The Young Entrepreneur

Failure - Critical for a young entrepreneurs success!

One of my favourite quotes is from Think and Grow Rich (Napolean Hill), and it states that “a relentless pursuit that doesn’t recognize failure” is a key element to success.  In other words - To keep going no matter what short term failure comes your way.  I think a lot fewer young entrepreneurs would give up if they realised that short-term failure is a CRITICAL element of success!

What is short-term failure?

Short term failure springs up in every young entrepreneurs life.  It comes in the form of failed expectations, sales figures and business partners.  It tests a young entrepreneurs resolve and will to continue when things are going so peachy.

The extent to which this resolve is engaged is one of the biggest determinants of a young entrepreneurs success.

Lets face it, we all went into our first venture with starry eyes and idealistic views about the stupendous success we will have and that bright red Ferrari we will be driving (well I did anyway).  Well for one reason or another, reality will bodycheck this dream and the time-line that you had planned for it.  Well what did you expect?  It was idealistic.  I mean, there was no real evidence to suggest that you would actually be able to afford a Ferrari within 1 year was there (Don’t laugh!)?

So enter…one of the greatest challenges of the young entrepreneur.  Dealing with this somewhat less-then-idea reality, and regrouping and mounting a more knowledge-fuelled path to success.  Because this time around, you know a couple tricks of the trade, and providing you examined the points at which you went wrong - You should be better equipped this time.

                                 The mark of a successful person is being able to leverage their failures.  Some of us are too ashamed to front up to some of them (too much pride perhaps?) which is a massive shame.  But I am a firm believer in that those that can look deep into the lessons our failures hold will be much less likely to make the same mistake again.  Therefore it can be seen as a simple formula for success.

Why failure will breed your future success

Lets define a hypothetical ‘value’ to the probability of your success in any given venture.  We can call this value “p”.  Theoretically, when you fail, and you can pin-point where you went wrong, logically assuming the probability of making that same mistake again is decreased. 

Therefore, next time you are in that situation, you can cross that obstacle and keep going.  So your probability for success “p” value has gone up.

When you consider this - everytime you try a new venture and fail, you are inevitably increasing your “p” value.  So…..it is almost a guarantee you will succeed eventually.  Kind of makes success seem just as inevitable as failure?

So you mean Im going to be rich!!??

Well rich, happy, healthy…whatever you define success as!  So if its so seemingly simply…why isn’t everybody doing it?

Well simple is not necessarily easy.  What does it all boil down to - and where most people go wrong is… PERSISTENCE!  A lot of young entrepreneurs do not have the stuff to see past their initial failures and keep going.  Some get too disheartened, shocked or just realise how much work it’s actually going to be to succeed.

So its left to us persistent young entrepreneurs who are willing to get back on the proverbial horse and giving it another go.  Because this time, we know we have some more advanced riding techniques!

GIDDY UP!

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