SME Times is powered by   
Search News
Just in:   • Jewellers expect better business this Dhanteras  • Sensex closes 146 points up; bank stocks gain  • Labour reform - a step taken forward  • Jewellers expect better business this Dhanteras  • Diesel deregulation to help OMCs: Fitch 
Last updated: 27 Sep, 2014  

Success.Failure..9.Thmb.jpg How failure leads to success

Success.Failure.9.jpg
   Top Stories
» Govt to bring ordinance to re-auction coal blocks
» Govt will subsidise fertilisers post-hike in gas price
» India-Mexico trade can touch $10 bn by 2015: Swaraj
» 'PM instructs to review exports of all commodities'
» Textiles Minister inaugurates "Silk Fab" exhibition
Bikky Khosla | 14 Aug, 2012
Failure is the pillar of success, as the saying goes. There is no dearth of stories about how great people made mistakes to become successful later. But failure doesn't lead to success automatically, only learning from mistakes does. In the world of business, the same rule applies. Prior business failure enhances later entrepreneurial performance only when failure offers insights -- we learn from them.

Small businesses usually face a greater risk of failure than large businesses do, and they need to be extra careful about handling failure - be it small or grand - to reduce the risk of repeating the mistakes again. First of all, what I think the most important is to acknowledge the failure. This may sound simple, but it's quite difficult for many to do. Admitting failure is something that many people don't like to do, and as a result they are doomed to repeat it. In contrast, owning the mistake is the key factor in learning from failures.

Blaming others and not looking for the cause is another major deterrent to handling setback effectively. Who is to blame? -- while this naturally comes to our mind when something goes wrong, assigning blames takes our attention away from seeking solution. Of course, someone may commit a stupid blunder, but more often than not the cause may lie somewhere else, like in some bureaucratic bungle or lack of proper training. As an entrepreneur, you should never miss the broader picture.

Besides -- particularly as far as small and medium enterprises are concerned -- I think we should never miss the opportunity to learn from mistakes of others. It is easier for large businesses to afford failure, but small-business owners don't have that luxury as failure could take a bigger toll on them, sometimes not even leaving a chance for recovery. In addition, SMEs should always start lean while trying new things so that financial losses from a failure could be kept as minimal as possible.

However, having said that, I am not attempting to deny the very nature of failure -- its inevitability. Nobody likes to fail, yet we all have to face it sometime. And if you are a small business or a start-up, you are more exposed to it due to your inexperience as well as your need to experiment new things. That's why you must prepare yourself, and know how you will deal with failure and turn it into a learning experience. Rest assured, you will bounce back.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 


Vivek Naik | Wed Sep 5 05:12:53 2012
Very good. Since I am facing same problem your write-up will help me.


Failure
Anju Agarwal | Thu Aug 23 12:08:33 2012
Failure is nothing but our set up for mind.It shows that for our set up goal we require to work hard.


Excellent report
SHUNEH SIAKA | Wed Aug 22 10:06:25 2012
As a young entrepreneur i have learnt a lot after going through this article.But we still face one very serious problem here in Cameroon.Financing to medium size enterprises still remains a nightmare.Any solutions from outside will be highly appreciated and welcomed. 237 75108402


A wise precaution
Shrinivas Moghe | Tue Aug 21 07:31:14 2012
Very seldom, it comes true. For a first generation entrepreneur, rising from a failure, happens very seldom, unless one has an alternative plans in place. Accepting a possibility of a chance failure, will automatically make one think of alternatives, beforehand. Its always wise to face chances of failure, than the FAILURE itself. Plan your project as perfectly as you can, and be prepared for a failure. This only will lead you to success, after a failure. Thinking of a failure before it happens, is not a negative attitude, but a wise precaution. And of course, learning from others mistake, is the wisest thing to do. Deriving caution from others mistake, and inspiration and courage from others success, is what an entrepreneur needs to learn and do.


Gud one!
Surender | Fri Aug 17 12:20:31 2012
nice lines for those who are developing and one should not make mistakes at this stages. its a real world


NEEDED INSIGHT
Amit Kumar Prasad | Fri Aug 17 04:31:05 2012
Motivational article though general ; it still makes its point. Thanks.


Very motivational one
Aditya 9886219169 | Thu Aug 16 05:41:23 2012
The article is very motivational one. It shows that success doesn't come at one click. It takes many failures to reach the success. I would like you to to post more such articles with some live instances which would really put more weight to the same. thanks


How failure leads to Success
Amit Sinha | Thu Aug 16 04:49:41 2012
Sir, The article is good but could have been better had it been supported with real time examples e.g. 1.SMEs survive in situations when credit is extended to buyers whose credibility are uncertain and would not have enough buyers on CAD. 2.SMSs facing shortage of manpower on seasonal basis , power shortage with diesel generator increasing the energy bill three folds again on seasonal basis, erratic fluctuation in raw material cost upsetting costing. Provisioning all factors makes the product uncompetitive. 3. One man show often leading to in correct decisions as it is human physiology to consider himself the perfect man & forgetting the old saying the two heads are better than one head. I can enumerate several such situations but you need to provider solutions to such complex real time situations which will make the article reading more interesting Thanks & regards, Amit Sinha 9910394162


Timely guidance
Shivanand Bhat. | Thu Aug 16 04:35:43 2012
Timely guidance to the small business units in this recession period.


Simple formula.
Jitendra | Thu Aug 16 02:31:38 2012
Keep your Mind OPEN.Learn from Failures(of others and OWN)--what Not to Do ! And Learn from Success (of others and Own) --What should be done !


Why Not
Daniel Turgeon | Wed Aug 15 19:58:58 2012
Very well construed article that leads to rejovinated to us how just won't except no to failure. There is a proverb that goes "Show me a good loser and i will show you a loser". For me just testing the waters. Although this might not be like by editor but i plan on doing reverses engineering on list of my potential customers based on what they manufacture. I sell electronics, switches, passives. so look at list of potential users. Most be noted their are many layers in India, but through proper research the "real" manufactures would be found. Good luck to all, Daniel Turgeon


indian conditions for failed companies
Narinder kohli | Wed Aug 15 13:51:57 2012
Yes what u r saying can be true but the circumstances for sme's in India are not favourable and dont give a chance to survive or come back after mistakes.We have gone through a lot and can be of help to small and medium enterprises after becoming sick or in financial mess.There is no consultancy fees this i am doing for my self satisfaction and trying to help as i have seen the worst in the last two years and i am still fighting to revive our company after facing the total downfall.


WHAT AN ADVICE!!!
FELIX | Wed Aug 15 12:17:24 2012
A VERY GOOD ADMONITION


If you try and fail, make another effort, and still another, until you succeed.
Klaidi Kadriu | Wed Aug 15 11:58:14 2012
All impulses of thought have a tendency to clothe themselves in their physical equivalent. This statement is as true as the statement that two and two are four! If you think you are beaten, you are, If you think you dare not, you don't, If you like to win, but you think you can't, It's most certain you won't. If you think you'll lose, you're lost, For out of the world we find, Success begins with a persons will- It's all in the state of mind. If you think you are outclasses, you are, You've got to think high to raise. You've got to be sure of yourself before You can win the prize. Life's battles don't always go To the stronger or faster man But sooner or later the one who wins Is the one WHO THINKS HE CAN! Klaidi Kadriu Klaidit@me.com


failleirs
George | Wed Aug 15 10:54:49 2012
This is a true as i am a living example,i had once failed, accepted it and now am one of the most successful businessmen in Kenya.thanks for reminding me Mr. CEO


Learn from the UK and US
Clive Taylor-Haasz (CH) | Wed Aug 15 10:25:23 2012
A very well written article. With many individuals and companies purely benefiting from the rise in market forces, to a point of success, not knowing how they arrived there, having not experienced failure. This is what you will now see in particular in the UK and parts of Europe and US. Where speculation based on the property bubble and market movement has taken place. Empowering speculators who in some cases can not even string a sentence together. Earning respect for what they have, not their intelligence or ability as true entrepreneurs.


learn from our own mistakes
ZAK | Wed Aug 15 06:57:58 2012
This is the great article ----we have to explain this article for our new genaration from the starting of their career----yes we are also agreeing that we have to learn from ourselves till our last breath.


how failure leads to success
ravindran | Wed Aug 15 05:38:49 2012
it is true that many do not admit the failure.should admit failure and look for corrective action rather than repeating


SME -FAILURE LEADS TO SUCESS
ramesh | Wed Aug 15 04:44:09 2012
i totally agree with the above mentioned statemnet . through mistakes only we learn."to error is human to rectify is divine "is what should be concept of each individual mind set.we have to accept mistakes gracefull and correct our selves and move ahead to reach the target. my query is a platform for SME to share their xepeerince is mssing in this country .as internationally sme are respected as they have treaded a hard path to reach their goals. why not we share our experinces in open forum for smes which the federation has to give us an opportunity to get exposed to all .


We can over come the failure
Abhijit Guha | Wed Aug 15 04:29:55 2012
It is our stickability, dedication and pin point focus on our Long standing goal-- had it been business or any other targetted job--we can overcome the failure. We do anything first time --either we succeed or we fail-- but we did the job - majority of ours we have a fear to carry out the job thinking that we might fail-- rather we should go on forward-- a failure teach us how to not do the job-- our whole life is a learing period-- if we have the stickability the loss is compensated 100% and we ultimately become satisfied & happy.


learn from others
Rajesh kumar (deetel) | Wed Aug 15 01:05:44 2012
yes, its very trye that a startup or a small enterpreneurship never bears the losses of failure. small businesses will have to takeaway from other's failure.


good thought on the day of independence
Dr.Shyamala Vijaysiva | Wed Aug 15 00:02:44 2012
Hi I am Dr.Shyamala. Thanks very much for this excellent message. You are absolutely correct, definitely i will accept my mistakes in cases of failures and try learn from that failure. Keep posted articles like this. with regards


EVERYONE KNOWS THIS BUT A FEW BOUNCE BACK AFTER REALISATION
SUPRIYO DEBNATH | Tue Aug 14 17:41:44 2012
SIMPLE BUT TRUE FOR ME. NORMAL HUMAN BEING MAKES MISTAKE SEVERAL TIMES REPEATEDLY - BE MORE SENSITIVE, MAKE SELF ANALYSIS, TAKE SUGGESTIONS.


failure
Mike Woods | Tue Aug 14 15:20:17 2012
I believe it was Thomas Edison, the inventor of the long lasting light bulb, who when challenged that he failed over 800 times to find an element that worked - he replied: "No I have found 800 elements that don't work. After about 1000 attempts he found success. I think we can all draw a lesson from this.


 
  Customs Exchange Rates
Currency Import Export
US Dollar
62.30
61.30
UK Pound
101.25
99.00
Euro
79.00
77.10
Japanese Yen 56.90 55.55
As on 22 Oct, 2014
  Daily Poll
Will PM's 'Come and make in India' mantra spur economic growth?
 Yes
 No
 Can't say
  Commented Stories
» Making Indian MSMEs globally competitive(12)
» Starting an import export business: Basic guide for beginners(7)
» PM's 'Mann Ki Baat': Govt may ease MSME registration process(7)
» Late payment: RBI move not enough for SMEs(5)
» Mistakes that can derail your business(3)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter