The importance of failure
There’s much media fuss over the launch of new startups and we’re usually eager to celebrate any success. Failure is not something we often dwell on. Perhaps it should be.
11 March 2014
When it comes to the startup industry in South Africa, everyone has an opinion on how it should be done. Businesses either need to be coaxed through the survival of their first three to five years in the industry or they need to fail quickly and learn from mistakes in order to succeed.
According to Forbes magazine, eight out of ten startups are destined for failure. With these kinds of odds against entrepreneurs, what is so attractive about pursuing such a stressful career path? How does one make the decision that a startup has failed and that it’s time to throw in the towel?
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