We&Co – Embracing Failure
When you decide to be an entrepreneur, failure is part of the territory – especially in the startup world. According to TJ Muehleman and Jared Malan of We&Co, if you’re not failing all the time, you’re not trying hard enough. The key, though, is to learn from those failures. For example, they learned that some customers are not ideal customers—whether it’s due to geography, turnover, average covers, or other factors. At the beginning of the business they would sign up anyone—and that taught them very quickly that some customers are better than others. In a culture that embraces failure, it’s essential to learn how to improve from those failures, trying again until you find that next thing that grows the company a little more.
The first year in a startup can be especially difficult, because you’re going to fail a lot—and many entrepreneurs are not used to failing. However, you only need a few successes to make it work.