Failing in Silicon Valley is often even celebrated
You just keep trying and one day you'll win!
But no matter how you spin it....
FAILING IS NOT A GOOD THING
It's obviously much better to succeed.
Startups, however, will more often fail than not
The key is to fail the right way.
Here's how to fail the right way:
1. Keep all of your investors updated
Let them know about all the challenges as soon as they happen. Be transparent. Sometimes they can help if it's early enough
2. Leave some money in the bank
It takes some money to shut a company down. Do it properly.
3. Do a post mortem
Analyze what happened. Figure out what you would have done differently. Understand what caused the company to go down.
4. Know it's not your fault.
You're not a bad founder. Things happen and often times you have to take risks.
5. Don't blame the world
Take ownership for the failure. Don't blame yourself, but take ownership over the loss. Don't blame others.
6. Begin again
When you are ready and have the right idea. Start again. Remember all the lessons you learned.