Entrepreneurship is great and entrepreneurs change lives. They create businesses that support economic growth, creating jobs and impacting lives, etc. Entrepreneurs change the world. Often, we hear of stories of people who dropped out of college to start a business, some of which are among the biggest and most interesting businesses the world has ever seen. But getting there is never an easy ride, not even for the most successful entrepreneurs. It takes a lot of skill, self-determination, and hard work, etc. Some will argue that it takes some knowledge and experience to do so, too. Whatever the case, it’s a rough journey, which can bring a lot of benefits, if one sees it to the end and the business grows, becomes profitable or exit. While many people dream of starting a business from their garage and making it big, only a few do succeed. You probably know what percentage of startup businesses don’t make it in the first few years of their existence! About 20% of startups do not make it past their first year. Up to 30% don’t go beyond their second year. And I have to add my first business to that list. Therefore, while some do make a breakthrough from their garage or bedroom, that is not the norm. It’s the exception. Succeeding as an entrepreneur most probably requires a lot of skills (like sales, communication, networking, etc), qualities, knowledge, and of course a lot of hard work, especially in the first years. And there will always be failures along the way. The ability to learn from mistakes and failures to me is probably one of the most important lessons one can learn as a budding entrepreneur. Why? Because failure is not the end, it is an opportunity to make corrections and stir the ship towards the end goal. The vision!
“Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford