Thursday, July 31, 2014

How Entrepreneurs Can Recover From Failure

Vivian Giang has written an interesting story for Fast Company about how entrepreneurs can recover from failed startup experiences.   She interviews Steve Blank, among others.  Blank is a serial entrepreneur who now teaches at Stanford.   Blank talks about the importance of giving yourself "time to grieve" when you have been part of a failed startup.  You don't want to rush into the next startup.  You need time to go through the natural emotional reactions and to experience the grief, denial, anger, and depression that might come with a failure.   Then, you need to truly reflect on what you have learned and identify how you want to change your behavior moving forward.   Only when you have moved past the emotionally difficult stage, and moved through the reflection and learning stage, are you ready for another venture.  It seems like terrific advice.  I would argue that it's good advice not simply for entrepreneurs.  Anyone experiencing a failure would benefit from Blank's advice.

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