My Best Advice To Entrepreneurs: Fail Fast, Fail Often, And Follow Your Passion

Colin Wright

Exile Lifestyle

Failure is Just One Step on the Way to SuccessI’ve had almost as many failed businesses as I have successful ones. Most of my successes were built on top of something I learned from a previous misstep.

Being able to fail fast and recover faster is a massive asset as an entrepreneur, and the sooner you’re able to get past the stage where you feel sorry for yourself when something goes wrong, the better.

Follow Your Passion

For the longest time I was convinced that a successful business would come only after I had sacrificed enough and put in enough torturous hours to make it work. As soon as I started pursuing only projects that I was really passionate about, however, that success came much faster, and the hours didn’t seem like work at all.

You needn’t suffer in order to be a good business person, and I would argue that real success in business is actually running something that creates value while also increasing the quality of your life.

Zag When the World Zigs

As humans, we have a built-in reflex that makes us want to follow the pack to avoid risk and potential conflict. If everyone is running one direction, we want to run that direction too, under the assumption that everyone else must know what’s going on.

The trouble is, most of those people who are running are probably thinking the same thing, and it may be that no one in the pack really knows where they’re going, or why. Listen to good advice when you hear it, of course, and learn everything you can from others, but don’t trust the general consensus just because a lot of people believe it. Experiment, challenge the norms and be bold in expressing your opposition. Sometimes you’ll be wrong, but when you’re right, everybody benefits from it.

Colin Wright is a serial entrepreneur, world-traveller and the founder of Ebookling. Moving to a new country every 4 months (based on votes from the readers of his blog, Exile Lifestyle), Colin engages in extreme lifestyle experiments in order to gain new perspective and figure out solutions to problems before they become problems.

The Young Entrepreneur Council (Y.E.C.) is an invite-only nonprofit organisation comprised of the country’s most promising young entrepreneurs. The Y.E.C promotes entrepreneurship as a solution to youth unemployment and underemployment and provides its members with access to tools, mentorship, and resources that support each stage of a business’s development and growth.