Being a successful entrepreneur will need you to develop resilience in the face of setbacks. It cannot be avoided.
On October 21, 1879, Thomas Edison finally displayed the first incandescent light bulb after more than ten thousand attempts. Traf-O-Data, Bill Gates’ first business, was a flop. It was once said of Michael Jordan, “I’ve missed more than 9,000 shots in my career. I’ve dropped nearly 300 games. I’ve been trusted 26 times to attempt the game-winning shot, but I’ve missed. I’ve had repeated failures throughout my life. That’s the reason I’m successful.”
I can’t even begin to count how many times I’ve seemingly “failed” as an entrepreneur on my journey. I never attach myself to the word ‘failure’ because my Dad always taught me that there’s always something valuable in your fall. You can stumble, but you don’t fail. You always win. Keep the mindset things are happening “FOR” you, not “TO” you and you will always win. So while I have experienced some success of my own, it is by no means comparable. The number of stumbles exceed the number of successes, and I have a lot more learning lessons in store for me. That’s okay with me since I understand that trying to reach my dreams will cease as soon as I stop. It’s just a fact of life for entrepreneurs and successful people in general.
If it was simple, everyone would carry it out. It is naïve to believe that every brilliant concept you have would materialize into a profitable business endeavor. Not one business owner has ever told me that “every single idea I came up with seems to work.” Most likely you’ll hear something along the lines of, “I tried five different businesses before this one really took off.”
Consider it for a moment. Five companies. It doesn’t matter if the figure is three or twenty; the key takeaway is that most business owners don’t create a huge hit with their first venture. How many people have the courage to launch a sixth business after not succeeding the way you wanted five times ago. You need to have the utmost confidence and approach the first five times as a teaching opportunity for the upcoming sixth. You must follow the same procedure and go on to number seven if number six doesn’t work.
The most crucial factor, in my opinion, is how you manage stress and rejection. Upon acknowledging its inevitability, you may move on from your errors and grow from them. It’s easy to let seemingly ‘failures’ get to you — not so much because you’re a pessimist as it’s because it hurts to watch something you put your whole being into get turned down or rejected. You have to realize as quickly as possible that it is your business, not yourself, that they are rejecting or neglecting. The sooner you take action, the sooner you’ll be able to look back on your stumble with objectivity and get the knowledge you need to go forward.
Although it’s difficult and sometimes unpleasant, falls are a crucial step on the path to achievement. You don’t think I’m real? Ask Michael Jordan, Bill Gates, or Thomas Edison! Okay, so it might be a little difficult to ask Thomas Edison, but you get the idea! 🙂
ALL THE BEST,
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