Failure hurts, it does, but knowing that the chance of failing is a lot more than any chance of succeeding and still taking up challenges, begin the work and aim to set up a business model. That is what, a Startup is. You find a way to solve a particular problem in much of an innovative fashion; you can go for a startup. Every business model needs recognition in the market and earning this recognition is the most arduous job. The startup process is just as walking on a wire; you can fail at any moment. You may find many benefits, you can get exposure or maybe experience, but all you do contains a considerable risk. You earn a lot of knowledge and mass experience, while you are giving away all your resources to bring yourself and your ideas into the picture. This is for sure that building a startup will take a lot of time, but you can never know how long your startup program may sustain. A decidedly less number of people choose a startup company over a well-established company to work, so fewer people equals more work. This may increase the load on the employees but on the other hand, provide versatility, by providing multiple opportunities. Working in startup also defines flexibility, which can be stretched as long as the purpose is met.
As we go on living, competition for everything is increasing by leaps and bounds. The game may be in politics, sports and here, most importantly “The competition in the market.” This massive competition results in a considerable number of failures.
The Life of a startup entrepreneur
Let us take a look at the life of an entrepreneur and venture capitalist, Jamie Pride. He found many technology startups in 20 years, and he failed many times. He suffered more than the financial loss that is grief, depression and all of it left a terrible impact on his life. Not only his life sometimes, but also family and friends. He had to move his home and survive threats to family, just an impact of failure in a startup.
According to a study, around three startups are introduced to this world, in one minute. Out of these, 92% tend to fail within three years. This is a lot of failures. This is why; an entrepreneur should be programmed to brace more failure than success. A large proportion of entrepreneurs are found to be mentally attacked by depression, anxiety leading to drug and alcohol abuse. A founder, who might do satisfactorily well, can be caught up by fatigue. Yes, there is a lot of pressure on the head of that one person, and ultimately, the founders lose their way and hope as well. This may occur to any founder, be it a new or an experienced one, feeling stressed out, isolated and pressurized. There is a significant distance needed to be covered for bringing the startup to the doors of success and as soon as the consistency breaks, everything is shattered.
In a Startup process, a founder usually puts the things such as customer, products and their team, before everything. Undoubtedly, it is essential, but as soon as they cease to take care of themselves, their startup is drifting into a fragile zone. The founders lose control of their personal life and abandon themselves from eating, sleeping and eventually, sparing time for themselves. This approach is not sustainable.
The failure of a startup is evident in many cases. Everything falling apart becomes apparent, and a lot of pain can be easily achieved because after all, it was your hard work, no matter how it went. These failures can bring you into tears and almost kill you, but then you rise from this dead, you find yourself in anything else, but startup all over again. Yes, this is the dark side. You might know, it is going to hurt, but you risk everything just to find yourself failed again. This type of working can only demotivate anyone, which he/she may not be able to survive long enough.
There are multiple attempts or failures before every success. Alas, the world only sees the bright side of the story and ignores the darker.