‘I have not failed, I have just found out 10,000 ways that won’t work’-Thomas Edison.
In my other blog on Entrepreneurial Traits, I have mentioned about the three characteristics: Risk taking ability, learning ability and perseverance. I believe, for an entrepreneur, the more the failure the more the opportunity of growth.
There may be plenty of reasons why an entrepreneur might fail. For those, who seek wealth more than value creation is prone to quick failure. Their sole aim is profit making for their own self. For them customers are just money-making machines. Such inconsiderate and selfish attitude never works in any business. Insufficient knowledge, lack of focus, vague mission and vision statements are few other reasons for failure. Finally, the ‘fear of failure’ becomes an all-encompassing aspect due to which many entrepreneurs get stuck and stop midway while earning profits.
Perfect blend of the right characteristics
Let’s get back to the traits I had talked about previously. So if you have the perfect blend of the right characteristics, you can see beyond entrepreneurial failures. Your aim should not be to take enormous risk and assume that everything will fall into place. Rather you should take a calculated risk based on your experience and knowledge. Minimizing risk is what one should look for rather than avoiding it completely.
The optimism and the learning attitude also help you to take failures positively. According to Robert Kiyosaki, failures defeat losers but inspire winners. It is the self-belief and self-trust that win over various bottlenecks and obstructions.
One needs to be confident about his own knowledge, thought processes and decisions. This has boomed my positive attitude and optimism since I started my own venture. Your decision should be the most convincing and logical one. Don’t believe in others no matter how successful, smart or accomplished they are. Plans and strategies for your firm need to be taken by you, no one else!
Never stop learning
Never stop learning. The day you start believing that you have learnt everything on earth will be the last day of your business. Various contingencies are likely to happen in an enterprise. But be open to embrace them and learn necessary lessons. You can’t learn anything from being perfect.
The initial failure stories of few world famous entrepreneurs are absolutely inspiring. Walt Disney had been fired from a newspaper agency because he seemed to be lacking in imagination and creativity. Later on what happened is history. He created miracle. Bill Gates’ first company Traf-O-Data crumbled. It was a disaster but at the same time a wonderful lesson. Ariana Huffington, the founder of ubiquitous Huffington Post, was rejected by almost 36 publishers before her work got accepted and acclaimed.
I have always drawn inspiration from such stories. Failure can never be the end of the road; it rather opens a thousand more opportunities. Entrepreneurs need to put up with the bleakness of failure in order to succeed and flourish. Keeping an open mind, accepting failures, patiently handling the hurdles, learning from them, reflecting the mistakes later on, avoiding the same mistake again and keeping on pursuing the ultimate goal are key mantras for budding entrepreneurs.