Failure is Important for Entrepreneurs - Use failure as an advantage
Failure is Important for Entrepreneurs

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