People tend to look at failures with a very negative view. Since young we have been told that failure is a very bad thing. The ideal scenario is to be able to succeed in everything you do in life, turning everything you touch into gold, but sadly that is never the case. If anyone tells you that he or she has succeeded in everything in their lives, they are lying. Our experiences tell us that somehow we overcome failures and moved on. So it is question of how we handle failure and our confidence that will help us overcome the failures. However, people become so afraid to fail, that they dare not take a step forward, preferring not to touch anything that is deemed risky. Starting and running a company is never easy and potential to fail is high, so many end up not taking that step.
To succeed, there is a need to understand failure and risks better. We need to learn to embrace failure, learn from it and recover from it quicker. Start with the mindset that you may fail and if you do fail, what will you do about it and how will you recover. Failure only becomes catastrophic when we allow it to take control over us and bring us down. To minimize failure, we need to understand the work we are doing better, at least understand the type of risks which we will face and then try to mitigate as many risks as possible. If you want every risk to be eliminated before you start, then you are not an entrepreneur.
One way to mitigate risk is by breaking down the issue at hand into smaller parts, then finding solutions to address the risk in each part, as much as possible. If you are uncertain about the work you are going into, then do it on a smaller scale to test it out first before pouring significant resources into the project. Failing at this stage will not be so devastating.
So here we go for this week.
On Tuesday – Beating the Odds: We will be looking into ways of increasing your chances of success by cutting down your risks. By looking at your business at different angles and by researching thoroughly, you can actually push off lots of threats and give your business a better chance at succeeding.
On Wednesday – The Process of Transformation 2: In the second part of this lecture, we will be focusing on execution, by sharing some fundamental insights into things to look out for to help you execute better.
On Thursday – Not So Smart Money: We talk about the issues of funding. Which funding is right for you? Are you better off without external funding or certain sources of funding?
Before we go deeper into each area, we need to start strengthening our foundations by applying what we have learnt. I highly recommend that you take some time, to apply what you have learnt so far, to your business and yourself. It is best to keep reflecting, looking at your strengths and weaknesses, working on continuously improving them.