Failure is almost synonymous with businesses. A report by
the US Bureau of Labor Statistics says about one in five businesses in the US
fail within a year. In fact, there are many entrepreneurs who think failure as
the normal way forward to succeed. They celebrate failure because they think
learning from mistakes firsthand is their greatest source of knowledge. Here
are some important lessons one can learn from failing in a business…
Failure Helps Build
Resilience
Failure teaches entrepreneurs the power to recover quickly,
which builds resilience. Every failure teaches entrepreneurs to learn tenacity
and perseverance, the major characteristics of resilience that are vital to
steer them through wrong moves and fight the urge to give up.
Research reveals how building resilience helps businesses
succeed. Another study found that resilient entrepreneurs view business
setbacks as puzzles they were capable of solving and dealing with fully. The
researchers also saw that entrepreneurs who were ready to face these challenges
were more motivated and proactive in identifying ways to improve business
processes and adjust the results on the go. The reports even found that
resilience was an important skill that helped business owners respond to
unforeseen challenges and businesses owned by such entrepreneurs were more
likely to survive.
Failure Helps Instil
Fearlessness
Every one of us reacts to failure in a different way.
Entrepreneurship is risky, as well as full of challenges and this adds to the
fear of failure, along with rejection. These fears can prevent aspiring
entrepreneurs from taking risks and following their dreams. A survey found
about three in five Americans had ideas for starting a business. It showed
that 92% did not convert their ideas into business. For 33% of the survey
respondents, the fear of failure kept them from following their dream into
business. But we should remember that failure teaches us some of the most
significant lessons in life.
Over the past decade, we have seen many instances where
venture capitalists invested in businesses that failed. Successful
entrepreneurs do not allow fear to stop them. Instead, they see failure as an
opportunity to learn and use that information to move forward. Moreover, it
also helps them explore the changes they have to implement to succeed. Through
failure, one discovers the shortcomings in one’s business and team. It teaches
an aspiring entrepreneur where his/her weaknesses lie and what needs to be
improved. The knowledge and practical experience that come from failure instil
a fearlessness and confidence in entrepreneurs that drives them to keep trying.
Failure Helps One
Adapt to Change
Failure also teaches adaptability. When an idea or approach
fails, entrepreneurs have to adjust to new situations and be open to
experiments and new ideas. Being open to change and keep agile are part of
adaptability that allows entrepreneurs to overcome barriers, learn and
innovate. When industry, market and customer preferences change, this
adaptability helps entrepreneurs navigate these new situations and work an idea
into problem-solving or come up with new ones.
One example of huge success is Netflix. Founded in 1997, it
focused on allowing consumers to buy and rent DVDs. Two years down the line, it
included a subscription model that helped people rent as many DVDs as they
wanted to by paying the rent on mail. Then, taking advantage of new-age
technology and streaming content over the Internet, the company re-optimized
its business model in 2007.
About the Author
Mr. Harish Jagtani, a philanthropist, visionary, businessman of Indian origin, currently based in Democratic Republic of Congo for more than 20 years now, is one of the most reputed business owners in the Indian diaspora as well as the entire expat business community in DRC. The business house caters to multiple domains, including but not limited to Domestic as well as International Air Cargo, real Estate and infrastructure development, healthcare, hospitality as well as CSR.
Coming from humble beginnings from Jaipur, Rajasthan, Mr. Harish Jagtani has come a long way in building this conglomerate with a strong and clear vision, sheer dedication and grit. Starting with a small job in sales, Mr. Harish Jagtani today is a proud and righteous owner of a fleet of airplanes and multiple businesses that cater to the basic and advanced needs of the people of Dem. Rep. of Congo in different sectors