These business owners must be asking themselves, how many failed businesses do I need to have so that you can give me a successful one? And suffering is the rule of the road to entrepreneurial success because success comes through trial and error. This blog post is all about people who had numerous failures before they started making good money.
How Many Failed Businesses Before Success
The Reality of Business Failures
How many failed businesses before success? It is a bitter fact that businesses fail often. According to a Forbes report, The U.S Small Business Administration stated that nearly one out of five businesses do not make it to the first year and half of those that make it to five years fail. While these statistics might seem daunting, they underscore an important point: failure is a learned experience most business people go through and it is always a part of the business process.
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Learning from Failures
There are no unsuccessful businesses which can not be a source of some or other lessons. Such information is useful for entrepreneurs to understand what is effective and what is ineffective, adapt and develop models and strategies, and strengthen the absorptive capacity. This means that starting today you need to know that people like Steve Jobs, Walt Disney, and Henry Ford were all part of the failure club before they became very successful entrepreneurs. Their experiences explain to us that failure in business is not a failure but a starting point to success.
The Importance of Perseverance
A difference that sets successful business people from those who quit halfway is patience. The most important of which is the capacity for persistence, or as my own doctors would probably characterize it, the ability to keep on trying after being sent home over and over again. Every try and fail effort the entrepreneurs get closer to achieving their dreams because they are told what needs to be changed.
Real-Life Examples of Success After Failure
- Steve Jobs: The public doesn’t know all the struggles Apple was through, before Jobs had brought it to the pedestal it is at now; Jobs for instance had been fired from his own company. But he did this and turned Apple to one of the most valuable companies in the world using those experiences to stage his comeback.
- Walt Disney: Disney, Walt had suffered some of the lowest moments in his life dead last with bankruptcy and several failed businesses before Disney. Although he kept pushing and had a vision that helped him establish the great entertainment company we see today.
- Henry Ford: He also had his first two companies making automobiles but they were unsuccessful, but that did not deter him. He could build himself better cars and got out of aircraft manufacturing by learning from his mistakes that led to the creation of the Ford Motor Company.
Embracing Failure as Part of the Journey
If there is one thing that entrepreneurs need to learn about failure it is to look at it as not being a sign of defeat. Every time someone fails he or she gets to innovate and gain knowledge to avoid repeating the same mistake in the future. When an organization accepts failure as an option but persists they shall eventually find the success way.
Conclusion
Business is not a one time game, many people report to have achieved success after trials of misfortune. The all-important thing is always to find out from each failure, remain strong and continue the struggle. Nevertheless, do not forget that everything that is done in this life is on the same path to success.