Sharing failure/mistakes for learning

April 15, 2023

by a searcher from INSEAD in Singapore

Anyone have any useful experiences on mistakes/regrets to share from their search journey?

Taking a page from failcon - failures are best way to learn.

(Meanwhile hope all comments generated from this are kept as supportive/considerate as possible for anyone who is generous enough to share their experiences)

Many thanks in advance!

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Reply by a professional
from Villanova University in West Chester, PA, USA

As an entrepreneur, I have so many "fails". I probably fail 98.9% of the time. Not every day is easy, and I don't always feel motivated. I don't really consider them failures, but more the micro-adjustments like a pilot makes to adjust their course. Entrepreneurship endeavors are all about trying, adjusting, trying, adjusting. I opened a coworking and event space two months before covid hit, and all our forward momentum was demolished in a four month shut down. I really believe in giving yourself enough runway to fail over and over and over again. Build systems around yourself, build the worst downside imaginable into your financials, and still give yourself more room to fail. It's not a question of whether there will be storms; it's a matter of how well prepared you are to weather them.

Reply by a searcher
in Portland, OR, USA

In my search journey, one notable mistake I made was underestimating the importance of thorough due diligence, particularly in understanding the target company's culture and team dynamics. I focused heavily on financials and market potential but didn't delve deep enough into the human aspect. This oversight led to unforeseen challenges in aligning the team's vision and integrating them into the new business structure.

From this experience, I've learned that the success of an acquisition goes beyond just numbers and market potential. It is crucial to invest time in understanding the people behind the business, their motivations, and their fit within your organization. A strong and well-aligned team is often the key to unlocking the full potential of an acquired company.

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