The road to success is never easy, with myriads of unsuspecting hindrances obstructing our path to success. Failure is part of life, perhaps a more significant part when it comes to entrepreneurs. It is almost a given for entrepreneurs to fall prey to some form of failure. The most successful entrepreneurs in today’s world are the ones who have survived extremely testing situations to eventually emerge successful. For the layman the idea of setting up a business may seem like a piece of cake; however it is only an entrepreneur who can comprehend the complexity and effort that goes into it. Another given of being an entrepreneur is having the ability to be a risk taker, there’s no compromise with that! This means you will have to try new things and at the same time be ready to face its consequences if it doesn’t work according to plan. Sometimes these consequences can be massive failures but this is where the entrepreneur is tested – How he deals with the ordeal. It may sound tempting to have your own business, being your own boss and not requiring anyone’s stamp of approval. However, there is a price to be paid to satisfy this temptation. It is very likely that entrepreneurs will fail at their first attempt; even the greatest entrepreneurs known to us such as Oprah Winfrey, Steve
It may sound tempting to have your own business, being your own boss and not requiring anyone’s stamp of approval. However, there is a price to be paid to satisfy this temptation. It is very likely that entrepreneurs will fail at their first attempt; even the greatest entrepreneurs known to us such as Oprah Winfrey, Steve Jobs and Bill Gates have had to taste failure at their first attempt. There are innumerable factors responsible for failure; “Emotional pricing” is a pivotal one. What it means in the most reductive terms is that new entrepreneurs charge a price higher than the market price which leads to the failure of their product fails in the market. The product failure eventually makes the entrepreneurs give up their business in despair. As a result bank debts increases. Moreover, not having adequate market research and experience can cause the untimely demise of startups too. Also, lack of knowledge regarding finance and planning also causes a business to fail. Even if a business fails what matters is how the entrepreneur bounces back from this failure and turns this setback into a comeback. The first thing any entrepreneur needs to do to deal with their failure is to learn to accept the failure and showing persistence in convalescing. They need to have a mindset of not giving up. At the same
Even if a business fails what matters is how the entrepreneur bounces back from this failure and turns this setback into a comeback. The first thing any entrepreneur needs to do to deal with their failure is to learn to accept the failure and showing persistence in convalescing. They need to have a mindset of not giving up. At the same time entrepreneurs need to know that “Patience is virtue” because their goals are not going to be achieved right at the first kick. It will require time, experience and of course a healthy dose of luck. It takes immense amount of hard work and sometimes years of saving to start your business and suddenly when it fails, it is bound to be a traumatic blow to the entrepreneurs. Not all entrepreneurs have the ability to bounce back thus, someone of them quit the market but others stand firm to their ground. This determination and motivation drives entrepreneurs to move forward despite failures.
Another way to deal with such disasters is to have self-confidence and have faith in oneself. Entrepreneurs need to remind themselves of their capabilities and push themselves to work harder. Blaming themselves for the failure is futile, they need to take responsibility and rise to the occasion. They need to be more productive and pinpoint the mishaps to find preventive measures so that they are not repeated again. We all know that we can best learn from our mistakes, so why not apply this learning when it is the most needed? Mistakes are bound to happen, but learning from them makes the entrepreneurs better and helps improve the strength of their business. Lastly, entrepreneurs need to reflect upon themselves after failure because this is the best opportunity for them to understand where they went wrong and find out where there is room for improvement. In addition, in situation of crisis, entrepreneurs should always recall the times their decisions lead them to glory. This will boost their confidence and will give them the courage to progress further. These attributes in entrepreneurs will bring a catalytic effect in improving their business.
Nothing in life comes easy, you need to work hard and earn it. Similarly with entrepreneurs, they need to keep trying to achieve their goals. Businesses will face many ups and downs but a strong entrepreneur will embrace these challenges with positivity. Like Walt Disney said, “Even on the worst days, put a smile on your face”. The entrepreneurs need to take these failures as a feedback for their future venture and work out the kinks. After all, failure is the key to success!