Learning From Failure Six entrepreneurs who failed to succeed shared some wisdom about what they learned while trying their best and coming up short: It doesn’t matter how smart you are, what matters is the people you have surrounding you. Environment is really important, if you surround yourself with negative people, you will feel negative yourself, and if the people around you aren’t working hard you won’t want to work hard. Money isn’t everything when starting a business. I’ve put a lot of money into things that haven’t worked out. If you have little money you are scrappier and work harder with the money and that small amount of money can multiply exponentially. Sometimes having too much money can make you wasteful and you will end up running out of funds anyways. Don’t spread yourself too thin. You won’t create as big of a business if you do a lot of things at once. Focus all your time and energy on one thing, then, once you’ve sucked all the revenue out that that idea, move on to the next. There’s absolutely nothing wrong with being a serial entrepreneur, but there is something wrong when you get yourself involved in too many things at once. Make sure that whoever you team up with covers all of the bases of a startup: If you are designing an app, don’t start with only programmers, if you are starting a social network, don’t limit yourself to just marketers. You’ve got to have a well rounded team to succeed. When you pitch to an incubator, they are more interested in the people than the project: the beauty of startups is their malleability. Your idea may change shape or completely morph into something different, but a solid team will absorb all these changes and come out stronger on the other side. Hope for the best, plan for the worst. Not everything you think is going to happen will happen. There is so much that can change during negotiations and nothing is set in stone. Be prepared for everything…end then plan to deal with something you’re not ready for.