Rashid AlAmeri Rashid AlAmeri Moderator

Importance of Failure for Entrepreneurs

Failure is the stepping stone towards success. Ever since you are born, you fail at many things only to learn it later with perfection. You succeed with practice. Take for example these essential things in your life. You fall many times (and fail) before walking stably; you add numbers digitally (on your fingers or beads) before mastering the trick of adding large numbers mentally; or you fail two or three times before getting the driver’s license! There are many such things which we as humans learn to do with ease and perfection but not without failing a few times first. Failure plays a central role in learning something successfully. In fact failure necessitates practice which ultimately leads to success with perfection.

If you talk to the experts in the field of entrepreneurship, they will tell you that entrepreneurship is a practice. Logically then, failure will be pivotal in making an entrepreneur succeed.But dealing with failure is very different when you are a grown-up and varies from one person to the other. Apart from your own psychometric construct, the socio-cultural environments play a vital role in how failure is received by you. Nevertheless, success comes only after failure. The following figure explicitly shows how the path towards success can be glut with rebounding experiences of failure.