Failure is not something that everyone relishes but, as entrepreneurs, we must accept that failure will likely happen during the course of our business. It could be a hiccup in the growth of your business or it might be something more serious that causes you to stop and re-evaluate if continuing is feasible; either way, at some point you may find yourself experiencing what it’s like to ‘fail’. However, this doesn’t mean that the initial vision for your business should disappear because there are ways to bounce back from failure.
What is Failure? Why does it Happen?
It’s normal… It’s impossible not to fail… Because I am an entrepreneur… It’s a stepping stone to success
Failure is bound to happen at some point during the start-up process of your business or during its growth. However, if you’ve read any of my previous posts, you’ll know that I believe failure is an essential part of being an entrepreneur. It may make no sense whatsoever to most people but it’s what we signed up for when we decided to take that leap into self-employment. Also, if you fail in your business and no one knows about it then it wasn’t really a failure, was it?
The fact is that all entrepreneurs are going to experience setbacks along the way. In her article How Do You Learn From Failure, author Sonia Simone says, ‘We can be successful without failing, but it’s the risk of failure that makes success taste so sweet.’ So, when you fail in your business remember to learn from it. After all, we’re entrepreneurs, and what would be more fun than learning while running our own businesses?!
A good entrepreneur is a person who has failed many times before succeeding. They are the ones who have tried again after failing before.’ – Robert Kiyosaki Source: BusinessInsider
In the blog post Why do Startups Fail? by Venture Hacks, author David Cohen shares some stats taken from an Inc 500 survey which show that 66 percent of startups actually make it past three years (this figure increases if you only include those companies with at least $30 million in revenue).