Failure is essential to an entrepreneur's future success

Failure…, or more precisely, recognizing and learning from failure is indispensable as an entrepreneur. The goal is to recognize and learn when your course is off track more quickly, forgoing much expense on a failed course.

Hence this mantra…

Fail fast

Fail cheap

Fail often

And you will be closer to a viable MVP than without any failure. For when we succeed, we frequently attribute the wrong reasons for success. Failure is so pronounced, revealing, and helpful in determining what works and why. So don’t fear failure, rather fear not getting up each time to do a better job.

As a business coach, I enjoy reading about post-failure analysis, and the write-ups on why projects and enterprises failed, so that I can learn from others mistakes, and hopefully not have to repeat the same mistakes myself. There are great books and resources on avoiding project management and business failures. Here are a few that I have enjoyed reading.

Analysis of Project Management Failures

Classic Mistakes Analysis of the examples in the “Catalogue of catastrophe” reveals the most common mistakes. Given the frequency of occurrence, these mistakes can be considered the “classic mistakes”. The following list outlines the most common themes and provides links to examples; The underestimation of complexity, cost and/or schedule Failure to establish appropriate control over requirements and/or scope Lack of … Continue reading Classic Mistakes

Why Do Projects Fail?

Analysis of Software Coding Failures

Single point of failure in supply chain debacles

Colossal Control Failures