What to do when your first entrepreneurial venture fails or goes sideways?

I recently had coffee with an entrepreneur whose first company did not succeed. He was a bit down in the dumps...understandably.  My advice to him was as follows:

  • Pick yourself up, dust yourself off, and move on.  And do it relatively quickly. 
  • Decide what you're going to do. 
  • If you need a job, determine that fact and start looking.  If you want to try another startup, you're probalby more likely to succeed. Step up and start taking the steps to building a company. 
  • Navel gazing does not move you forward. 
  • Depression does not move you forwad. 
  • Be sure to exercise regularly .
  • Get a consulting gig : it buys you time, pays you and gives you current market knowledge (of some market).