Failure is often the start of every success story. As an entrepreneur or startup, you will be faced with situations where it seems like your business is on the brink of nose dividing. In the business world, you must embrace the possibility of failing and trying repeatedly till you become a success story. If you are afraid of failing or the fear of failure is weighing you down, keep reading this article to draw inspiration and learn from the pitfalls and success stories of some entrepreneurs and successful businesses.
Using your skills to start your own business
Have you been currently laid off from your job and you feel like your world is crumbling? You can use your experience and skills to start your own business. You don’t need to have it all figured out. Start small, and with diligence, persistence and the right strategy you will be on the pathway to success.
Micheal Bloomberg a business mogul and the CEO of Bloomberg found himself in this predicaments about 40 years ago when he was laid off from Salamon Brothers (a security brokerage company) where he started his career. Bloomberg decided to turn the unfortunate events at Salamon Brothers into a success story. With the financial knowledge he acquired, he started Market Master, which today is known as Bloomberg L.P. He is ranked 10th on Forbes List of Worlds Richest Billionaires.
Taking calculated risks
You cannot be a successful entrepreneur without taking risks. Taking risks without weighing the pros and cons could be detrimental to the success of your business. However, it is worthwhile taking calculated risks. When taking the calculated risk you have to evaluate opportunities with a critical eye. Identify courses of action and list possible outcomes to weigh your options. You can also get feedback from trusted advisors, this will allow you to more accurately gauge the level of your risk.
When Miguel, Irfan, and Oliver started GMTRY which focused on making trendy watches one would have thought this was a wrong move. How do they compete with likes of Rolex, Omega, and IWC but they proved all their critics wrong? For overcoming the fear of failure was their biggest test, especially in a well-represented market and failure was never an option.
Being persistent
For everyone out there who has failed, persistence is what has kept them going. Having an optimistic mindset would chart you on the path to success. You should not be held back by defeat, failure, and negative advice. If you have failed at something, you would need to re-strategize and put in more work to ensure you do not make the same mistake again. Your success may only be a matter of persistence.
J.K. Rowling’s, the famous British novelist who came into the limelight with her award-winning Harry Potter fantasy series. She was rejected by 12 publishers, but persistence kept her going and she was able to land her breakthrough deal with Bloomsbury – a publishing house in London. Her persistence also lead to her success story, with the Harry Potter series has sold over 400million copies worldwide; becoming the best-selling book in history.
According to Forbes, she is the most highly paid author in the world, with an estimated Networth of $650 million. She is ranked No.3 in Forbes Top 100 Celebrity List.
Making good decisions
To be a successful entrepreneur, you would need to put your foot down and make some tough decisions which in the long run are in the interest of the business. In my conversation with a Toronto internet marketing expert Eddie Madan, “decision making has remained one of the key pillars of their company”. Sometimes, these decisions are not always easy to make, and you should not let your emotions cloud your reasoning. Making sound decisions could prevent your business from going under or taking a negative turn.
Louis Gerstner is a businessman known for his tenure as board chairman and CEO of IBM from 1993 to 2002. When he began his career as CEO, plans were in place to break up IBM. Gerstner, however, steered one of the greatest business turnarounds in tech history. After embarking on a mass layout of employees, and selling off some company assets, he was able to put a hold on the plan to break up IBM and the company survived.
Gerstner strategy of saving IBM from breaking up came with some tough decisions; like laying off thousands of employees. With good leadership and decision-making skills, he was able to prevent IBM from folding up.