Depends how you define 'failed' -- I spent about 20 months (and all my money, and some other people's) on a startup that has ultimately gone nowhere, but has ta

Depends how you define 'failed' -- I spent about 20 months (and all my money, and some other people's) on a startup that has ultimately gone nowhere, but has taken me to some fantastic places and will undoubtedly be part of the reason I succeed. It'll take me another year or so to pay back all that I owe, and to get to financial break-even; and another year or two to save enough to start my next big project, at worst, but that's not stopping me doing stuff on the side, oh no. Lessons: Build a product. I turned out to be awesome at selling an idea, and myself, but got too caught up in that to actually execute on a product. I'm only now turning the work I did over that time into something useful to hopefully recoup some of the money, sweat and tears I poured in. Follow your instinct. (YMMV. I've learnt over the last two years that my instinct is usually spot on, and spending months convincing myself otherwise is entirely fruitless.) No experiences are ever wasted. Coming to YC to interview (we didn't get in) was absolutely worth it and was part of the reason I've ended up in the Valley. Pick a landlord who won't mind if you pay your rent a little late. Pick advisors who understand your business and who understand business itself. Running a web platform startup I had an advisor who had never started his own company and who didn't understand Twitter (a core part of my technology). People will evangelise you if you impress them. Do it.