Going for It: Woman Warrior

Learning from failure

The one thing a startup founder or early employee rarely dwells on is the possibility that the venture might fail.  Not only is failure possible, but conventional wisdom is that it is even likely. Even so, rarely does the topic come up in all but the most generic of contexts.

For this reason, I was deeply touched by this "post mortem" blog post by Marc Hedlund the co-founder and former CEO of Wesabe. Backed by Union Square Ventures, one of the top venture capital firms of our generation, and taking on personal finance, there were many reasons why it seemed that Wesabe was poised to succeed.  Instead it was their competitor, Mint.com that was acquired for $170 million by Intuit and Wesabe that closed up shop over the summer.

I can only imagine how tough writing the post must have been, but there is surprisingly little bitterness in the tone. Instead, it is constructive and full of useful guidance for existing entrepreneurs.  I found this line particularly valuable:

"Focus on what really matters: making users happy with your product as quickly as you can, and helping them as much as you can after that.  If you do those better than anyone else out there you'll win."

By

Alexis Rodich

 |  October 8, 2010; 6:52 AM ET Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati  
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