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HANDLING FAILURE FOR STARTUPS AND ENTREPRENEURS- ANTHONY OBI

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“ He who fears failure and uses it as
part of the reason for not having a
business start up , will never start. “
Obi Anthony .
Ask any successful Entrepreneur or
Startup executive and they will tell you
that they have failed many many times
before succeeding. If they claim that they
never ever failed before, then usually
they ’ re either lying or caught grace from
heaven or as some will say are lucky .
Unfortunately luck doesn’ t stick on
forever and sometime it is ok to accept
failure . After all startup is filled with
uncertainty. We just have to make sure
that if an idea fails, we as entrepreneurs
can come back up off the ground and
keep moving forward . Let’ s go over the
art of failure !
Fail Faster
Most people would say it ’ s ok to fail, it’ s
even better to fail faster than anyone
else . Why ? Failure is a life experience . I
remember a few years back when one
can get a job virtually without any prior
experience after graduating from the
university. A lot of university graduates
and post grads tried to apply for these
jobs , but nowadays , the story line has
automatically changed . It is not as it used
to be before , Why ? Because the
employers knew that it doesn’ t matter if
these recent grads have a PHD , they can ’ t
put together a good business model
without having a life transmission of real
life experience . In other words , most
recent graduates lacked real time
experience . What ’s the best way to
experience something? Go out and built
your startup , talk to people, get it done ,
and take action . That is when the art of
failure comes in . Nobody is going to be a
genius in the real world the minute they
step into it , you learn along the way .
Failure is what drives us forward .
Imagine if you were successful everyday
and everyone appraised you for your
work , you would probably think that you
are doing well and that you do not need
to push yourself any further. Now switch
it up and imagine that if you failed on
your idea , now you can dive into why
you fail and not run into that same
mistake on your next adventure. Failure
is what drives us and motivates us
forward . It ’ s an art.
So What If I Fail , I Can Come Back Up
The key difference between someone
who climbed a corporate ladder vs an
entrepreneur or startup co founder is that
most of the time the entrepreneur is
already used to failing . If someone who
has been receiving a paycheck for the
last 15 years loses their job , it can be a
big hit for them. For startup
entrepreneurs we ’ re use to failing and
we can always find a way around it and
get back up. That’ s the mentality that
entrepreneurs need to live by . We have
to tell ourselves that if we want to
succeed and achieve our goals we must
not give up. In the end you only lose
when you give up. As an entrepreneur,
you have experienced more than what a
lot of regular people have out there. Life
experience is the key to success in any
business . If your startup venture fails ,
don ’ t go banging your head against the
wall. Instead, understand that you failed
faster than anyone else and you learned a
lot from it that is all that matters. I
recently asked an upcoming startup CEO
whether or not he would regret running a
startup if his startup did fail. The CEO
replied to me saying, “ No , because the
lessons that I learned about running a
business, getting my hands dirty ,
managing employees, and developing
customer relations is priceless . This will
carry on with me onto my next startup
adventure. ” This CEO claims that he
failed terribly 3x and that he was forced
to switch his product ’ s idea during an
incubator .
Being Uncomfortable Does Not Lead To
Failure
A lot of startup entrepreneurs talk about
how they do not want to get out of their
comfort zone . The art of failure requires
that you get out of your comfort zone and
that is how you become successful . Think
about the most uncomfortable situation
you could be in when starting a business.
Now tackle that problem and face it.
Again, if you fail you learn from it and
grow yourself along it. There’ s a famous
quote that says, “It ’ s easy once you know
and experienced it . ” Being uncomfortable
does not mean that you have fail, it
actually means that your startup or
business is growing . You are expanding
beyond your usual horizon and trying out
new stuff . Isn ’ t that what startups is all
about ? Testing and finding the correct
product / revenue model ? If your the type
of person who wants everything to be
under your control and not take any
outside advice , chances are you won’ t get
far . Think about the roles of a UX/ UI
designer, who does many many A /B
testing everyday. Those talented
individuals fail everyday because
sometime their first designs just doesn’ t
attract enough people , but with A/ B
testing , they can determine which
designs work. The art of failure is
something that everyone should get use
to not just startup entrepreneurs .
Examples of where preparing for
failure mattered
Robert Kiyosaki , the author of Rich Dad
Poor Dad , emphasizes on the importance
of failure. Even though a lot of people
believe that what he says is a joke, there
are still a lot of valid lessons to take from
it . For example, he mentioned in a speech
that when he was in the military they
taught him to fail. That wasn ’ t something
he could have learned in school because
in school they teach everyone to do
things correctly and not fail. He would
practice putting himself in dangerous
situations and reacting to them everyday.
That eventually saved his life when he
was on the battlefield because he
prepared how a failure could occur and
trained himself to react accordingly .
Noah Kagan a famous internet marketer
also speaks about the art of failure quite
often . In his business model course , he
teaches people how to fail. He believes
that the first thing you have to do to
become successful is to get out of your
comfort zone and fail. Hell , he even
created an iphone game that teach people
how to fail. Tim Ferriss is another person
who advises that entrepreneurs learn
how to fail. He talks about approaching
random girls and asking them for a date
just so that you could get use to being
rejected and failing .
There’ s a lot more to failure , but the key
point to take away from this is that it is
perfectly ok to fail. We as entrepreneurs
can come back up in the case of failure
and overcome it . We learn to analyze the
mistakes and ensure that we do not make
the same mistake ever again. Read full article HERE.

Credits: ANTHONY OBI

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