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There are lots of reasons start-ups fail, but one that I see far too often is the lack of industry experience. Industry experience can be summed up as having substantive knowledge working in the area of the planned start-up.

As an advisor, I have met with hundreds of budding start-ups and one of my primary questions to them once they have explained their idea is, “what industry experience do you have?”

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Successful entrepreneurs share many things in common. Hard work, focus, belief in themselves, hungry for knowledge and so on. One trait that doesn’t get much mention is the ability to accept and overcome failure. As entrepreneurs, failure can be a daily occurrence, but the worse is when a business fails.

To be sure there is a lot of noise made on social media and from the start-up world about “fail fast”.… Read More