If you’ve just launched your startup a few months ago, bad news is that there is a 75% probability that it shuts down before the third year. Sure, F*** the statistics, but, you know, better to be aware of them. Anyway, the best way to stay in the race is to actually learn from mistakes. So what could be better than listen to people who have failed, and who don’t care. That’s the “Fuckup Night” Concept.
“FuckUp Night”, is it what I’m thinking about?
Well, you hit the bull’s eyes! Let’s be clear, entrepreneurs often “Fuck Up” and have to shut up shop. Nevertheless, as a collective fantasm, we stay focused on the success stories, making us think it’s quite easy to launch a startup. But in 2012, 5 friends from Mexico said stop to this.
They were actually annoyed (jealous?) by people talking about success, success and success. So they decided to make what we can call “an alternative party” where they talked about their business failures. They loved the talk so much that they decided to invite friends to come to share their business failure stories. Finally, the concept was so appreciated that they had the great idea to export the concept around the world.
Today, the FuckUp night sessions are produced in more than 100 cities all over the world, with 10.000 worldwide attendees each month. To explain it in concrete terms, each event hosts 3-4 entrepreneurs that share their failure. Each speaker is first given 7 minutes and has to answer questions after.
Why did entrepreneurs fail?
Failure is not negative as we learn a lot from it. So, let’s analyze the most common causes of failure, according to a study realized with 409 entrepreneurs.
- Insufficient income to survive (65%): Not enough money to cope with operational cost.
- Lack of metrics (48%): To not have clear objectives.
- Lack of process analysis (44%): To not have a well defined business model
- Poor planning (44%): Lack of planification, business vision.
- Challenges in the execution: Sticking too much to hypothesis without trying.
Of course, there are other failures due to the “human” part, like doubts or fear, that leads to the abandonment. So please, once again, don’t start a business alone.
Why we should have fun of failure?
30% of US companies fail in the first 3 years, 80% of Spanish companies go bankrupt in the first 5 years. As an entrepreneur, you might have heard a lot those kind of stats.
Yes, we already know those stats, but we are not afraid. Better, if we fail, we would have fun!
Why that? First, we only live once, no time to be sad, got it? Second, you have learned a lot and it’s more than bankable on your CV, or for your second entrepreneurial adventure. Third, you can advisedly teach your experience and help new or future entrepreneurs, ready to listen to you carefully. So don’t forget, failing is not a big deal.
Next FuckUp Night
During this week, many Fuck Up Nights are organized around the world (Spain, United States, Mexico, Israel, Sweden, Hong-Kong…). If you want to check if your city is hosting a Fuck Up Night, take a look at this planning.
If you are from Barcelona (where we are based), here is the direct link of the event: Fuck Up Night Barcelona.
Happy Fuck Up Night to all 🙂
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