It’s a reality all entrepreneurs must come to terms with: the potential for failure. Over 51% of businesses will fail in their first five years (U.S. Census data), and even 25–30% of venture-backed businesses fail. If you want to innovate and put yourself out there, you have to accept that every entrepreneurial venture is a risk.
But how can you reduce that risk of failure for your next startup?
Often, it helps to turn to the experience of others, to learn what lessons we can from their failures, and cut the learning curve for ourselves. Even if you feel like you’re reaching (or surpassing) your prime, it’s never too late! Jeffrey Brotman, founder of Costco, didn’t launch that successful company until he was into his forties.