreneurship, I based my startups around product ideas i found cool. As I tried to gain users, I spent most my time convincing them that the problem my product is “supposedly” solving is real. The most valuable lesson i learned is coming up with cool product ideas is easy. Identifying the right problem will get you half way up the mountain.
Luke Emery
@surya_manivannan1 Yes I think creating cool businesses is the worst idea ever because 10 million other people have the same idea. Whenever anyone tells me they are going to start a t shirt or jewelry company it hurts my heart
Surya Manivannan
@luke_emery yes Luke agreed. the traditional idea like you mentioned as well as the outrageous ideas 😂
suman saurabh
One of the most important lessons I've learned from a startup failure is the importance of listening to your customers. It's easy to get caught up in your own vision and lose sight of what your customers actually want and need.
Carter Michael
If you don't market it, no one will see it.
Eugene Sanders
Accepting that failure is part of the process. Pivoting, learning, iterating - that's key. Client's experience on handling obstacles could also provide valuable insights.
Tom Saju
build an MVP and give more importance to market validation. The mistake we did was that we worked on making a perfect product but didn't got any customers.
Alexey Anshakov
Don't give up, and remember that every failure is just a step on the path to success.
phuong bui
is this problem realistic and painful enough?
Khushi Mittal
A key lesson I've learned from a startup failure is the importance of adaptability. The business landscape is constantly evolving, and startups need to be agile and willing to pivot when necessary. It's crucial to listen to customer feedback, monitor market trends, and be open to making changes to your product or strategy to stay relevant and meet customer demands.