Sifted, a digital daily newsletter focusing on tech startups, recently shared a telling piece on founders discussing the closure of their ventures.
Why is it important to openly address these technical failures?
1 - Because startup failures are primarily technical in nature. Whether it's the inability to find product-market fit, cash running dry, or key personnel suddenly going away, these challenges remain technical by nature, i.e. you're not a failure yourself, even though the business has failed.
Startuppers often see their business as an extension of themselves. This is humanly understandable, but technically false.
2 - The stigma of failure varies across regions. While shame around business failures is prevalent in Continental Europe, Anglo-Saxon counterparts are more open about their setbacks.
This is changing as European founders are embracing transparency on platforms like LinkedIn, bringing a more positive view about setbacks in the startup culture.
3 - Despite the profound impacts of business failure on one's life (family budget, friends turned investors, self-esteem, to name but a few) embracing the mindset of continuous learning is crucial. As Nelson Mandela famously said, "I never fail, either I win or I learn." This acquired knowledge can fuel future entrepreneurial endeavors or enrich other professional pursuits.
Remember, while launching a startup involves assessing risks, understanding that failure is not the final chapter is key to resilience and growth.
Explore more insights on this topic here: [Link to the article](https://lnkd.in/gB-WJcA6). Let's continue to learn and grow from every experience.