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3 Lessons I Learned From the Failure of My First Startup

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You’re exhausted. You’ve put countless of hours into an idea that you believed in so much. Literally almost blood, sweat and tears were sacrificed for this vision to be accomplished. You had hoped and expected for a lot of things, and was excited to have plans for the future.

A few months ago, I wrote an article here titled, “What I Learned After Opening My First Business at 21.” My restaurant was doing well that time, and writing that article made me feel on top of the world. I thought that it was going to be that way for a long time, yet not so long after that, sales started to become stagnant and then declined.

As I write this today, my restaurant has already stopped operations. It stopped a few days ago, but a couple months back, I knew it was bound to happen. We couldn’t keep up with the bills we needed to pay, and they kept accumulating day by day. With a heavy heart and chaotic mind, we knew we had to close it down.

I couldn’t believe this was happening barely one year after starting operations. But if you were to ask me that if I had the chance to start over, would I do it again? I would still say yes. Despite its failure, there were still very important (also expensive) lessons that I learned that I would never have acquired otherwise if I didn’t start the business.

Here are a few lessons I learned after failing my first startup:

1. Entrepreneurship requires resilience

You cannot ever be successful if you haven’t developed resilience. Whether you like it or not, something will turn out wrong in your business. Maybe sometimes not to the point that it needs to be shut down, but something that could make your decisions critical to your organization goals.

You could give yourself time to grieve, but it shouldn’t stop there. Life goes on. And you need to get back on your feet if you still want to make a difference. The biggest companies that are successful right now all experienced a massive amount of failure.

But they never stopped trying. Because with every failure comes a lesson. Anyone with common sense would learn from that failure, and start again with more knowledge on what to do and what not to do.

Whenever I thought about the accumulated debts of my restaurant, I would have this sinking feeling in my chest and stomach. I knew that I would have to liquidate the assets. So I continued to search for buyers of the assets.

Instead of grieving for a much longer period, I knew I’d have to pick myself back up again so I could pay the debt. It might be hard at first, but if you call yourself an entrepreneur, quitting is not an option. We fail, we learn, then get back up.

“Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

2. Learn to listen

Being a first-time founder, I had a very idealistic attitude. I had no experience in the food industry and established the business with only the belief that my partners and I would make it. I was wrong.

Aside from not being able to make it with that business, I realized what the naysayers had been telling me all along. But you have to be careful here. There are naysayers who have no credibility to back up what they say and want to bring you down. But there are also ones who speak from experience and are genuinely concerned for you. You must learn to discern the right voices to listen to if you want to succeed.

Taking risks is good, but make sure those risks are calculated and not reckless. We took a risk that wasn’t entirely reckless, but not all aspects of them were calculated. We were unsure of some parts of the business, and just “winged” it. Look at what happened to winging it!

Know when you need to jump with both feet or just one, but also listen to the voices who tell you when to put your feet in the water. Trust me, you never know when you will value their input.

3. Your failures do not define you

I never thought this would take a toll on my self-esteem, even when I knew I had to get back up. On the outside I looked normal. Going to school, work, and social settings looking like nothing had happened. But inside I was a wreck and didn’t want to admit it.

I would feel guilty whenever people would praise me about how “successful” I was at such a young age but that wasn’t true. For a while I thought that I was the failure. My insecurities started haunting me again and my browser history was filled with questions on what to do.

That was when I discovered that successful people failed more often than they succeeded. Even the ones with smaller businesses had their fair share of failures before finding an idea that worked for them.

But their failures never got to their heart. They weren’t the failures. The business failed, not them. So they tried again until they got it right. Maybe this business didn’t work out for me, but that doesn’t mean I’ll never be successful. The sooner you believe your failures don’t define you, the more the weight will be lifted off your shoulders.

People fail every single day. The difference between the ones who succeed and those who don’t is persistence and the drive to continue even after failing. It’s much better to try and fail than never having to start and learn nothing.

“Success is not a good teacher, failure makes you humble.” – Shah Rukh Khan

Have you ever started a business that eventually failed? What did you learn from it? Please leave your experiences below!

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5 Women Who Revolutionized Tech and Made Millions

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There are many female entrepreneurs in today’s world revolutionizing the tech industry and owning their own unique craft. Before, technology and business was seen as a more male-dominanted industry that women rarely crossed into. That’s no longer the case. (more…)

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The Truth About Marketing Every First Time Founder Should Know

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While starting your own business is an exhilarating experience, many start-up founders struggle with successful marketing more than any other area of business. So if you’re thinking about starting a business, here are some of the key things you need to know about marketing before you take the plunge. (more…)

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Lessons I Have Learned About Scaling a Business as a Startup Founder

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When I set out to start my own business three years ago, I never imagined bright lights and private jets to New York or Shanghai for business meetings. Good thing I didn’t because it is nothing like that at all. It was a struggle from day one and I had to embrace the grind to grow. (more…)

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5 Hacks to Improve Your Writing Skills in English for ESL Learners

Phil Collins

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Studying in college is hard for everyone, but ESL learners arguably suffer the most. Moving to a foreign country, learning a new language, and keeping pace with the rest of the class may seem like an unbearable burden. It’s okay to feel overwhelmed, but you have to pull through and not give up. 

In moments like this, it’s always a good idea to seek help. Whether you go to WriteMyPaper to order an essay or just talk to a friend, admitting vulnerability is an important step towards improvement. In this article, you will find some tips on how to get better at essay writing, even if English is not your native language.

 

Control Your Environment

Improving your language skills is all about constant practice. Living in an English-speaking community is the first thing you should do to start your practice. It might be tempting to surround yourself with people who already speak a familiar language. However, this way, you won’t be practicing English on a daily basis.

You need to make those lessons almost intuitive in a way that you don’t have to do anything to learn the language. If you live in an English-speaking community, for example, if your roommate speaks English, you will have to practice the language, whether you want it or not.

Still, make sure you don’t take it too far. Taking care of yourself is still as important as ever. Feeling like an alien for the sake of education is not worth it. Remember to keep in touch with your friends and family, talk to them as often as necessary.

 

Practice Constantly

Practicing language is not just about doing your homework. You can make practicing English a normal part of your daily routine by watching TV, listening to music, and reading books in this language. 

Yet, this is a bit tricky. When being surrounded by white noise, people tend to learn not to notice it. You need to ensure this doesn’t happen. As you watch movies or read books, maintain your attention on what you’re doing. If you hear or see a word that you don’t understand – translate it and write it down. Be mindful and remember what you’re doing this for.

 

Writing Is The Answer

If you want to specifically learn to write, you need to do one thing, and that is to write. Continuous practice will help you understand what mistakes you often make and, in time, eliminate them. Focus on your goal, and don’t get discouraged when something’s not working. After all, even Rome wasn’t built in a day!

Get a journal and write in it daily. Pick a new topic every time and note everything you can think of. It’s also important that you write by hand, a spelling checker in your computer is tempting, but it will not help you remember how to spell words correctly. 

Besides, journaling as a habit has multiple health benefits, and it can be therapeutic. It can help you get in touch with yourself and process your emotions better.

 

Learn In a Group

It’s proven that learning in a group is more efficient due to the sense of competition. Find a bunch of like-minded people who want to study with you or join an already existing one, like a speaking club.

The benefit of such activities is that you get all these people from entirely different backgrounds who are all good at various things. This will help you exchange experiences, which is impossible if you’re alone.

Schedule regular meetings, come up with topics to discuss and activities to do. You could watch videos or movies together, or talk about common things. Having assignments like describing an event can also be beneficial for the entire group. This way, while one person speaks, the rest think about how they would say the same things differently. 

This will help you feel more confident in your skills and, consequently, speak and write better.

 

Expose Yourself

The most important thing about learning a language is not to be afraid of making mistakes. It’s inevitable; you just have to take it as a natural part of a learning process. 

A child that is learning how to walk doesn’t give up after falling once, and you shouldn’t either. It’s most likely that your friends understand that you’re just learning a language, and they won’t laugh at you for misusing a word or a few. 

Get over that fear of error and make as many mistakes as it will take. Treat it lightly, and don’t beat yourself up for it. On the other hand, try to attend as many events as you can that will expose you to the foreign language. Not only will it boost your English skills, but also improve your social confidence!

 

Wrapping Up

Learning a language is hard; there’s no arguing about that. However, it’s going to get easier with time. Take every hard thing that life throws at you and turn it into a lesson. 

Watch your favorite movies in English, converse with native speakers, and you’ll see the improvement very soon!

Remember to be patient about it. Don’t give up, and don’t beat yourself up over something that you have so little control of. Good luck!

 

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