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Products Of Failure

March 13, 2014 Leave a comment

YouTube is the remains of a failed video dating website; it sold for $1.6 billion.

Instagram is the remains of a failed check-in app; it sold to Facebook for around $1 billion.

Entrepreneurs who fail do pretty well, just so long as each failure is used as a lesson for the future.Failure is a necessary price for success. At Google they have a saying: “Fail fast and iterate.” This is something all entrepreneurs need to do.Business is not only about an idea, but also how to polish an idea, launch it quickly and learn from the market. The best way to know if an idea works is to launch it quickly and see how the market reacts.If you have a work culture where bringing your mistakes to the table every week is a normal thing to do, it feels less like failing and more like learning. Learn to love your failures.

Filed under Entrepreneurship, Theory, Tool Kit Tagged with entrepreneurship and failure, failing, Google, Instagram, love your failures, postaday, YouTube

Chinese Proverbs For Entrepreneurs

July 29, 2012 9 Comments

wealthymatters 1. “In every crisis, there is opportunity.”

Most entrepreneurial ventures arise from a solving a problem. If you are faced with a problem, craft a solution and sell that solution to others.

2. “Sow a thought, reap an action; sow an action, reap a habit; sow a habit, reap a character; sow a character, reap a destiny.”

Entrepreneurship starts with an idea and ends with a destiny. You craft your destiny with your actions, habits and character. You make your destiny, it doesn’t make you.

3. “The best time to plant a tree was 20 years ago. The second best time is now.”

Aside from 20 years ago, there is no better time to start a business than today.

4. “If you want one year of prosperity, grow grain. If you want ten years of prosperity, grow trees. If you want one hundred years of prosperity, grow people.”

The goal of every entrepreneur should be to start a business and find capable people to run the business so that they don’t have to. Read more of this post