Failure?

"Majority of the companies will fail after the first year they are set up"

Do not be surprise by the above-mentioned fact and it is indeed a very true fact. Due to this, many people tend to work as an employee rather than an entrepreneur.

Do you get the point? If you really want to become an entrepreneur, you must not be afraid of failure. Or else, you will be as other normal people, working throughout our life for others. What should be the correct attitudes towards failure? Let me list out some:-

1) Treat failure as part of success

As what we normally heard – “failure is the key to success”. This is what most of the people know but yet not truly understand. This can be seen through the normal attitude of people trying to avoid risk. Risk is something frequently linked by people to the word “failure”. People will no do anything which is risky.

For entrepreneur, they will take “calculated risk”. No risk no gain or no pain no gain. If you are afraid of failure, you will never be successful. The more failure you encountered and subsequently learn a lesson, the more successful you will become.

2) Try to analyse why failure happens, confront it rather than run away from it

Most of the people will run away from failure or may be some of them do not realise that they are running away from failure. For an example, A has suffered loss due to the B company services. A subsequently spent huge amount of money in suing B company resulting A’s company suffered from closure. I would say, A should try to confront the failure, i.e. the loss suffered, and try to find a way out to solve the problem instead of using huge amount of money to sue B company causing his complany to close down.

To become a successful entrepreneur, you must be brave enough to confront the failure, try to learn a lesson from it and avoid making the same mistake again.

3) Count failure as part of planning

As a good planner and successful entrepreneur, failure should be taken consideration in any business planning. Do not be too optimistic towards your business plan and allow some part of the plan to fail. Try to figure out what steps can be taken if certain sub-plans are not working well. This will subsequently bring a success to the business.

I'm sure there are more ideas in relation to failure. Feel free to write down your comments.