If you’ve raised money for your startup then your primary goal is to be on the search for a repeatable & scaleable business model that will generate a return for your investors. The key part of that previous sentence is “search”. Great entrepreneurs know how to search their way to success.
Most startups will fail. It’s just how the numbers work. The issue I have is with the definition of failure. Is it a failure when you get to work on something you’re passionate about? Is your day a failure when you learn something new? No. This post comes after the announcement that Sprouter will be closing their doors on August 2nd.
To say that I’m a fan of Sprouter would be an understatement. I’m a loyal supporter, contributor and consider Sarah one of my best friends. How the startup community and next generation of entrepreneurs interpret this event is very important. It’s critical that we understand what’s happening and put things into perspective. Below are my thoughts on why we must celebrate failures, especially amongst technology startups.
Being able to understand how your product is being used is the most important part of building great product for a startup. Monitoring and measure the right things from an admin dashboard is a great way to learn. Once you’ve started letting users in, you’ll want to split your time between quantitative feedback (cohort metrics / analytics) with qualitative feedback (surveys, activity streams and interviews). Having an admin panel will help you accomplish this.
The following story is about Flowtown – a startup I co-founded with Ethan 2 years ago. In it, I’ll go over; how we got started, raised a venture round, scaled to over 25,000 businesses, hit a wall and built it all back up again. Entrepreneurship is about crazy highs and intense lows and the ability to get through those tough moments.