06/05/2021

Want to be an Entrepreneur Why you Need to Prepare to Fail

Scared of failure? If you’re an ambitious business entrepreneur with big ideas, you shouldn’t be. Here’s why…

Failing at something can be detrimental to confidence, especially for those who thrive off victory. But for every business entrepreneur, failure and success are linked, and it’s not possible to have one without the other.

Why do businesses fail and bounce back? Because of resilience, and also because of lessons learned. Here are all the reasons you shouldn’t shy away from failure:

Because it’s inevitable

The simplest answer is that failing happens to everyone. It’s a fact of life, and it’s statistically impossible to never mess up. Humans are wired to make mistakes, but it’s how to learn from them that counts.

Accepting that you aren’t going to excel at absolutely everything you do, every project or every skill is the first step to being prepared. This is the best frame of mind to ensure you bounce back.

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Because it’s an opportunity

When you hit a wall or things don’t go to plan, this is often seen as a challenge, not an opportunity. But it can also be the latter, as long as you embrace what’s happening. Turn mistakes into learnings, wrong paths into research, and wasted time into renewed determination.

At the very least, use failure as a chance to build your business buoyancy and agility, and respond in a timely way to correct the problem.

Because it makes you better next time

According to research, 60% of new businesses fail in the first three years. Those are scary figures, so why do businesses fail so often? Reasons include lack of business plan, lack of funding and lack of data.

A business entrepreneur can have world-changing ideas, but poor planning. The MSc Entrepreneurship and Innovation course at the University of Bolton is a great programme for those who want to enter the market with all the right skills.

Our programme also teaches students to deal with failure in a constructive way, so you can do better the next time around. 

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Because it makes you stronger

Confidence is key when it comes to running your own business, and being a true entrepreneur requires a great strength of mind. You need to be able to stand tall even when things are not on an upward trajectory.

Painful failures can be what gives you fight, and what inspires you to work even harder. All of this is good practice for becoming a strong leader.

Because it keeps you grounded

Ever heard the term “mad with power”? It’s often been used to describe dictators throughout history, but it can happen to many CEOs and business leaders. As a business entrepreneur, you have to be a great leader, but that means knowing your own faults and listening to others.

Failing at something helps you stay humble and grounded, and that is key to becoming the best kind of leader.

Always remember the quote by Socrates: “The only true wisdom is knowing that you know nothing”. Strive to be the best, but always know you could be better. Commit yourself to lifelong learning, and always find ways to improve what you’re doing.

 

Does the entrepreneur life sound like it’s for you? Our MSc Entrepreneurship and Innovation programme is designed to help you prevent start-up failure by preparing you for running a business. But it also embraces failure and teaches you to learn from your mistakes.

Find out more about applying in September 2021 by visiting the course page.

If you have further questions, please don’t hesitate to get in touch on +44 (0)1204 903 394 or admissions@bolton.ac.uk.

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