The Role Of Failure In Entrepreneurial Success: Lessons From Top Founders

Failure. It is a word that means the loss for most, but for entrepreneurs, it is the most important Instructor out there. In more than 16 years in the world of Web2.0 and Web3.0, one learns that failure is the key to success. Interestingly, the life of every successful businessman is full of failures. Keep on reading to know how some of the most successful founders in this world dealt with their failures and on how you can deal with it as well.

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WHY FAILURE IS IMPORTANT TO THE PROCESS

Failure as a word in the business world and in entrepreneurship especially is not a companion of success but a process. Whether you are trying to start a tech company, create an e-commerce store, are a YouTuber, or influencer, you are going to have some failures. These moments challenge you as a learner at the same time puts some efforts on creativity and flexibility. The real issue isn’t about “failure”, the real issue is “How will you deal with it?

Failure can be a good thing for the entrepreneurs as it gives them the much needed focus and the best view of what they need to do. I understand this as in my practice in managing digital business formations and IT product developments, ‘failure’, in my opinion, will always bring to light some blind spots in our strategies.

Building on the experience of such top founders who failed first, the present article reveals how they learned their finest lesson.

1. JEFF BEZOS: AMAZON’S EARLY MISSTEPS

Everyone remembers when Jeff Bezos founded Amazon and his first goal was to create an “everything stores” but was not easy at the beginning. Amazon commenced with diversification in the late 1990s with the related products sales through online auctions and toys, but, only experienced horror stories in terms of logistic challenges, and consequent monetary wastes. Far from giving up on his vision, Bezos approached these failures as lessons, and began using them to hone in on Internet-scale infrastructure and the customer obsession. Today, dominated by Jeffrey Bezos and his company, Amazon is a real example of an unyielding business that patiently evolves.

2. ELON MUSK: A TURNAROUND JOURNEY FROM NEAR SHUT DOWN TO DOMINATING THE INDUSTRY

There is no doubt Tesla and SpaceX’s founder Elon Musk has faced a myriad of failures that would stop most. Tesla had issues with the production of their vehicles, more than one financial crisis, and every type of critic known to man, while SpaceX suffered through multiple rocket launches which threatened to put them out of business. However, Musk saw it as the ability to learn from these mistakes and build on them.

3. SARA BLAKELY: THE EARLY STRUGGLES OF SPANX

Prior to building the world’s most successful shapewear company and creating the world’s youngest self-made billionaire, Sara Blakely was rejected by nearly 700 manufacturers and retailers when she offered her Spanx concept. Instead of giving up she change the color, listen to the feedback and only when she was able to find someone who would give her a chance she took it. Her story highlights an important lesson: failure is not a stop sign – it is a sign post pointing you to the right direction.

HOW TO CULTIVATE FAILURE AND LEARN TO BE PROACTIVE?

1. TAKE CALCULATED RISKS

Risk taking is perhaps the greatest characteristic of an entrepreneur yet not all risks are equally good for an entrepreneur to undertake. The point is that one must always gamble but do so carefully: it is necessary to try something new on a limited basis in the first instance. It doesn’t only let you try new things, learn from your mistakes and switch gears before all over loss, but it saves your main business.

2. LEARN TO PIVOT QUICKLY

They said one of the most vital skills of the successful entrepreneurs is the ability to adapt. In the case of failure do not sit down and ponder on what went wrong. But more importantly what can you do? This could mean changing the mere product, the customer or using other methods of making an income.

HACKING FAILURE – WHEN FAILURE HACKS YOUR SUCCESS

Life is never a failure, it’s a preparation for the next break through. Our favorite top founders don’t succeed in spite of failure; they succeed because of it. A major impetus highlighting that every wrong step leads them to their goals was the fact that it helped them in learning how to ration their approaches, invent new tactics, and persist.

As you navigate your own entrepreneurial journey, remember this: failure is actually imminent although it is also your strongest weapon of defense. Take it, accept it, gain knowledge from it and turn it into motivation to push for something even better. For it is only when we fail that we get an opportunity to experience the great art of getting up and that is what counts.

I have been closely following the technological advancement for quite a while now. With a deep understanding of the latest technological trends, I am available to answer any questions you have. On the other hand, you can also read my book "Digital Marketing: The Three Buckets" and "Milking - The Metaverse Cashcow" on my website. Having kept a keen eye on the evolving marketing landscape, I am here to help with any queries you might have. Drop me a line at [email protected] or explore more insights on my website at harrissiddiqui.com.