In a business environment fraught with fragile market dynamics, entrepreneurial success often looks like a gamble. However, a closer look at the trajectory of most enterprises reveals a pattern that includes both failed and successful businesses. While success stories can offer many lessons, examples of failure can provide the same lessons or possibly provide more experience by revealing factors that don’t work.
It’s good practice to celebrate success, but it’s even more important to pay attention to the lessons of failure.
But it makes me wonder if these words would be popular if Bill Gates didn’t become Bill Gates. In other words, what if he fails and joins thousands of failed entrepreneurs, reflecting on their experiences in a quiet, anonymous environment and drawing wisdom from their retrospective insights? Will his words make us stop and think? The answer seems to be yes.
Failed entrepreneurs can play an important role singly by showing the pitfalls to avoid. In nine out of ten cases, entrepreneurs fail not because they don’t have good ideas or products to sell, but because other factors(e.g., leading the times) always fail.
So what are the most common lessons that failed entrepreneurs can offer us?
Supply and demand.
Well, first of all, a product or an idea depends only on its needs. Any entrepreneur who has tried and failed will tell you that for a product or idea to work, it must be closely integrated with potential customer needs. As Jeff Bezos, Amazon’s founder, rightly put it, “Focusing on customers makes the company more resilient.” “No recipient’s excellent product or service is as good as a failed product or service. A deep understanding of the target audience is critical before entering the product market. In addition, understanding the size of the market and the potential for control can provide continued growth.
Another key issue emerging in any new business is capital and capital. Once a failed entrepreneur has learned the hard way to avoid raising money, he or she suggests that you put enough money into getting your business started and keeping it going until profits start to show up and there’s a buffer in an emergency. This means access to hundreds of investors and the ability to find the right ones who can combine financial strength and compassion to realize your business vision.
The right person.
Now that you have a good product and know your customers’ needs and have enough money to implement it, how do you put it into practice and bring it to market? A failed entrepreneur who becomes wise because of failure will also tell you that the distance between idea and execution or execution and distribution is full of many different scenarios and possibilities. Sailing in it requires a variety of skills, all of which complement a unified vision. This means selecting the right team to successfully bring ideas to market.
Steve Jobs, Apple’s chief executive, summed it up best here: “My business model is the Beatles. They’re the four guys who stop each other’s negative tendencies. They balance each other, and the sum is greater than the sum of the parts. That’s how I look at business: the great things in business are never done by one person, but by a group of people. ”
Having the right team also means having the right expertise to market and promote new products or services. Many great products and services fail to take off simply because no one knows they exist! In this day and age, optics is everything, and it’s important to have the right people to make or lose your business by creating the right brand story.
Of course, there are a lot of entrepreneurs who have all these things for them, but they don’t make it big. In many cases, the cause is difficult to define. But to rewrite the title of a popular business and management manual, a failed entrepreneur will teach you “what they didn’t teach you in all the success stories”.
For those who have gone down the path of entrepreneurship, this is true. Here, ironically, I’m referring to Bill Gates, the co-founder of Microsoft, who built the biggest technology companies and managed them as successfully as possible.