Part 1: Startup failure and taking risks

Hi Nick, tell us about your startup background and how you came to launch your site?
I have bounced back from three startup failures in the financial services, beverage and Internet industries.

I was reading an article that chronicled the ups and downs of my fellow entrepreneurs. The article mentioned the daunting statistics of startup failures. I am no stranger to startup failure, but I have always enjoyed the startup journey in both the good times and the bad.

In addition, my health, well-being and relationships have grown stronger as my entrepreneurial journey continues.

In a flash, I was hit with the idea, Startupfailures - "The Place for Bouncing Back." At first I laughed, but I knew in my heart there was a pressing need to address the toll that startups can take on entrepreneurs.

What is the stigma associated with startup failure and how does one rebound from it?
Most entrepreneurs are used to accomplishments. They are not used to failing, so for many of them it is their first time of truly tasting failure. It doesn't taste good the first time and it never gets any better, just easier to go down.

I am not sure why there is such a stigma associated with startup failure, but I hope our site helps to lessen some of the stigma. I think the best way to rebound is to surround yourself with people who believe in you because at the time of failure it is tough to believe in yourself.

What about failure, should it make an entrepreneur stop trying?
The only true failure is the person who doesn't try. If you had the nerve, the guts, to take a chance and try and make your dreams come true you are not a failure by any stretch. Also, the result of anything you do in life, business or not, is not who you are as a person. If your startup fails it does not mean that you are a failure. It simply means that your startup failed.

You've used the term "sustainable entrepreneur", can you tell us what it means?
Sustainable entrepreneur to me means creating an environment for yourself, financially, emotionally, physically, that will support you during the normal ups and downs of being an entrepreneur. Most VCs expect 7 out of 10 of their investments to go bankrupt.

Unfortunately, none of the entrepreneurs expect their startups to fail. By creating a support network for yourself it can help make the journey enjoyable, no matter what the results.

What advice do you have for other entrepreneurs just starting out?
Don't go it alone. Surround yourself with a great team of support who believe in you and are willing to be honest with you when needed.

What are the three business concepts often overlooked by startup entrepreneurs?
1. How long it takes to build momentum in a new company. We overestimate what we can achieve in a year and underestimate what we can achieve in a decade.

2. Charge twice as much as you think you should (unless strictly dictated by the markets). New business owners grossly underestimate how expensive it is to run a business.

3. Focus on generating revenue. Worry about how pretty everything looks and how smooth the systems are later.

By the way, these are all things that I overlooked, and have made a huge difference for me moving forward.

Why should entrepreneurs charge more than what they think they're worth?
They should charge more than they think they're worth because chances are they will think they are worth less than their customers think they're worth. Also, most first time entrepreneurs have no idea how expensive it is to run a business. I learned this lesson the hard way and now I charge three times as much for speaking engagements as I used to, but the people who really want me are willing to pay.

Risk seems inherent in entrepreneurship, how can you use risk to your benefit?
Very few people are willing to take risks. Know ahead of time that when you take a risk in life, it will seem scary for the first few seconds but it is during that risky experience that most of us truly feel alive.

Continued...