Failure is an option: Lessons from Livible Founder, Terry Drayton

Terry Drayton has had two start-ups stonewashed by crashes. But that didn’t discourage him. He’s back with a new one, Livible, and this time he wants to disrupt the market with his on-demand storage service.

Terry Drayton
Terry Drayton, founder of Livible.

Products flop. Ideas don’t pan out. Hires turn toxic. Companies go bankrupt.

Most businesses fail, and for those that succeed, an array of elements of everyday operations falls flat on its face. Every failure can be traced back to a founder, especially in a small company.

But there’s no avoiding the screw-ups, so serial entrepreneurs learn to use the mishaps to their advantage.

“Something you learn as an entrepreneur is resiliency, and turning failures into learning experiences,” Verschueren said. “Sometimes people are serial entrepreneurs not because one startup is a huge success and they want more, but because one fizzles out and they just start again.”

Those who are able to turn mistakes into learning experiences often are those who don’t hold their own ideas sacred, and let the end user of their product or service determine what works and what doesn’t.

“Accept the fact that if you put something out there, and people don’t like it, that’s the stuff you listen to,” Terry Drayton said. “Customers are smart as hell. I’ve had many of my favorite ideas crash and burn when we put it on the market, and that’s fine. Try it, and if it works, keep it. If it doesn’t work, try something else.”

This post originally appeared on 425business.com
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