Showing posts with label manage failure entrepreneur. Show all posts
Showing posts with label manage failure entrepreneur. Show all posts

Successful Entrepreneurs

There is a saying that there are only three types of people in the world: those who watch what happened, those who wonder what happened and those who make things happen. 
Entrepreneurs fall into the last category, of course. They are change agents, people who don’t see the world as it is but as it could be. Entrepreneurs don’t sit on the sidelines and wish for a better world. Rather they go out and create it. They don’t wait for things to be different. They are the difference.
Being forward thinkers, entrepreneurs continually push themselves to become better and do better. They are game changers. They ooze confidence and inspire greatness.
Today is a great day to become an entrepreneur because the price of admission into this elite club is free and yours for the taking.
Do you really want to succeed as an entrepreneur? Follow these five steps and you’ll be well on your way to developing the leadership qualities it takes:
1. Willingly fail and reflect. “Ever tried. Ever failed. No matter. Try again. Fail again. Fail better,” goes Samuel Beckett's line. It's not always easy, the trying again part.
Another important thing is taking time to reflect on what went wrong. In the book The Call of Solitude, Ester Schaler Buchholz says, “Others inspire us, information feeds us, practice improves our performance, but we need quiet time to figure things out.”
In his book, Fail Up, radio broadcaster Tavis Smiley recalls lessons he has learned through reflection. He sheds light on these so-called failures that were, in hindsight, his best teachers.
You’ll only learn by failing over and over again. When you do this, you’re able to grow. And in spite of life’s inevitable setbacks, you’ll come out the victor.
2. Embrace and confront your fears. According to author Brendon Burchard, fear can be categorized in three ways, which all relate to pain. The first is loss pain, which happens when you’re afraid to move ahead because you fear you’ll lose something valuable.
The second is process pain, which inevitably occurs every time you try something new. You have to go through the process of learning to deal with it.
The last is outcome pain. This involves not getting the outcome you desired.
Burchard insists that people need to overwhelm their fears. Just as an army invades its enemy from every side, a person should do the same with fear, attacking it from every side, as if going to war. 
For Shark Tank host Barbara Corcoran, public speaking was her Achilles' heel. But she overcame it by going to war. She volunteered to teach a real estate night course in front of a small group of students to overcome her fear.
3. Practice self-discipline. This is the ability to delay instant gratification and the ability to work hard now to reap benefits later. When Academy Award-winning actor Jamie Foxx was a boy, hisgrandmother routinely made him take piano lessons even though all he wanted to do was go outside to play. He had no idea that those lessons would lead to his eventual success. To this day, he continues to hone his craft and disciplines himself to practice playing the piano for two hours many a day.
No one sees the years of hard work you might put into an endeavor. They only see the outcome. If you want to reap the rewards of tomorrow, you must put in the work today.
4. Get some sleep. Shortly after the debut of her eponymous news site, Arianna Huffington collapsed from exhaustion and lack of sleep. She’d been working 18-hour days because she was so committed to growing her company. When she collapsed, she hit her head against a desk and found herself lying in a pool of blood.
In her book Thrive, Huffington details the ordeal and says it was a painful wake-up call. She knew she had neglected sleep and took steps to correct it.
When you get the sleep you need, you’ll feel more energized, charged and ready to tackle any problem entrepreneurship throws your way.
5. Give to others. In his book, Give and Take: Why Helping Others Drives Our Success,Wharton Business School professor Adam Grant teaches the idea of generosity in a professional setting. 
For centuries, people have focused on the individual drivers of success: passion, hard work and sheer will. But things have changed. Success is increasingly dependent on how we interact with others and how much we give them.
According to Grant’s research, the most successful people are those who consistently give. Grant takes this to heart so much that he not only puts in long hours as a professor, but also as many and sometimes even longer hours giving and helping others. 
That ancient book, the Bible, was right all along: Happiness comes from giving.  
source : link

how to manage failures - Entrepreneur

“Fail fast” is an overly used and loaded adage. Entrepreneurs don’t wake up and ask themselves “How can I fail today?” What’s important is not to embrace failure, but to figure out how to manage it.
As an educator at Launch Academy, one of the hardest things I deal with are students grappling with failure. Our program attracts and admits overachievers, who, like entrepreneurs, are very hard on themselves. What’s unexpected about our program and in entrepreneurial endeavors, is that failure is expected. How we face it is what defines us. Below, I share the recipe for failure we convey to our students.
Try. Theodore Roosevelt, one of the toughest and most interesting executives of our history, tells us that, “It is hard to fail, but it is worse never to have tried to succeed."
Akhil Nigam, Founder of MassChallenge said during a panel during National Small BusinessWeek that “As an early stage founder, you must will your business into existence.” If you do not act for fear of failure, how will you create anything of meaning?
Own your failure. While willing your creation or your new skills into existence, you will stumble across the way, and those that follow you will struggle as well. Take ownership of your part in failure. If you make excuses for yourself or blame others, no good can come of an already concerning situation.
Forgive yourself. For many of us, this is the hardest part. For me, personally, it helps to acknowledge that failure is a part of the human experience, and that I can grow from it. It also helps to have others to relate to. Dani Dewitt, an alumna of the Launch Academy program, shares “I think being around a group of people that were also fighting through the same kinds of things at night helped me realize I just needed to keep looking at things from different angles until I could solve the problem.”
Apologize authentically. As part of owning your failure, be authentic to those you may have wronged. There is nothing more infuriating for your customers than the corporate “we apologize for any inconvenience.” As an example, if your email service went down, it would be better to hear, “We know email is critical to your business, and we feel terrible for the disruption. We’ll update you as soon as we resolve the issue to get you back up and running.” Always acknowledge the problem and stress you understand the importance of solving it.
Perform a transparent retrospective. In corporate sillyspeak, one might call this a post mortem. This term needs to go away. Unless you’re in the healthcare business, it’s unlikely anyone died as a result of your failure. In software development, we use the term retrospective when we refer to a meeting where we look back at what went well and what went wrong in the management of failure. Involve stakeholders in this process, and be transparent in sharing what you’ve learned with your employees and your customers.
Teach others. We have a saying at Launch Academy, “to teach is to learn.” Take the insight you’ve gleaned from your retrospective and share your tribulations. It will benefit others in that they can learn from your experience, and it will provide you with closure.
As entrepreneurs, our businesses move too quickly to dwell on failure. Use this framework as a means to learn and move on, having benefited from the experience. Let’s not be confused anymore; failing isn’t fatal.
source : entrepreneur