Failure is an Investment
1) Failure can’t be avoided, so think of Failure as a key investment
2)!The majority of successful businesspeople attribute their success to their ability to persevere even after failures
3) The best example is to stay invested after a correction
4) To book a loss and redirect investments
5) To invest in business processes, team and technology are all notional losses
6) Without these Notional Losses there can’t be any compounded success
7) Every business an entrepreneur attempts does not turn into Gold. He has no Midas touch.
8) 3 to 4 ventures cave in and only those with staying power and self conviction realize compounding
9) True Entrepreneurs recognize that even if their business eventually fails, they’ll be in a better position with the gained experience which would assist them in their subsequent endeavors
10) In a sense they have crazy conviction in themselves and clarity about what they are up to that sets them apart
11) We hear so many people say, “good people are not available to hire, customers are getting super demanding”
12) Some have creative excuses such as, “their problem is restricted to their city or town and their city or town is not conducive to doing business or they do not find good employees in their city/town or that customers are a bigger pain in their city / towns. Haven’t you heard of this excuse???
13) What they seem to forget is today the world is your oyster. Work from anywhere and do business anywhere
14) These are excuses at the best because while you may discover or invent excuses, someone else is marching ahead
15) Because they have no fear of failure and see failure like an Event to Rebalance business forces like one would rebalance his or her portfolio
16) In the real world, a single failure doesn’t always mean the end of the road.
17) Take Sergio Zyman, a marketing executive for Coca-Cola in the 1980s.
18) When Zyman launched the new Diet Coke range, it was hugely popular but subsequently his New Coke was a monumental disaster that cost the Company $100 million and Zyman his job
19) To recover from this blow, Coca-Cola reintroduced their flagship drink under a new name: Coca-Cola Classic and this move turned out to be a super success for the company
20) In 1993, Coca-Cola chairman Roberto Goizueta did a very unexpected thing
21) He rehired Zyman, acknowledging that daring thinkers can’t be right every time.
22) Even a massive loss of $100 million could not deter Roberto Goizueta from not rehiring Zyman
23) This alone speaks volumes about the need to experiment and accept failures as an integral part of business journey
24) If people are insecure they won’t try new stuff and if you do not try new stuff in the current ecosystem, then you can forever be transformed into a relic and remain irrelevant and live in oblivion
25) Take your chances because compounding comes after a few bouts of volatility
I rest my case