If there’s one word we can all associate with entrepreneurship, it’s “risk”. Risk implies the chance at either success or failure, and every entrepreneur experiences both of them to some degree or another. While successes are always the desired goal, failures are inevitable. What is it then, that keeps entrepreneurial masterminds going despite facing failures, while a beginner in the field is struggling to make the most of their failures. There are several factors to consider of course… one group of them can be sheer determination and drive for success. In addition to that, we’ll suggest what sets various groups of entrepreneurs apart, and how you can possibly develop those traits to help you turn your failures into successes.
It’s a marathon, not a sprint
Think about any famously successful entrepreneur… they’ve probably been in the business for a long time, even before they were well-known and wealthy. Admittedly some are lucky enough to be born into fortune, but the overwhelming majority have had to work their way to the top. What can you learn from this? Patience is key. You’ve heard it before, “success doesn’t come overnight” and that’s because it’s true. The successful ones understand that entrepreneurship is for those who are in it for the long haul. One thing you’d do well to avoid in this marathon is complacency.
An innovative drive
“Innovation…” a hotword found in many quotes you’ve probably heard before. We are all susceptible to becoming complacent after ample time in an endeavour… which is why innovation is necessary. To innovate (according to Oxford Languages) is to “make changes in something established, especially by introducing new methods, ideas, or products.”. Simple enough, right? But it takes tons of thought and experience to do it right and have a lasting impression in your space. Think of another famously successful entrepreneur with the word “innovation” in mind… if you thought of Steve Jobs then we’re on the same page. It won’t take long after observing his track record to know that the guy can easily be defined as “innovative”. Without that drive, the iPhone and iPad (to name a few) wouldn’t be where they are today. If you create a product or develop a service and it fails instantaneously, what do you do next? Sometimes it’s wise to pack it up and move on. However, what we often overlook is seeing how we can learn from the failure and innovate a way forward that’s more likely to be successful. That’s what separates the greats from those who throw in the towel.
Mental toughness is a must
Life hack: Have thick skin… and in the entrepreneurial space, this is also applicable. One who fails gets criticised. Their response? Backlash and possibly giving up. One who succeeds? Well, there are a number of ways to take it. Take Elon Musk for example. Remember when he did a live demo of the toughness of the Tesla Cybertruck? If you haven’t seen it yet you’re missing out. The spoiler-free takeaway is that it failed, miserably, in front of thousands in attendance and for all the internet to see. In his shoes you’d probably freeze up. Elon, however, simply laughed it off and said “Eh, not bad”. Now that is mental toughness. You can almost guarantee that following such an embarrassing moment, he went back to the drawing board and sought out where he could improve on his R&D (Research and Development).
Equipped with these three traits (which to be sure, will take time to develop) you may well be on your way to becoming a successful entrepreneur.
