Sharing Daily Discoveries About Personal Finance And Business Topics

Failing Cheaply

This was kind of a strange but not too unusual points. I was basically watching some interviews of successful entrepreneurs and how as you may expect many of them have gone through numerous failures that no one really pays attention to as the success overshadows it.

There was then a discussion on how if one does fail then a key thing is knowing when to jump out as to not lose a lot of money. A point was then brought up that nowadays there are so many things you can do where failing at a business can cost very little money in general and so there should be no reason not to try. If anything, the failures will teach you a lot. Some examples used was an internet site as things like a domain and web hosting could be acquired for so little.

It seems strange in some ways to encourage failure. But I suppose the fear of failure is the biggest reason that people don’t get started on projects and ideas in the first place. If you put it in perspective in terms of how little you can lose financially if it doesn’t work out versus how much you can gain if it does I would say that is good motivation in itself.

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