The Hidden Power of Failure in Entrepreneurship
The fear of failure is something that holds back a lot of women entrepreneurs. It is widely known that failures are the stepping stones for success and this is especially true for entrepreneurs. The most successful entrepreneurs right from Steve Jobs to Richard Branson have tasted the bitter pill of failure before achieving success. Infact, the Chinese who are seeing huge success in the business world today are motivated to a large extent by the ancient Chinese proverb: Failure is the mother of success.
The risk of failure haunts entrepreneurs right from the time they conceptualise a business idea and at all critical steps of the entrepreneurial journey. If you tread the path of starting your own venture then these questions should form a part of this thrilling ride. It is imperative for every entrepreneur to get down do some introspection at regular intervals. Failing forward or falling forward as some prefer to call it has become a common business lingo. It is a reflection of the importance of failure in the journey of an entrepreneur. If you have a growth mindset you will use failures as pillars of success to learn from them and cultivate new and better skills for a better future. This is especially true since entrepreneurs are their own teachers. It is about unlocking the key to success by quickly identifying reasons for the setback and converting failures into lasting changes in operations and performance management.
An expert has stated, a credible failure makes an entrepreneur more investable.’’ Venture capitalists are known to be more in favour of investing in entrepreneurs who has never experienced and learnt from failures and difficult situations in their entrepreneurial journey. Success in the long run is so much more pleasant and cherished after a failure. Your entrepreneurship journey will be filled with many small steps but always keep the big picture in mind as you pursue your dream.
Ruby Sinha – Founder, sheatwork.com A one stop knowledge hub for women entrepreneurs