How Do Entrepreneurs deal with Failure?
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One has rightly said, “The Bridge of Success is built on the Pillars of Failures.” First of all there is nothing like real failure, failure is a stepping stone towards something bright, towards success. It is like, how will you taste success without tasting failures or hurdles.
So how do entrepreneurs deal with the challenges that come on their way while starting up or while handling a business they have ventured into, whenever any person who starts the business or enterprise, the first thing he or she has to understand is that do not give up until 1000days have passed, i.e. about 3 years. In the first of 3 years, all ventures and their respective entrepreneurs undergo various highs and lows in their graphs, they are nothing but the ladder that will take you high up to skies of success.
Thomas Edison was never appreciated for the work and learnings earlier, which might give a person an impression that he has failed his goals or mission. In fact, they say, he has always thanked and acknowledged the people around him, as he strongly believed in, what he was discovering was beneficial for all. He may have failed several times during his experiment, but was always charged up with a ray of hope for something good that will result into. He always thought failures were learnings and every time he was stuck while his experiment he learned something or other that lead him towards developing bulb, developing electricity. This is what one needs to comprehend while handling the Business.
There is a core principle on which one can run his venture; TEFCAS, T stands for Trial, E for the Event, F for Feedback, C stands for Check, A for Adjustments and S stands for Success. First of all when we take up any new business, we have to make trails which will further create events, which will create room for feedback. This feedback further leads them to check, once everything is checked we make adjustments and alter situations which will lead towards the path of success. This is one of the crucial principle in any business and if one follows the model, he/she will, never fear to face the challenges that come on the path towards success.
We have heard many inspiring stories of various heroes or leaders, but have they achieved success overnight? No, they have struggled and gone through several complications and then have achieved their dream goals. For example; Mr. Amitabh Bachan, Narendra Modi, Walt Disney, Gandhi Ji and the list continues. What pushes them further to accomplish their goals is that they look up to the challenges as opportunities and learnt from the passing phase.
Every Business man needs to be vibrating at higher vibrations to understand the mechanics of any enterprise. One common trait or quality that you find in entrepreneur or a business is that they are very positive in their outlook, they are optimistic, they always see situations as opportunities rather than a setback, for them all these difficulties are temporary storm, if one has such type of an approach success is bound to happen.
Finally, if there are complications or obstacles that might happen while handling a business, for example, Monetary issues or difficulties in Business wise relationships or if there is a crisis in the market, always remember hurdles are temporary but what stays permanent is the learnings from it. The crisis will go eventually. These issues will help us grow ahead rather than pulling us back. These are all opportunities, there is nothing called failures they are the stepping stories towards something better, towards future.