Idea's space

This blog is dedicaded to share ideas about personal and professional development.

What if I fail?

with 4 comments

In my previous article, I was talking about an entrepreneur I met recently who was building her first project as entrepreneur. We talked about the fact that the entrepreneurship is always a risk, and that the chances to succeed and to fail exist. The possibility to fail is probably a important reason making that some people don’t want to take the risk of entrepreneurship.

As Peter Drucker said, to become an entrepreneur, you don’t need an entrepreneur character, but character only. A character able to face risk, looking for change, and seeing change as an opportunity. But the ability to face risk is not enough, you have to manage it too. When you start a project presenting risks, have always an alternative plan, and measure the level of risk you will not go over. These two conditions will make that you will take more easily risks and be able to take appropriate actions if you don’t succeed.

The character is not only a condition making that people are scared to become entrepreneur. Failure is ofter considered as negative by people around you, and failing people have a guilty feeling. Failure has to be seen as a fact and something you can learn from. Such experience is not useless for many reasons:

  • By launching your own activity, you will have to do a lot of things and to manage things you were not used to manage. You will develop skills and maybe discover hidden talents. This talents and skills are open doors to new opportunities,
  • In an entrepreneurship project, you meet people to take advices, to contract specific expertise. You will meet new environments, you build a network, with people who bring you advice, and maybe new ideas. These new ideas or advice you acquired are feeding your knowledge and experience. You will can use them for other projects, or in other contexts.
  • By analyzing the reason of your failure, you will identify your mistakes, and to develop alternative solutions or scenarios. Such analyze make that you will be ready to restart other projects on a more appropriate way, without repeating the same mistakes,
  • Your experience of failure can make that you could be a valuable partner for future projects, build with other partners. Expertise is most of the time acquired by experience,and failure is a part of experience and contributes to bring added value,

By having this in mind, failure doesn’t mean that you are back to the start point. You are just on an new start point, with more skills, more experience, making that failure is probably not an absolute necessity, but an experience you can use as a raw material to build new and stronger projects. By do not deciding to take the risk to launch your own project, you will not fail but you will not succeed too. Remember this quote I don’t remember the author: “There is no such thing as a failed entrepreneur. You are a failed entrepreneur only when you quit. Until then, you’re simply not successful yet.”

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Written by Eric Saint-Guillain

January 11, 2012 at 21:35

4 Responses

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  1. Thanks for sharing, if you want further information about entrepreneurship (in French): http://bit.ly/ymfqqm

    abdelkrim

    January 12, 2012 at 00:09

    • Thanks for the link, Abdelfrim 😉

      See you soon,

      Eric

      Eric Saint-Guillain

      January 12, 2012 at 18:48

  2. Starting my enterprise was a logical extension of the work I had been doing as an individual contractor, so the transition seemed easy enough.

    What I had to learn very quickly was the business planning, marketing and competitive analysis aspects of operating an enterprise, as opposed to negotiating single person efforts. Industry teaming, having others work for me and dealing as a company instead of a person were all challenges.

    I had an extended period of failure as you have defined it in your question until I learned the processes discussed above and how to manage them effectively.

    rosecoveredglasses

    January 12, 2012 at 02:09

    • Thank you very much for your comments, Ken 😉

      Eric Saint-Guillain

      January 12, 2012 at 18:55


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