Failure is an integral part of learning – as Ernest Hemingway said, "The world breaks everyone, and afterwards some are stronger in the broken places."
TheStreet.com has published an interview and profile of Matt Wllson, a young entrepreneur and the founder of Under30CEO, discussing the topic of failure and entrepreneurship.
Wilson says that his company nearly foundered at first, as it began to doubt its core mission and attempted some ill-advised rebranding and refocusing exercises.
"Now we spend a lot more time getting to know our market instead of trying to sell anything to anyone. We were in a hurry to turn cash-flow-positive when we needed to stay focused and be patient," Wilson told TheStreet.com.
Another major mistake is the question of monetizing, as young entrepreneurs often fail to figure out how their clever new idea will make money, or even if people are willing to pay for it.
It’s also key to learn from both your own mistakes and those of others, so that you don’t get stuck repeating the same failures over and over again. Oftentimes, people don’t realize that they are in a rut, tripping themselves up time and again.