Mad_About_Money_final Nov. 2016 | Page 3

MadAbout Money Editor’s Note Failure is a part and parcel of life’s journey and of any business venture that we may undertake. But if we know why we fail then we can take steps in future to see that we don’t make the same mistakes again. I am a very successful entrepreneur today but I have had my share of failures. I have failed as an engineering student, I failed again as an IAS aspirant and then yet again after an initial successful stint as a loan agent. Having seen the lows in business, I feel I have some experience in dealing with failures and would like to share with you, my readers , the reasons why some people fail in business. Avoid these traps and you can defeat failure more easily. Most people lose heart when they fail a couple of times and give up. To them every time they don’t succeed becomes a failure. They don’t see these as opportunities to learn from their mistakes and do better the next time. Edison, on inventing the light bulb, is believed to have said – I have not failed. I’ve just found 10,000 ways that won’t work. Believing you have failed will invariably lead to more failures. So treat every failure as a challenge, practice your skills and win the next round. Constantly coming up with excuses to cover up your flaws and faults is a sure fire way to going down in business and in life. You cannot hide behind your mistakes and expect to be absolved of blame and helped to progress in life. Business is a team effort. It is only when everyone pulls his weight that the business prospers. Failures are people who want the glory for themselves when other people are putting in the effort. To avoid becoming a failure, learn to give credit where it’s due and become a good leader and inspire others with your example. Sachin Mittal