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Sunday, 02 November 2014 00:00

Failure - Get Used To It

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To be a successful entrepreneur you are going to have to learn to deal with failure. There is no way around it. Thomas Edison tried over ten thousand different experiments before he finally demonstrated the first incandescent light bulb on October 21, 1879. Bill Gates' first company, Traf-O-Data, was a failure. Richard Branson took on Coca Cola and failed. 

Sir Philip Green is a billionaire and owner of one of the world’s largest retailing chain but what many people do not know is that he went through four business failures before making his first million at the age of 33.

Think about that for a second. Four businesses. Sometimes the number is three, sometimes it's 20, but the important point is that most entrepreneurs don't strike gold with their first company. It really is amazing how many people have the ability to fail five times and still start a sixth business? You have to be supremely confident and treat those previous five times as a learning experience for the sixth. And if number six fails, you have to do the same and move on to number seven.

The most important thing is how you deal with failure. Once you accept that it's inevitable, you are able to learn from your mistakes and move on. It's easy to let the failure consume you - not so much because you are pessimistic, but more so because it is hard to see something that you poured your heart and soul into be ignored or rejected. As soon as possible you need to come to the realization that your business is what they are ignoring or rejecting, NOT you. The sooner you do that, the sooner you can objectively analyze why you failed and learn the things necessary for improvement in the future.

Failure isn't easy and is extremely frustrating, but it's a necessary part of success.

Don't believe me? Ask Thomas Edison, Bill Gates or Michael Jordan! Ok, asking Thomas Edison might be a little tough, but you get the idea

Read 1191 times Last modified on Tuesday, 04 November 2014 12:59
Paul Kelly

Co-founder of Your Business Community, Paul has been running his own small businesses since 2001, after leaving his job as Product & Marketing Director of Bush Radio plc.

With great experience in setting up and running several businesses, as well as helping entrepreneurs at all stages of their development, Paul is a great supporter of SME's.

www.yourbusinesscommunity.co.uk
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