I failed a business after nearly three years. I thought that it was a great idea and invested $50,000 of my father's money. I got lucky in many ways because I started it in college and didn't have rent or family matters on the line. That said, closing it down really sucked. I feel like there are still some loose threads between myself and teammates — we never closed the loop on some things, so make sure you do that. Otherwise, it will bother you for a long time.

To bounce back, I focused on the opportunities that this experience has instead brought me. I realized that I got deeply involved with the entrepreneurship community on campus. I channeled all my energy to help others start companies and avoid the mistakes that I have done. This, in turn, led to more work opportunities at accelerators and organizations that support startups.

After working for about a year I gained new perspectives and experiences which pointed me to a new idea that I am currently pursuing. The "circle of startup" if you will :)

One of the best frameworks that starting my first company helped me develop is finding "problem/solution fit". Of course, that depends on your past business and experience. Personally, I became more sensitive to noticing problems and realizing that I could solve them with technology.