Is failure necessary for success?
UNDERSTAND RISK AND REWARD If you want to succeed in a shorter space of time, you must avoid obvious mistakes.
that knowledge and understanding are two different things. For example, just because you know we must pay VAT doesn’t necessarily mean you understand why we should.
Therefore, just as a child touches fire to understand what it is, entrepreneurs, too, make obvious mistakes in order to understand. Countless entrepreneurs buy a lavish car or house upon making their first million instead of reinvesting back into the business – and this after hearing countless stories of why that’s a bad idea. But after near bankruptcy I doubt many will make the same mistake twice. Why? Because they got burnt.
If you want to succeed in a shorter space of time, you must avoid obvious mistakes. There are some pitfalls that can be avoided if one stops to think it through. Granted, not everything is in your hands and even the most well thought out plans can fail. But an entrepreneur must have a system where he or she holistically analyses the issue at hand and makes a prudent decision, understanding the risk and reward associated with that decision.
The notion that start-ups are prone to mistakes is incorrect, because even big businesses make mistakes. In fact, that theory in a way gives entrepreneurs an allowance to make mistakes. We are told to embrace mistakes, to accept them and use them to our advantage. Doesn’t that give people an excuse to fail? If failure in order to learn wasn’t advocated would people try harder? Who knows; the point is entrepreneurs must be more diligent in their decision-making process.