Are you thinking of throwing in the towel and going back to work for the man?
Hold onto that towel and dont make any irrational decisions about getting a real job until you finish reading this post. People just like you embark on a hopeful course of entrepreneurship but most of them stop at the first sign of failure. In fact, failure is an everyday occurrence to most successful entrepreneurs.Bloomberg Business notes that a third of all new ventures fold within the first two years and half within five. The outlet also says that failed entrepreneurs are more likely to success on their second try. Why? Because successful entrepreneurs never quit. Instead, they learn how to succeed by failing.
Here are a few examples of famous entrepreneurs overcoming failure to become extremely successful.
Did you know that Bill Gates introduced a really awful product?
No, not Microsoft. Before introducing Microsoft and assuming his position as world’s wealthiest guy, Gates had high hopes of processing and analyzing data from roadway traffic counters. The name of the company was Traf-O-Data. Gate’s partners hit the brakes on the traffic software before the project even got out of the garage.
While his first company was a lemon, Gates soon found fame and fortune as the head of the largest PC software company in the world.
Henry Ford was a car guy at heart. Despite founding two automotive companies, Ford was determined to become an automotive magnate.
Like many entrepreneurs, he burned through all the money from his first group of investors without ever producing a single car. He did eventually produce a vehicle and raised more money before creating Ford Motor Company that still exists today.
Ford once famously said, “Failure is simply the opportunity to begin again, this time more intelligently.”
Remember this entrepreneurial mantra: “The day I quit is the day before I succeed.” Read more…