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