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Successful entrepreneurs share many things in common. Hard work, focus, belief in themselves, hungry for knowledge and so on. One trait that doesn’t get much mention is the ability to accept and overcome failure. As entrepreneurs, failure can be a daily occurrence, but the worse is when a business fails.
To be sure there is a lot of noise made on social media and from the start-up world about “fail fast”. It is often heralded as a badge of honour and a goal in and of itself. The premise being that the sooner I fail, the sooner I’ll become a success. Failure is no guarantee of success. Success requires several skills and a lot of luck. Failure is no fun and it can be incredibly painful.
The real meaning of "Fail Fast"
The real meaning of “fail fast” is to instill the notion that if, the business is not performing no matter what you do and has limited chance of becoming profitable, then don’t wait a second longer and shut it down.
Unfortunately, most individuals hang on far too long, hoping and praying that their situation will improve. They fail to look at the cold hard facts and let their emotions make decisions. They continue to drain their resources long past the point they should, only to end up worse off. Had they listened to that little voice in their head that was telling them it was time to shut it down, they would have been better off.