Why You Need To Fail

1. Approach business with the mindset of learning and gaining knowledge.

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The most valuable thing you gain from starting a business is the knowledge and experience you acquire along the way.

• The income generated from the business is not as important as the knowledge gained.
• Even if the business fails, the lessons learned will be invaluable for future endeavors.

2. Do not give too much weight to negative feedback.

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When starting a business or pursuing a new idea, it is easy for others to criticize and discourage you.

• Negative feedback should not deter you from pursuing your goals.
• Consider the source of the feedback and whether they have experience running a successful business.

3. Gain hands-on experience to understand the true cost of labor.

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By doing the labor yourself, such as creating a website, you gain a better understanding of the time and cost involved.

• This knowledge allows you to make informed decisions when hiring others for similar tasks.
• You can avoid being overcharged and negotiate better deals.

4. Learning skills and doing labor yourself gives you leverage in future business endeavors.

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Acquiring skills and knowledge in various aspects of business allows you to price the market correctly and make more informed decisions.

• You can avoid being taken advantage of by understanding the true value of labor.
• This gives you an advantage in future business ventures and helps you make more cost-effective choices.

5. Consider the source when receiving business advice.

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Take advice from experienced individuals in your specific industry or those who have run a business.

• Experienced individuals have valuable insights and knowledge.
• Be cautious of advice from individuals who lack experience or are all talk.

6. Evaluate the risks and costs of a product-based business.

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Understand the potential risks and costs associated with a product that will be ingested by customers.

• Consider factors like insurance and fixed operating costs.
• Reinvesting in supply and inventory is crucial for meeting demand.

7. Consider the long-term commitment and financial investment.

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Be prepared for a multi-year commitment and potential lack of income in the early stages of a business.

• Success in a product-based business often requires several years of reinvestment.
• Evaluate if you are willing to put in the time and effort before proceeding.