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In most parts of the world, starting a company that goes bust is dubbed a 'failure.' In Silicon Valley, we call this 'gaining experience.' We are willing to take the risks that are inherent for innovation.

Start-ups make so many mistakes that the challenge to identify the root cause of a failure is tough. But believing in your own plan is probably the worst.

I think many start-ups make mistakes because they are focusing on things that are farther ahead, and they haven't done the work that has built the foundation to support it.

When most people hit failure, they give up, but good entrepreneurs simply treat failure as a learning experience and use it to fuel and inform their next move.

Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.

Most phenomenal startup teams create businesses that ultimately fail. Why? They built something that nobody wanted.

It's harder than ever to build an enduring company. As soon as a product strikes a nerve with customers, competitors emerge globally because the costs to start are so low.

Because most startups are lean and scrappy organizations consisting of a limited number of people and supported by an even smaller number of resources, startups cannot afford to have any slackers on board. When you fail, you cause an 'epic failure,' and when you win, everyone in the company knows about it.

When you start something new, you can be sure that the first few years will be full of failures and disappointments.

Entrepreneurs always begin the journey believing that they have the next big idea. They dream of the fame and fortune that awaits them if only they had the funding to pursue it. But the reality is that as the product is built and shared with customers, flaws in their concept are discovered that - if not overcome - will kill the business.