5 Tips for budding entrepreneurs to be failure ready
Failure is the key to success, as an entrepreneur, you need to know to handle failure in order to go ahead and become successful in your venture.
Making the decision from being an employee to become an employer is never easy. If you are reading this article, first of all, congratulations on making it to the road of entrepreneurship. There are many consulting platforms, incubator programs, accelerator opportunities available nowadays to help you but one thing they all fail to share with you is how to be failure ready.What if I fail? What if my great idea does not succeed in becoming a money-making machine? What if I am not able to make profits in the first three to five years itself and have to keep pumping in funds to stay afloat in the market?
Well, the answer to all these above questions is strategizing and being failure ready. Most of the entrepreneurs actually fail when they think about failure as they consider it to be negative, where actually it is the most key strategy for the success of any venture. If you are mentally prepared to face failure, no matter what happens tomorrow you will be destined to be a successful sooner or later at least.
Remember all big stories of successful entrepreneurs have a hidden story of failure. As Vineet, a speaker and activist in India stated: " Failure today is my best friend as it made me tough and help me improve my strategies for tomorrow." Do you know the first company Bill Gates established was -Traf-O-Data and it failed despite having a futuristic idea in that time period and he came back strong and became the world's richest person later on. Milton Hershey the world famous Hershey Company owner failed thrice in making a candy making company before finding success. Steve Jobs was thrown out of his own company and later he came back to Apple, not with vengeance but a vigor to succeed. Well, the story continues and you will find many such inspiring failures in the work.
Remember if all startups succeed there will no longer be employees in this world ...hahaha....a global economical disaster...right. No Manpower. Actually on a serious note this is not gonna happen when 2/3 of the world still either comprises of developing or under-developed countries , there is lot of unemployment and poverty, leading further to increased crime and to fight all these the only solution is entrepreneurship which generates more and more employment and resolves many issues in many indirect ways.
Well coming back to the topic here are few tips which we would like every entrepreneur to keep in mind :
1. Never get overboard with your idea: What we mean here is never be too strategic and too overconfident about any business idea you have.
2. Stick to your skills: Never try to begin a business which you don't have any clue about in the name of trying it. Well, it also means you should not be underprepared, even if you have to venture into anything new, know your skill sets.
3.Start small then grow: Plan your fund flow along with marketing and product development investments, do not just go overboard instantly in the name of short fame and then have little or no money to even manage your daily expenses.Remember lighting strikes land rarely but one strike is enough to cause major damages.
4. Pitch it right: People often blame their failures on the market or their team members (I could not hire the right team); the fact is planning your pitch not for the investors but for the employees and the customers too. The reason most of the startups fail is that they made the right pitch in the first stage to investors but failed to pitch it right while hiring and while marketing themselves to the customers.
5. Don't be afraid to start again: Now this is the final and most important note, we want you to read it carefully. Be failure ready as we have been stating in this article time and again. Even if with all your resources in the right place, you failed, no need to get bogged down. Keep the third point in mind and make sure your fund flow is in control. You will sail thru you problems smoothly and over a period of time, you will be ready to start again. One failure doesn't mean your life has ended, it only means you are stronger and on your way to becoming a successful entrepreneur. These failures just teach you lessons on how to succeed.
Winding up the article with a little motivation " Don't be sorry if you fail, be proud of yourself that at least you tried.Go for it again, as failure is just another milestone in your journey to success."
Author Vineet Mohan is a motivational speaker and Activist from India. Media release of this Article is copyright of Fasttalks.For any queries write to us on mediadesk[at]fasttalks.in