The path of an Entrepreneur is never an easy one. You need to be creative, bold and humble but above all; you need that special sauce, Resilience. You are on a mission to build something the world has never seen before; you will be confronted by numerous errors and negative feedback and you will need to make thousands of corrections. How do you deal with that? Do you get energised by the new wisdom from failures or do you simply throw in the towel because it is not working out?
Thomas Edison said, “I have not failed; I have just found ten thousand ways that won’t work.”
Study Shows that Resilience is the Key
These are the people who make it. It is not that these people do not face failures; it is how they integrate these experiences into their lives that make them better! As what founder of Virgin Group, Richard Branson might say
“You don’t learn to walk by following rules, you learn by doing and falling over”.
Embrace wisdom from the pains of failures and cultivate courage from fear.
Failure is the Mother of Success
Selling more than 500 million copies worldwide and translated into 73 languages, Harry Potter is the best-selling book series in history. It was not all smooth sailing for the author-entrepreneur. She was rejected by 12 publishers before the first instalment was accepted by Bloomsbury. At the time of writing Harry Potter, she was at the “rock bottom” of her life, where she saw the death of her mother, divorced her husband and lived in poverty.
Rather than succumbing to distress from these events, her life experiences became the inspiration for her novels. Today, not only has she progressed from “rags to riches”, she is also named the “Most influential Woman in Britain” and supports charities such as One Parent Families, Multiple Sclerosis Society of Great Britain and more.
“I was set free, because my greatest fear had already been realised, and I was still alive, and I still had a daughter whom I adored, and I had an old typewriter and a big idea. And so rock bottom became the solid foundation on which I rebuilt my life.” –-J.K. Rowling
Patrick Grove, co-founder and chief executive officer of Catcha Group, learnt his lessons from the “school of hard knocks”. In 1999, the group, with a portfolio of online assets, planned to be listed on the Singapore Exchange. However, the Nasdaq crash burst the dot com bubble, leaving the group in debts and on the brink of bankruptcy. With a strategy to reduce costs and diversify, Grove persevered and rebuilt the business.
Today, Catch Group is Southeast Asia’s leading Internet company, owning and operating sites such as Iproperty group, Rev asia, icar Asia, iflix and Frontier Digital Ventures, with presence within the region.
“I learnt the value of persistence… because we were humbled early on, we don’t forget that,” — Patrick Grove
Resilience may not be inborn to some people, it certainly can be developed. Start by being mindful of your own needs and feelings and engage in activities or exercise to keep your mind and body fit. Only then will you be able to deal with the never-ending challenges in business.
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” — Steve Jobs
Know of other secret ingredients to Entrepreneurial Success? Share them in the comment box below.