In life, we’re sometimes afraid of failing and making mistakes because we feel like those mistakes will ruin us. The thought of that big fat red “F” marker on the paper scares a lot of people. So we study harder and try to avoid failure as much as possible. But in entrepreneurship, when you're an entrepreneur failing is good. The more you fail the better you become. Everyone knows that there is no overnight success and we have to fail many times before we finally succeed. And as it is said failure is simply the opportunity to begin again, but this time more intelligently. All we need is a little enthusiasm because for being successful you need to keep going from one failure to another and enthusiasm is what helps us in not giving up.
Taking an example of a famous entrepreneur Reid Hoffman, a co-founder of Linkedln, before investing in big names like PayPal and Airbnb, he created SocialNet, an online dating and social networking site that ultimately failed. When you realize that even some of the most successful people out there didn’t do it overnight, and often faced tons of rejection, you learn to appreciate the hard work, patience, and persistence needed to make it as an entrepreneur. Making an intention clear is a delicate art. For example instead of saying " I shouldn't fail" you should say "I should get going". The mind will latch onto the most powerful words - "fail" or "going" in this instance. And manifest that for you. When you get the mind work for you, you become almost unstoppable. If you let failures stop you, you’re going to let yourself down.
Business failure is a type of exposure for a person and also a reality check of how things need to be maintained in order to gain success for the next time. If as an upcoming entrepreneur you don't prepare yourself for the losses ahead you won't be able to make it at the end. If we talk about the small businesses then its too mainstay in today's world. Small businesses can be made successful if planned properly because they are the most crucial for the owners as well as for the country. Many individuals own up a business venture just to have a sense of ownership and think it can give them huge profits and personal success. Although we have seen a lot of small businesses demolish and fail in their first few years. They don't realize the amount of patience, research and planning are needed to make it work.
Lack of planning, bad management and undercapitalization can be considered as the three main factors of such failures. The company should have only required and skilled people for increasing efficiency and overall profits. Target a group of customers for their interest before opening up any venture, customers go for the lower prices so maintain the overall statistics time to time to keep it going. Humans are continuously increasing their needs and engaging in activities to fulfil those needs, which is related to the continuous production of services but every time at a higher rate. In the 21st century, even the big businesses are failing like Microsoft and Walmart, small businesses, huge corporate companies are failing. Business is a risk, not all risks are failures also not all businesses will succeed. Failure leads us to a better understanding and provokes us to do better next day, helps to overcome the obstacles for a brighter future. Everyone has hurdles and difficulties and wants to overcome them but only a few manage their way out of those difficulties. The only thing that is important is the lessons learned from these events. Early success can get into the head and make you arrogant and overconfident about your talent but failures make you humble, patient and mentally strong to face the challenges and become successful. Hence, one could be convinced that the more you fail the better chances you have to learn from your mistakes and become successful.