Growth 051314 The 3 Most Common Obstacles Holding Startup Tech Companies Back

Published on February 17th, 2015 | by Jose Vasquez

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6 Steps to Dealing with Failure in Startup Tech Companies






When you first start as an entrepreneur, you might think you have it all figured out, but failure is going to strike sooner or later, and these steps can help you work past that failure.

Failure is a given in the world of entrepreneurship, and even if your startup tech company’s business plan seems flawless, you’re going to have to prepare for failure at some point during your venture. It might be a big failure, like a catastrophic product failure that destroys your reputation, but it’s more likely that you’ll encounter a series of smaller failures.

These smaller failures aren’t bad. In fact, they’re learning opportunities. The only real failures in the world of startup companies come when these learning opportunities are ignored. So the next time you experience failure—big, small, or somewhere in between—follow these six steps to deal with it and move past it:

  1. Analyze the impact. First things first. Take a look at the mistake and realistically evaluate how big of an impact it’s going to make. Try to emotionally distance yourself and look at the situation objectively. What long-term goals is the mistake going to compromise?
  2. Mitigate the damage. Even if the mistake is impossible to undo, take a look and see what you can do to minimize the damage. Isolate the problem if you can, and prepare those who might be affected by it.
  3. Perform a root cause analysis. Determine where things went wrong. Was there a failure during launch? A failure during planning? Once you know where the problem started, you can understand why the problem exists.
  4. Scrutinize your original intentions. Did you think of everything when you started down this path? Of course not. Take a look at any and all failures you had at the point of your idea’s perception.
  5. Implement new procedures and processes. Put fixes and gaps in place to prevent the mistake from occurring in the future. This includes extra steps in the planning process.
  6. Set a new goal. Plan for something new. Work with your team to set new, possibly more realistic goals.

These steps aren’t foolproof, but it’s important that you learn from any failures and mistakes you make.

Related articles:

8 Tips for Successful Crowdfunding in Startup Tech Companies
3 Unconventional Ways to Raise Money for Startup Tech Companies
10 Steps to Building a Strong Online Community for Startup Tech Companies

 


About the Author

is a serial entrepreneur and tech specialist dedicated to helping startup tech companies grow and succeed. As the founder of Build. Brand. Blast., Jose has worked with dozens of enterprises to find direction, gain momentum, and achieve results.



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  • Meet Jose Vasquez



    Hey there! I’m Jose Vasquez, and I’ve spent my life helping startup technology companies get the direction and momentum they need to succeed. I started Build. Brand. Blast. as a resource for new entrepreneurs to learn the ropes of starting a business and the keys to building something that lasts.

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