Understand success and failure

Learning Curve

Entrepreneurs who focus more on the success and determination to succeed would automatically reduce the risks of failure. Those who are more likely to fail are those thinking about failing.
Creating urgency, focus on skills, personal behaviours and mindset leads to learning and how to make better decisions for success.
Failure is a failure, whether internal or that being observed externally. One of the major internal cause of failure is poor management and externally occurs from the lack of engagement and sales.
Entrepreneurial skills of both forms of managerial skills are required, ignorance of this fact is no excuse!

Nobody wants to fail in anything……really… how is it that most would not put in the required efforts to succeed? Yes, the most common excuses for failure is often to protect one’s self-esteem and blame it on everything they can think of!

Academia is good, how much can we learn from it as a practical experience to learn what it is and how avoid failing? Feeling the urge to quote ukessays.com; there is no specific definition of failure. Every author that will be discussed in this essay has described failure using different parameters. Therefore, it is not possible to use a particular author’s definition because their work is based on their different definitions. To begin with, one of the widely accepted definitions of failure is “the termination of a business that has fallen short of its goals, thereby failing to satisfy principal shareholder expectations” (Beaver and Jennings, 1996 mentioned in Cope, 2011, pp 605). This differs from the definition of Cochran, 1981, mentioned in Cope (2011, pp 605 Carter and Evans 2012, pp 181) who suggests failure as “bankruptcy or liquidation as the loss of capital and an inability to make a go of it”. However, a similar view is shared by Shepherd (2003 pp. 318), who feels that “business failure occurs when a fall in revenues and/or a rise in expenses are of such that the firm becomes insolvent and is unable to attract new debt or equity funding; leading to the inability of operating under the current ownership and management”. Oxford dictionary defines typical as having the distinctive qualities or characteristics of a particular type of person or thing or informal showing the characteristics expected of or popularly associated with a particular person or thing. It is typically expected that entrepreneurs will learn from failure.

We all want to be and feel successful, on the opposite side to failure, what is success?
Success.com (by Alex Jasin, 2017)state the following; we chase money, fame, power, education, relationships and a thousand other things without ever stopping to ask one essential question: What, actually, is success? Few people pause to consider what it truly means to achieve success in their own lives. As Jim Rohn said, “If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.”

Further to this it is worth considering another point of view well written by Alex Jasin (2017) again from Success.com stating; before we can pursue success, we need to understand what success isn’t. If you spend just a few minutes on social media, you’ll realize how many people hold a very narrow definition of success. They think it’s about building wealth, having the perfect relationship, launching a billion-dollar business or amassing a large social media following. And a lot of times, they attach famous people to their image of success.

None of these things or people is wrong, but being like them doesn’t necessarily make you successful. Many people have fought and struggled to the top only to feel miserable and burned out once they get there. They’re unhappy because they pursued the wrong definition of success—one that didn’t match their values.

So, what can we learn from failure and the lesson of success? From me, Melvin Mayard it is clear, success comes with the mathematical formula of increasing the probability of chances. Focus on what you are trying to achieve, try and try again and again. Yes, you will miss many times over like Michael Jordon, the more shot the more misses and the more wining-shot. Like KFC Colonel Sanders he was rejected 1000 times before he got a yes. It’s the yes that counts, it’s the wining-shots that counts, ultimately, it’s the increasing probability of those yes and wins that totals to the chosen expectations that constitute one’s ideal of success.

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