Fast Failure over Slow Failure

In youth, one can afford to take risks and recover from failures quickly as there is less responsibility and more flexibility to bounce back. As one gets older, responsibilities increase, and it becomes crucial to be cautious and not go all in on ventures. The worst scenario is a slow business failure over many years, as it consumes time and resources. Fast failure is preferred as it allows for a quick restart and learning from mistakes without long-term consequences. When embarking on new ventures, it is advisable to ring-fence investments and not risk a significant portion of capital, especially in later stages of life where recovery from failure is more daunting.

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