Have a dream, believe in it & work towards it and it will happen, well this is the
mantra we all chant in our mind while we initiate our journey to pursue our
ambitions.But have any one of you ever thought , how you will manage the situation if things won’t happen as we dreamt.
Managing failure is one of the most important feature an entrepreneur should possess, becuase the more you fail the more are the chances of attaining a huge success. Becuase each time you fail, you learn a lot of things which no business school will teach nor any mentor can advice. But if you don’t manage your failure, one may never get back to entreprenuership ever in your life.
Now how does one manage his/her failure . Well for this i believe one should foresee the possiblity of the same much in advance like the way you foresee your profits or success ( This could be like how you will pay back Tom, Dick and Harry who had lended me 1 lakh each to start the business or how you will face uncle Sam who warned you thousand times not to venture out into the business ). You should have a strategy in place for meeting people, your clients , partners , angry customers , investors if your business flops. I think such a strategy can reduce the magnitude of your failure a li’l bit so that may be after coming to terms with tragedy, you can get back and try your luck again may be after a small gap.
Again such a strategy can also help you foresee certain risks which you might not otherwise have thought off . This will alsoÂ increase the level of confidence among probable investors about you and your company.
Entreprenueship is all about risks, but it doesnt mean that you should go for blind risks thinking that you will never fail.
Anyways would like to know your thoughts on the same!