Failure

Perhaps the hardest lesson in entrepreneurship is being prepared to fail. Even if you:

...it's still super possible that things will not work on the first try. Or the second. Or dozens after that. Failure is a part of entrepreneurship, as evidenced by the frequency with which this page is linked within this wiki (more than any other page.)

But preparation for failure isn't meant to be demoralizing. It's meant to reframe things:

Failure is a part of the process of learning and improving.

Like we talked about in experimentation, we don't expect our assumptions and hypotheses to always be correct. It's useful to us when they aren't, because it points us in a more accurate direction. In a similar vein, if you expect to fail as an entrepreneur and use those failures to point you towards greater odds of success, you'll be much better off than if you go in expecting things to immediately work out.

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Farewell

I wanted to wrap things up on this page, because I see the above as the most important lesson. And it's likely not one that can be fully learned from a class, or a wiki written by somebody who's never started a company. But it's a valuable reminder, and I hope you'll take it with you.


Acknowledgements

Thanks for giving my wiki a look, I hope you've found something valuable in it.

Thanks to Professor Martin for an insightful fall semester in COMM 4680.

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