Failure. Everyone has experienced it in their lives. It is unpleasant when goals are not achieved or a dream is shattered. You are disappointed and ponder what exactly you did wrong. The first thing to say is: not always succeeding, making mistakes is human. Missteps are part of life, because we learn from them. Over time, you can better grasp your own actions and identify the mistake so that you don't make it again.
With all the effort we put into hiding some of our mistakes, we could easily get rid of them (Michelangelo).
With some failures or failures, we also think to ourselves: "Well, I always wanted to try. If I hadn't done that, I would never have found peace. Now I know that this endeavour or my original approach doesn't make sense." If the reason is excessive demands or the fact that you lack certain skills or simply don't know what to do next - admit it, seek advice and get support from an expert. This can often be a lifesaver.
For a start-up, the matter could be more serious. After all, a lot of time, effort and strategy has been invested.
Realising truly complex ideas and life dreams requires vision. Sometimes only one point in the chain needs to show weaknesses; for example, an aspect of the business model that has not been honed or has fallen by the wayside. Or you get lost in the details. And the ship capsizes.
Many founders have failed. One of them, David Sabo, has learnt important lessons during his reflections and after some stressful times, to share them with the outside world.
Companies fail, people don't.
It's a balancing act. Of course, founders are passionate about their company. But it's important not to lose sight of your private and social life. "Business is the means, not the end." If you go in the wrong direction with your business idea, give 100 % and get lost in the process, you risk burning out. At least that was Sabo's experience. That's why the following points are important, but also: maintaining social contacts outside of work and hobbies. They provide advice and distraction. Direction helps enormously after a mishap. Or simply taking a short break to find yourself again.
Solve real problems and earn money
Really essential. Find the strategy that mankind has been looking for for a long time. Close the gap, find the missing cog. Only then is a business model/ really useful and worth investing a lot of energy in.
Remain modest/humble and think logically
Don't become arrogant after the first success. Don't let failure break you. Always keep a cool head.
Finally, David gave insights into his personal progress after the breakdown. It is important to look not only at the success or failure, but also at the learning effects. The problem within this big world is smaller than you first realise.
If you want to found a startup but don't dare...
In order to live a life full of creativity, we have to let go of our fear of failure. (Joseph Pierce)