Today’s advice comes from GenJuice CEO Arielle Patrice Scott’s interview with The Huffington Post:“You need the ability to not accept failure, but to accept the pivot,” says 22-year-old Scott. “It’s more than likely that you’re not going to get it right the first time, so it’s important to be able to recognise where you failed and where you need to change the business.”
Scott co-founded her first company, InternshipIn, while studying at Berkeley University. The project “failed miserably,” she says, because it looked to connect interns with start-ups — and start-ups didn’t want to pay to find unpaid interns.
Her next venture, GenJuice, a platform that highlights trending bloggers, is faring better since she launched it earlier this year.
“There are way too many people who give up too soon or give up too late — knowing when to quit is so important. We’ve failed so many times, but we also knew when that failure could turn into something else.”
Scott was one of the 100 entrepreneurs that gathered at the US Chamber of Commerce to launch Our Time’s Buy Young initiative last month, a campaign to encourage Americans to support companies and organisations founded by people who are under 30.
Want your business advice featured in Instant MBA? Submit your tips to [email protected]. Be sure to include your name, your job title, and a photo of yourself in your email.
NOW WATCH: Ideas videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.