Failure is Important for Entrepreneurs - Use failure as an advantage

Failure is Important for Entrepreneurs
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If you are an entrepreneur or you wish to become an entrepreneur then you must be ready to face failures. “Failures are stepping stones towards success.” This phrase totally implies on entrepreneurs. Entrepreneurs always try new things that are totally different from what society thinks. An entrepreneur always tests himself in different circumstances. If he/she passed in all the tests taken by life then it results in massive success.

Success doesn’t require any talent, it just requires determination and patience towards the goal. Even a talented person cannot succeed without determination towards the goal.

The probability of failing in the journey of entrepreneurship is very high. Sometimes you will have to fight your inner self and sometimes you have to fight with the society to preserve your passion. If you are trying anything new then society will take time to accept it. Not everyone can see your vision, only you can see it.
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Read the biographies of each and every successful person and you will find one common thing in their life. That thing is “they failed.” They failed a lot of time but they never give up and the results are visible to everyone.

King Bruce of Scotland tried six times before he defeated the English. He was inspired by a spider in a cave at a time when he felt most defeated and depressed.
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Wilma Rudolph, a paralytic, was told by the doctor that she would never put her feet on the ground and walk. But she went on to win three gold medals in the Olympic for running!

Now, if they can do it, why can’t you?

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Jeff Bezos was a Burger seller and now he is World’s Richest Man. He is an entrepreneur too. Now you have to decide whether to give up or to stick towards your goal and achieve it.


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No one believed in the concept of reusing a spacecraft until it was proven by Elon Musk. Elon Musk created history but, before creating this history he had failed three times in a row.

You will encounter failure in your life but do not stop rather tackle these failures and created history. For entrepreneurs, failures are inevitable whether it is small or big.

The riskiest time period for an entrepreneur to fail is the first 3 years of his entrepreneurship journey. If you stand still in those 3 years than you will definitely succeed.

You must accept failures. Failure is a part of the journey you are starting. Success doesn’t come overnight.

The famous poem by Amos Russel Wells tells all about failure

Failure is a rocky hill 
Climb it! Climb it with a will !

Failure is a broken bone
Set it! Grin, and do not groan !

Failure is a tangled string
Puzzle out the knotted thing !

Failure is a rive swift
Swim it! Swim, and do not drift !

Failure is a black morass
Cross it! There are tufts of grass !

Failure is a treacherous pit
Scramble! Clamber out of it !

Failure is an inky night
Sing! Expect the morning light !

Failure is an ugly coal
Fuse it to a diamond soul !

So do not stop and follow your passion until you reach your goal. Failure is an option.

Now, Some Stats about entrepreneurship and Startups (2020)


    ·       90% of new startups fail.

    ·       75% of venture-backed startups fail.

    ·       Under 50% of business make it to their fifth year.  

    ·       33% of startups make it to the 10-year mark.

    ·      Only 40% of startups actually turn a profit.

    ·       82% of business that fail do so because of cash flow problems.

    ·       The highest failure rate occurs in the information industry (63%).

Most of the business failed due to Economic Uncertainty and decline in customer spending.

Some tips to tackle failure

    1.    If you are failing then fail quickly. Don’t stretch it. The more quickly you fail the more time you will get to start new.

    2.    It’s time to respond aggressively. The quicker you can set new strategy, the faster you can bring about your next success.

    3.    Don’t change your goal until it’s too necessary. Either change the ways to achieve your goal.

    4.    Ignore the words of the world and focus on yourself.

    5.    Be calm and embrace your emotions.

    6.    Failure can be a great teacher. Learn from your failure. Ask yourself what you learned from this failure?

Failure is not the end of the world and success cannot be achieved without any failure.

Have you ever failed? What did you do about it?
Share your experience in comment section.


 

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