Different elements come into play in a successful venture, including the
ability to learn from failure and put in place corrective measures.
FILE
By CAROL MUNYWOKI
The year 2013 was a challenging year for me, but Alas! I am still alive and I do need to move on.
For the budding, struggling, entrepreneurs,
investors and business persons that continue to shape the future of this
beautiful country – success often comes from mistakes and the ability
to learn though constructive criticism or broken relationships.
Getting up after a major shake or fall that might
or might not be self-induced, is not easy but moving on and rectifying
your past ways is the true and only way to success and personal healing.
All businesspeople must understand that one has to fail a number of times to effectively make it in business.
Business women take falling slightly differently
compared to businessmen. They tend to take their failure much more
personally, internalise it, take a little more time to recover and
sometimes even give up on their pursuit to financial happiness and
independence.
A study done by the Global Entrepreneurship fund
and Babson College revealed that women had lower perception
capabilities, self-esteem and confidence than men when endeavouring to
establish and run a business.
Women also tend to over analyse issues and end up
thinking too much about the possibility of failure that it takes longer
for them to actually start a business. And when they fall – getting back
up is harder.
Once you realise that you cannot pursue something
that is going to effectively work well and fall in place overnight,
then, half the battle of succeeding has been won.
Failures are never the end. In fact, failure can
be a way of getting back to the drawing board and thinking up new
creative ways of starting a new. Failures must be expected when starting
a new venture, but expecting and accepting failure are two disparate
things.
Many do not accept failure that easily and some do
not even understand what they are going through. A good support system,
individual focus and motivation must prevail as well as the notion that
you cannot just give up after your first failure.
Overcoming and conquering fear should be the first
step. Knowing what one’s fears are, understanding them, dealing with
them and moving on with a clearer picture, is key.
A lot of time can be wasted thinking about why you
failed and why it did not work, but its working and doing the business
that ends the failing procrastination. Get up, dust yourself off and try
again — but with a much better understanding.
There are many reasons that startups or businesses
fail and some entrepreneurs could be in denial when dealing with their
own ideas and concepts. Before you get up again, try to focus and write a
list of what went wrong so that you may not plunge into the same hole
again.
Pick the right team, get professional advice, try
separate yourself from the rest — in order to achieve your own niche, do
not get stuck on your original idea (chances are, if you failed the
idea was not well executed), do not spend too much money — most people
think that having a lot of money is fundamental in doing business. That,
is but a fallacy — you can make much out of very little.
Feeling jaded should be the last option for an
entrepreneur or business person. Self confidence too, plays an important
role in making it after a fall.
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