Principles of Entrepreneurship Preparation

Principles of Failure

Wisdom for Today

  • Business statistics that, on average, entrepreneurs fail between five and seven times in business before they stumble into ventures that ultimately lead them to success.  Failure is an integral part of the process of becoming successful. You cannot achieve true success until you have experienced some level of failure.  Fortunately, each failure provides an opportunity for you to learn more about your character insufficiencies, strategic and tactical flaws, and adequacy of work execution. Once the weaknesses are identified, the plan to remedy the situation can be put in motion.
  • Failure makes successes more enjoyable. Tasting the embarrassment and pain of failure makes the sunshine of success brighter
  • When faced with failure, as all successful entrepreneurs ultimately are, you must decide whether to allow the failure to destroy you or use it instead to motivate and empower. Remember that failure is neutral. It can be your best friends or your worst enemy. Which companion do you want it to be?

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

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