Today’s investors are always reluctant to invest their money in entrepreneurs or business venture that hasn’t tasted failure. Their belief is fueled by the fact that failure humbles and makes one less susceptible to make the same mistake twice. I totally agree with the fact that we tend to learn from our mistakes and experiences, but then, it’s worthwhile and better to learn from other people’s mistakes and experiences.
I personally don’t believe we need to make a number of failures before launching a successful venture. Quite honestly, I have seen entrepreneurs launch a successful business venture without prior mistakes. However, if you are part of the people who believe in learning from your mistakes, here is how you go about putting failure on your portfolio:
Start your venture for the sole purpose of making money
Successful entrepreneurs are guided by business goals that go beyond making a profit, they are propelled by the need to solve people’s problem, engage in businesses they love, spot opportunities where others don’t see one and do things that aid the lives of humanity. On the contrary, if your desire is to learn from your mistake or start a venture that’s definitely going to collapse, then you must learn to build your business for the sole purpose of making money, this is because building a company on this premise will ruin any venture.
Launch your venture in an area you don’t understand
Starting a business in an area you have absolutely no knowledge or understanding about is a guaranteed way to end any business venture. This is because such business is launched on a trial and error basis; the business will end up wasting your time and burning your resources. Successful entrepreneurs do the opposite; they have a clear understanding of the industry how it operates, other times, they may have worked in such industry to gain experience on what customers need. Hence, they launch their business on the strength of their findings.
Launch an idea, not a true business opportunity
People have often confused ideas and true business opportunities. An idea is something you come up with either by imagination, surfing the internet or hanging out with friends. Ideas in themselves are not bad, but then launching an idea rather than a business opportunity will increase your odds of failure. Launching a true business opportunity lies in your ability to weigh: the importance of the business, your experience in that area, adequate resources and market for your products.
Don’t launch until you raise significant funding
Successful entrepreneurs have realized that capital is necessary for establishing their venture but nonetheless, they never wait to have significant capital to before launching their startup. Because of their resourcefulness, they take every business decision one at a time. However, other entrepreneurs who are bent on launching a business that will fail, naturally tend to wait to have a perfect business plan, raise sufficient money to rent an office, money to pay staff and settle other logistics, this might sound attractive, however the end is doomed, because those entrepreneurs have failed to understand the market and how it operates.
Don’t build a brain trust of mentors and advisers
Successful entrepreneurs know the values of mentors and advisers, and how their guidance, advice, and support has made their business a success story. However, if you have resolved to start a business that will surely fail, do the exact opposite of what successful entrepreneurs do. Never share your idea with anyone, make the business about you, and avoid excellent advice from your team and mentors.