Failure's Silver Lining

According to a recent report on Colorado Public Radio, “Colorado is known as a hotbed of entrepreneurship.”  In fact, the report states “there are more new businesses created on the Front Range per capita than in most other parts of the country.”  This story mentions a study from Colorado State University that indicates that Colorado startups have slightly a higher probability for failure than small businesses in other parts of the country.  However, the report shows that if the business does survive in Colorado, the return to owners and workers is better than in the U.S. on the whole. 

 As I was listening to this report, I noticed a parallel between startups and music projects.  The business climate for startups in Colorado may be fostering music projects and bands in the state.  Colorado is a recent hotbed for indie bands to breakout on to the national stage.  The list of bands that have recently received national attention include the Flobots, the Fray, OneRepublic, Air Dubai, 3OH!3, Breathe Carolina, Churchill, DeVotchKa, The Lumineers and Pretty Lights.  Some of the these bands have been nominated and or won various awards including Grammys, Teen Choice Awards and MTV’s Video Music Awards.  This is consistent with the report that if a business survives in Colorado, the rate of return can be immense.  But, for those who fail, there is a silver lining.

According to the study’s principal researcher Dr. Stephan Weiler, entrepreneurs can learn from failure.  But it requires the ability to detach emotions from the failure, consider the experience and log the data points.  Bands can learn from failures, but it important to remember to disengage emotion and note the reasons why they may have fallen flat.  The study identifies a list of reasons for failure which include lack of capital, poor management or inappropriate approach to a market.  If the failed music project can identify the weaknesses in their prior approach, they will be able to adjust and have a greater chance of success the next time around.