Difference between revisions of "Introduction to entrepreneurship/IENT101/Entrepreneur/Failures"

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[[image:Crossroads-success-failure.jpg|right|300px]]{{cquote|author=Winston Churchill|''Success is not final, failure is not fatal: it is the courage to continue that counts.''}}
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[[image:Crossroads-success-failure.jpg|right|300px]]''“Failure is simply an opportunity to begin again, this time more intelligently.”'' — Henry Ford (Founder of the Ford Motor Company)
  
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In the real world of business, there are no shortcuts to success. Most entrepreneurs have experienced failure but the entrepreneurial disposition to learn from both failure (and success) is an integral part of the entrepreneurial process. In business, it is also important to have the foresight quit on a bad business idea but to sustain the entrepreneurial process and to know the difference. {{clear}}
 
  
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{{IDevice|theme=line|type=media|title=Richard Branson: Advice for Entrepreneurs|id=video|body=
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So far, we have focussed on the typical characteristics of a successful entrepreneur. However, in the world of business, there are no shortcuts to success and there are many potential pitfalls, as these two articles show:
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Here Richard Branson talks about the early days of Virgin Atlantic.
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* [https://www.forbes.com/sites/steveandriole/2016/04/01/10-reasons-why-entrepreneurs-fail/#723cfa0042d9 10 Reasons Why Entrepreneurs Fail]
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* [https://www.entrepreneur.com/article/288769 Why some Startups Succeed (and Most Fail)]{{clear}}
  
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{{IDevice|theme=line|type=reading|title=Required reading|id=reading|body=
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{{IDevice|theme=line|type=reading|title=Attitudes to failure|id=reading|body=
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Failing is only a bad thing if you don't learn from it.
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Read these three articles about entrepreneurs who failed before they experienced success.
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In an entrepreneurial culture, failure is often seen as an opportunity to learn from mistakes and to do better next time.
  
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* [http://www.mytopbusinessideas.com/business-failures-successful-entrepreneurs/ Famous business failures of successful Entrepreneurs]
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This article is an example of a positive attitude to business failure:
 
* [https://smallbiztrends.com/2016/01/entrepreneurs-who-failed.html 21 Entrepreneurs who failed big before becoming a success]
 
* [https://smallbiztrends.com/2016/01/entrepreneurs-who-failed.html 21 Entrepreneurs who failed big before becoming a success]
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* [https://yourstory.com/2016/03/entrepreneur-startup-fail-quit/ Failing vs quitting: an entrepreneur lays out the difference]
 
  
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'''WEnote'''
 
  
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Are you surprised to learn that famous entrepreneurs have failed? Or did you know this is all part of the journey?
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However, different cultures have different attitudes to failure. This may affect how an individual feels about taking the risk of starting up a new business.
  
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Let us know your reaction to what you have seen and read on this page. For example:
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Read this article: [https://countrynavigator.com/blog/interesting-things/failure-across-cultures/ How different cultures deal with failure] for one description of attitudes to failure in different countries.
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* ''I was most surprised to read about NAME failing because ...''
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* ''I think it takes ... to pick yourself up after a failure like ...''
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'''WEnote'''
  
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{{:Introduction_to_entrepreneurship/Links/IENT101/WEnote-p}}
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* What is the attitude to business failure in your own country?
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* If your country, or a country that you are familiar with, is mentioned in the article, does the description seem to you to reflect reality?
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* How do attitudes to failure affect your approach to entrepreneurship?
  
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{{:Introduction_to_entrepreneurship/Links/IENT101/WEnote-p
 
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Latest revision as of 20:48, 16 October 2018

Crossroads-success-failure.jpg
“Failure is simply an opportunity to begin again, this time more intelligently.” — Henry Ford (Founder of the Ford Motor Company)


So far, we have focussed on the typical characteristics of a successful entrepreneur. However, in the world of business, there are no shortcuts to success and there are many potential pitfalls, as these two articles show:


Icon reading line.svg
Attitudes to failure

In an entrepreneurial culture, failure is often seen as an opportunity to learn from mistakes and to do better next time.

This article is an example of a positive attitude to business failure:


However, different cultures have different attitudes to failure. This may affect how an individual feels about taking the risk of starting up a new business.

Read this article: How different cultures deal with failure for one description of attitudes to failure in different countries.



WEnote

  • What is the attitude to business failure in your own country?
  • If your country, or a country that you are familiar with, is mentioned in the article, does the description seem to you to reflect reality?
  • How do attitudes to failure affect your approach to entrepreneurship?

Post your comment(s) below and then look on the course feed page to see what others have posted.

If you prefer you can create a post on your learning journal blog. Be sure to label or tag your post IENT101.
Note: Your comment will be displayed in the course feed.

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