We need to fail in order to learn, but how many failures can we actually afford?

The catch-22 of entrepreneurship: We need to fail in order to learn, but how many failures can we actually afford?

Running a startup in the bank information field has taught me a lot about failure. It's an integral part of entrepreneurship - it’s like gravity, you can’t escape it.

Yet at the same time, every failure depletes resources – money, time and morale.

The key question then becomes: how many fails can a venture afford before it’s game over?

My answer is: as many as it takes, until the lessons have been learned.

It might seem counterproductive, especially when each failure hits hard.

But remember, successful entrepreneurs are not those who never fail; they are those who keep pushing forward in spite of the failures.

When looked at through this lens, failure is not something to be feared or avoided but rather something to be embraced.

As Thomas Edison famously said: “I have not failed. I've just found 10,000 ways that won't work.”

So, let's keep failing till we find what works!

💡 Let’s stop just collecting data. Let’s start making it work for us. Let’s transform banking, together. 💡

🔔 Follow Brian on Linkedin: Brian Pillmore

Related Links:

• Bank Failure: Understanding the Risks and Protections for Consumers
• We need to fail in order to learn, but how many failures can we actually afford?
• Visbanking finds 5 banks (min. $50 Million in Assets) with a greater than 70% probability of failure in 2023.
• OCC Ends 2020 Capital One Consent Order
• The Mystery of Failed Bank Mergers