3 Key Lessons Every Entrepreneur Can Learn From Failure In Business – Mr. Harish Jagtani
Failure is almost synonymous with businesses. A report by the US Bureau
of Labor Statistics says about one in five businesses in the US fail within a
year. In fact, there are many entrepreneurs who think failure as the normal way
forward to succeed. They celebrate failure because they think learning from
mistakes firsthand is their greatest source of knowledge. Here are some
important lessons one can learn from failing in a business…
Failure Helps Build Resilience
Failure teaches entrepreneurs the power to recover quickly, which builds
resilience. Every failure teaches entrepreneurs to learn tenacity and
perseverance, the major characteristics of resilience that are vital to steer
them through wrong moves and fight the urge to give up.
Research reveals how building resilience helps businesses succeed.
Another study found that resilient entrepreneurs view business setbacks as
puzzles they were capable of solving and dealing with fully. The researchers
also saw that entrepreneurs who were ready to face these challenges were more
motivated and proactive in identifying ways to improve business processes and
adjust the results on the go. The reports even found that resilience was an
important skill that helped business owners respond to unforeseen challenges
and businesses owned by such entrepreneurs were more likely to survive.
Failure Helps Instil Fearlessness
Every one of us reacts to failure in a different way. Entrepreneurship
is risky, as well as full of challenges and this adds to the fear of failure,
along with rejection. These fears can prevent aspiring entrepreneurs from
taking risks and following their dreams. A survey found about three in five
Americans had ideas for starting a business. It showed that 92% did not convert
their ideas into business. For 33% of the survey respondents, the fear of
failure kept them from following their dream into business. But we should
remember that failure teaches us some of the most significant lessons in life.
Over the past decade, we have seen many instances where venture
capitalists invested in businesses that failed. Successful entrepreneurs do not
allow fear to stop them. Instead, they see failure as an opportunity to learn
and use that information to move forward. Moreover, it also helps them explore
the changes they have to implement to succeed. Through failure, one discovers
the shortcomings in one’s business and team. It teaches an aspiring
entrepreneur where his/her weaknesses lie and what needs to be improved. The
knowledge and practical experience that come from failure instil a fearlessness
and confidence in entrepreneurs that drives them to keep trying.
Failure Helps One Adapt to Change
Failure also teaches adaptability. When an idea or approach fails,
entrepreneurs have to adjust to new situations and be open to experiments and
new ideas. Being open to change and keep agile are part of adaptability that
allows entrepreneurs to overcome barriers, learn and innovate. When industry,
market and customer preferences change, this adaptability helps entrepreneurs
navigate these new situations and work an idea into problem-solving or come up
with new ones.
One example of huge success is Netflix. Founded in 1997, it focused on
allowing consumers to buy and rent DVDs. Two years down the line, it included a
subscription model that helped people rent as many DVDs as they wanted to by
paying the rent on mail. Then, taking advantage of new-age technology and
streaming content over the Internet, the company re-optimized its business model
in 2007.
About the Author
Mr. Harish Jagtani, a philanthropist, visionary,
businessman of Indian origin, currently based in Democratic Republic of Congo
for more than 20 years now, is one of the most reputed business owners in the
Indian diaspora as well as the entire expat business community in DRC. The
business house caters to multiple domains, including but not limited to
Domestic as well as International Air Cargo, real Estate and infrastructure
development, healthcare, hospitality as well as CSR.
Coming from humble beginnings from Jaipur, Rajasthan, Mr. Harish Jagtani has come a long way in
building this conglomerate with a strong and clear vision, sheer dedication and
grit. Starting with a small job in sales, Mr. Harish Jagtani today is a proud and
righteous owner of a fleet of airplanes and multiple businesses that cater to
the basic and advanced needs of the people of Dem. Rep. of Congo in different
sectors
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