Andrew's Words

“Learn to fail quickly” Is the best advice available when approaching a new venture. Why?

1. 6 months – 1 year is what it takes to establish if a business will succeed or fail. I’m not saying that you need to make a profit in the first 6 months (although that does help); but if you are losing money, you’ll need to be on track with your business plan. If you’re a long way off target with no indicators that what you’re doing will ever make any money, find something else to do.
2. Save your cash. It takes money to create and grow a startup. Dependant on your sector and business idea, it may take a lot of cash. If something isn’t working, break whatever emotional attachment you may have with it, and save your cash. You can always start a different business!
3. Save your career. You’ll get credit from potential employers for taking a risk and venturing out on your own, and you’ll have learned a lot of valuable business skills – something that many companies will look for in new staff. However plodding away for several years at something that just isn’t working won’t build up any extra “career points”.

Statistically most ventures do fail. And remember, not all great ideas turn in to great businesses.