Here are three great posts on how the risk taking culture in Silicon Valley respects failures and infact understands that it is only a stepping stone to succcess. A must read for every aspiring entrepreneur.
Simply put, we live in a country that encourages dreamers to take risks, and the laws protect those “entrepreneurs” from the potentially excessive consequences of failure. Bankruptcy laws enable risk-takers to protect themselves and start over. There is no other nation on this planet that by its very by-laws fosters such an economic environment. This spirit, the acceptance of failure, while counter-intuitive, is crucial to this country’s enormous success within the world economy.
Consequently, it’s not a coincidence that in the world of technology, having some failures under your belt is actually a badge of honor. It means you’ve been around the block — you’ve made mistakes, ones to learn from — experiences that will make you stronger the next time around.
The great thing about Silicon Valley has been the entrepreneurial culture, and the acceptance that working for a failed startup is not necessarily a judgement on your character or your ability.
Fail or Succeed, what all these entrepreneurs have in common is the guts to try. I know that is a cliche thing to say, but I think every entrepreneur out there realizes how hard it is to start something new, whether starting a web company or a new restaurant or any other business.
Unfortunately, here in India a failure is looked down upon. Maybe that’s the reason why so many businesses are family run. Parents don’t want their kids to go out and try to build something on their own. We need to encourage risk taking, that is our only option to make this country a great place for startups.