“It is a tough call, so think and act, and then don’t ever regret.” Mr Inderjit Singh, The Art and Science of Entrepreneurship Time is of the essence and knowing when the time is right to embark on your entrepreneurial venture may be easier said than done. The harsh reality is that hard work alone may not pay off. Entrepreneurs with great ideas may put in a lot of effort to transform their ideas into a business venture and yet their hard work may not yield the desired outcome.
Identifying the right time to do the right thing is a skill that can be acquired to some extent. Skilled entrepreneurs are able to sense and look out for the best opportunities. They can then plan and time the execution of their idea to achieve the best possible outcome at the best possible time. For instance, Mr Inderjit Singh could have started UTAC much earlier in 1995 or 1996 but he waited till the end of 1997 to embark on his business as he felt that the semiconductor industry was not yet at the bottom of the cycle and that the industry was not yet ready for a new player. His intuition was right and he steered UTAC to be one of the best in the industry.
However, among all the elements needed to create successful companies, there is always one last element of timing that cannot be seen or predicted easily. There are countless examples where regardless of how well one plans and how much effort is invested, things can still go awry if the timing is not right. Therefore, when faced with a situation where failure is imminent because the timing is just not right, the best thing to do is to concede that it is just not meant to be, it is not your time and be forward looking. Accept that changes have to be made rather than trying to press on when the timing is not right. If one is able to accept this reality, then it will easier for entrepreneurs to accept failure and move on to attain success in another way or at another time. Things do not remain static. Change is the only constant and time changes things. So it is best to take failure in our stride and view it as part and parcel of the learning process that guides us towards attaining eventual success. This is best exemplified by the story of Walt Disney. Disney is now one of the most prominent brands in the world but Disney had experienced some tumultuous times in the 1930s and 1940s. In order to tide through tough times like the Great Depression and World War II, Disney redirected his studio to produce education and health films as well as short comedies. The unfavorable times which Disney had not control over probed Disney to think of ways to sustain his business resulting in the eventual success of the Disney brand.
Everything happens for a purpose. If things do not go as planned and if the timing is not right, instead of being discouraged, entrepreneurs should view it as a blessing in disguise, persevere and move forward. A true entrepreneur never gives up when things do not go according to plan. He is determined to try again until he reaches his goal. It would appear that luck seems to favor certain people all the time and they receive credit which other people deserve while those who work very hard and are extremely competent in what they do are left behind in the quest for success. It is true that there are many people who seemingly attain success effortlessly and many times their success can be attributed to others’ hard work. These people happened to be in the right place at the right time. Even though time cannot be predicted, entrepreneurs should not throw in the towel as they will have their chance at their success which may come at a different time and in a different way. It is simply difficult to decide when the timing is right.
At times, entrepreneurs may need to cut their losses and move on but sometimes giving up at an early stage is also detrimental as success may actually be within their reach.
As the saying goes, the calm may come after the storm. Entrepreneurs need to make this judgment and experienced entrepreneurs are usually right. Remember to press on because being a little resilient could have transformed the wrong timing into a right one and giving up would be such a big waste.