Adapting to failures in entrepreneurship

by Ashvini on July 15, 2014 · 6 comments

in Motivation

Failure is a term that evokes sometimes fear and sometimes awe. Few of the spectacular failures eventually led to success.

Michael Faraday could not complete his education in school. The father of electromagnetism had to teach himself.

Walt Disney was rejected many times by studios. Albert Einstein did bad in school as well.

Failure is essential part of life. We fail many times after the moment we set out to do something. As a result of failure we may sometimes give up completely.

As an entrepreneur , we face failures more often than others who are into regular jobs and predictable lifestyles. Failures lead to disappointment which may become an obstacle if we want to start something new.

Failure gives us more vigour to do new things but repeated failures may also bring us down. Repeated failures may often dent our self image and cause us to stop taking action.

Actually failure is a false test of success. Because we are determined by parameters of success that even in the entrepreneurial world are determined by society. Don’t believe me on that ? You think that entrepreneurs break social barriers ?

Yes they do, most of the time. But entrepreneurs are part of a group where successes are measured by how much spectacular they were. They are determined by how much money raised and how a few entrepreneurs are buying yachts and big bungalows. But rarely someone picks up a pioneer in a field or an idea that was ahead of time. The spectrum of entrepreneurial success and failure is large.

However a great takeaway is that there are a large number of people at every level and most of them are raring to go despite occasional failures.

Failure is not a bad thing.

In fact it is the only thing that teaches us to be humble and persuade us to learn more . If there were no failures, there would hardly be a progress towards doing things in a better way. People in job rarely learn outside their area of work. Entrepreneurs cannot afford doing that.

Here is my take on failure

  1. Failure is inevitable
  2. Failure gives us time to rethink our strategy
  3. Its better to fail early rather than late ( late failures may be costly)
  4. Use failures to adopt to new situation
  5. See failure as a system restore point ( in a computer for example). Return to it to start again
  6. Be tough
  7. Use failure to advantage by for example exploring new markets, creating new products
  8. Be motivated and motivate others
  9. Build on experiences from failures
  10. Enjoy failures

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

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{ 6 comments }

Carolyn Nicander Mohr August 5, 2014 at 2:56 am

Hi Ashvini, I am not a fan of the word “failure” because I believe we learn more from our failures than our successes. We don’t fail, we have opportunities to learn to do things better.

For example, if you start off with a successful blog, you don’t know what makes it work well. Change one thing, your audience drops and you know that doesn’t work. Ha! You’re smarter now!

I believe a failure is only failing if you don’t learn from it. Successful entrepreneurs will learn from their failures and become even more successful. That’s why #10 is so very important!

Ashvini August 26, 2014 at 12:27 pm

Hi Carolyn,
Yes, the failure is not the right word but it is widely spoken ;). I too believe in learning from it and now I have started enjoying crashing with failure. That gives me better perspective where should I start again. #10 is rocking with audience :D

Adrienne July 18, 2014 at 9:50 pm

Hey Ashvini,

I LOVE this topic because I’m one of those that didn’t do well in school either. Granted, I was so proud of myself that I never made an “F” but I made plenty of D’s but I was mostly a B/C student.

I just could not comprehend what the textbooks said. It’s like it wasn’t written in plain English. If someone told me what I had just red then I got it so I really wasn’t stupid but growing up I sure felt that way. My parents didn’t help me because I learned later in life that my Mom was the same way. My Dad just wasn’t around to help, he traveled a lot then when he was home he was on the phone for business.

The funny thing is that my natural abilities helped me in my career which I fell into totally by accident as well. I think that my path here with blogging has done the same thing. Whether we all think about it or not but we all have our own unique abilities and we can take what we’ve learned and go with that.

Thank you for sharing this topic today. I just hate how society judges people when a lot of them are the ones that end up with the most success in life! ;-)

~Adrienne

Ashvini Kumar Saxena July 21, 2014 at 2:22 pm

Hi Adrienne,

Thanks for your comment. It is just great that you learned from experience. Though that takes time but it is definitely more rewarding in the future. We ( bloggers ) are very glad to have you on board . There is so much to learn from you :)

Lori Gosselin July 17, 2014 at 6:03 pm

Hi Ashvini,
I love this and especially your take on failure. I try to remind myself every time there is a problem that it will lead to a good thing, but I think this faith comes from experience in failing and succeeding despite the failure, or succeeding at something better. I think of failure as signposts telling you that you are going the wrong way ;-)
I’m afraid I’m still a LOOOOONG way from #10 on your list, but I’m working at it!
:-)
Lori

Ashvini Kumar Saxena July 21, 2014 at 2:20 pm

Hi Lori,

Yeah I believe too that by keeping up the spirits we can keep going much longer. I have had so many failures that now failure sometimes feels like norm. But I also understand that it is the part of the game that I am playing.
I hope you reach #10 soon because you are capable of it ;).
Thanks for your comment.

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