Do you want to be an entrepreneur? Do you believe you can build something which will truly add value to society? Do you have a revolutionary business concept in mind? Well this is what Sachin Mittal says – you will fail.
You will fail and fail till you can no longer fail; and unravel the success you are looking for. There’s a fine line between ‘making mistakes’ and ‘failing’ altogether. Some mistakes may not be fatal, yet some mistakes may contribute to your fate and go down as one of the biggest mistakes of your work life!
Do you want to be an entrepreneur? If your answer is still yes then you are up for the journey of a hundred attempts and ninety nine failures.
Ideas, Nuts & Bolts, Execution
The respect society gives entrepreneurs is not unwarranted. But society is fixated on the novelty of the ‘idea’ of the enterprise. They are less receptive of the challenge of giving flight to the idea. For someone wanting to be an entrepreneur, it is important to be practical- You will have to keep trying; maybe twice, maybe twenty times. You have to apply some permutation and combination through every attempt to understand what works best!
Unique Plan for Your Unique Idea
Consider this: if you are the first person to provide a product or service in the industry or in your country, there is no tried-and-tested path for you to follow! You cannot blindly follow guidelines of successful businesses of different industries- they simply do not apply to your business! You must create a customized business plan. Get professional help at this stage if required.
Gear Yourself Up For Multiple Attempts
“Once bitten, twice shy” is a mindset that embeds in the minds of entrepreneurs trying the second time. They get held back believing that this new venture will fail harder and faster than the first. Getting beyond this is a deciding factor for who is meant to be an entrepreneur. By being mentally prepared, the process of trying again and again will cause you lesser agony.
Evaluate What Went Wrong
Before you start all over again you must understand clearly what worked in your previous venture and what didn’t. Highlighting these can serve as groundwork for the venture you plan next. Answer questions such as how was your idea received? Was your audience passionate about your idea? How much you were able to reach out to your potential customers? What caused it to fail? What legal mistakes did I make? Were commercial mistakes the reason you shut down? Why did you run out of funds? Chart these down and help them serve as a ‘What-not-to-do-again’ guide!
Try, and Try Some More
Over and above all, those who ‘fail’ at businesses are likely to start all over again due to their deep conviction for their idea. “The failures and disappointment we sometimes encounter should never stop us from trying again. The lessons are valuable for what lies ahead.” And this seems to be the essence!
Failures Teach You What To Preach
Sachin Mittal says: “When I attend a conference or event, I have a childlike enthusiasm to listen to what the final speaker of the event has to say. Yes, the ‘Keynote speaker’ –a designation that is quite prestigious. We always find a variety of esteemed, established personnel (sometimes even young guns) who deliver this final speech. Next time you attend a conference watch out for what kind of content they deliver. You will notice that 9 out of 10 times it will be from their personal experiences and major failures in the course of their work! Their journey from zero to 6 zeroes is what the audience values above all.”
As listeners, we carefully take back snippets of learning from the speeches to avoid making similar mistakes applied in our situation. So, you see, tales of your initial failures can become another man’s gold!
Remember, “Leaders believe that falling is not failing, but refusal to rise up after falling is the real form of failure!”.