Success and failure business stories

I think people sometimes attach too much emotional importance to successes and failures, even with other people’s successes and failures. “I don’t want to hear about failure stories.” With the implicit suggestion that hearing about failures somehow attract failures into their lives. While true to some point, I feel for the most part, it borders on something called superstition.

So Andrew Warner of Mixergy started a series on interviewing founders and entrepreneurs about their failures. He already interviewed James Altucher and Scott Gerber. Andrew said his audience seemed to avoid or hate these types of interviews.

I don’t really have a distinct separate line dividing success and failure business stories. They’re just stories. “This happened, then that happened, then I learned something, then something failed epicly, then I learned something more, then something awesome happened, then I learned something…”

While there are general themes and lessons to be learned from success stories, there are also general themes and lessons to be learned (and mistakes to be avoided) from failure stories. I don’t propose that you will fail like those people in those interviews and stories. But there’s one important point that most people seem to forget.

You will never succeed in exactly the same way as those successful people either.

You read the success story of how Google became Google. You learn how Facebook started and became the social media giant it is now. You read a book on how Starbucks revolutionised the way coffee (a commodity) is consumed by people, and made it an experience.

When people say “that company will be the next Google”, they don’t mean literally that company will become the next Google. Because nobody else can be Google except Google. They mean that company having a similar success like Google.

And you will never have that particular success, because you will never have the kind of audience, products, problems, opportunities, founders at that particular point in time. That time has gone.

A failure story is more enlightening when it’s followed with a success story. An entrepreneur failed abysmally in one venture, and was left with practically nothing. Then he picked himself up and succeeded with another venture after that. What motivated him, drove him, gave him hope that he could still continue and succeed? That’s the real lesson.

From listening to the interviews of Y Combinator co-founders Paul Graham and Jessica Livingston, there are 3 qualities a startup’s founders have:

  • They’re smart
  • They’re determined
  • They can communicate with each other

From the way Y Combinator decide whether they should fund a startup, determination of the founders is the hardest quality to determine. How do you know if someone would be able to bounce back after a failure in just 10 minutes of a screening interview?

An entrepreneur with a failure-then-success story has shown that he’s capable of bouncing back. An entrepreneur with a success story just have a success. The latter can certainly still have worked hard for his success. I just respect the former more.

And I bring us back to unique successes because of the unique set of conditions of audience, products, problems and opportunities available to an entrepreneur or startup founders. I can’t remember where I heard this, nor the exact quote, but Bill Gates was giving a talk at a college. A student asked him what to do when starting a business or startup. Bill Gates said,

Oh for goodness sakes, don’t do what I did. That money’s already made by me.

Success and failure

If you try something old (or familiar, established, regular, comfortable, proven, standard) and you fail, people say you’re stupid.

If you try something old (or familiar, established, regular, comfortable, proven, standard) and you succeed, people say “Meh”. No special prize for you.

If you try something new (or unknown, reaching for the stars, unconventional, non-conforming, outside of comfort zone) and you fail, people say you’re stupid.

If you try something new (or unknown, reaching for the stars, unconventional, non-conforming, outside of comfort zone) and you succeed, people say you’re a genius.

If you’re going to be called stupid when you fail, why not venture into new territory and be a genius when you succeed?