Your business might fail if you concentrate on failures by others – While the implementation of statistics play an important role in a new business, if you focus on the number of times businesses have failed…
That new businesses end up failing quite often is no news.
While the implementation of statistics play an important role in a new business, if you focus on the number of times businesses have failed, your business might end up failing too.
Nope! Not a human psychology, but science.
Random people talk about where others failed and use it as an example for themselves to win over the hurdles.
A research performed on budding entrepreneurs who had their newly launched business in a critical stage, suggested that most of them talked about where they failed and how did they overcome the failures that struck other businesses.
When an athlete withdraws from the match before it even starts, because there’s a chance he might lose, you judge him/her as a loser.
Well, the same judgement is as much applicable on an entrepreneur who gives up on a small failure.
The unknown fact
While statistics give you a clear picture of how many businesses failed, why did they fail, and the primary cause of their failure, they mostly do not tell you about that what caused the business to lift up and create a big success in more time.
Entrepreneurs start their business because they have the passion to do something of their own.
No matter what keeps you driven- creativity, skill, talent or any other characteristic, if you have an exceptional trait, you’d never count the failures other businesses in the same category faced. You’d rather build something that’s different and unique in it’s own way. Learning from your own mistake in a good thing. Learning from others, however, is something that not everyone can do.
You are any day, a part of the statistics industry. However, being a part of successful ventures and failed ventures depends totally on you. Failure statistics develop insight into what other businesses failed at. What they don’t produce is what they succeeded at. Their success could be your failure or even your success. So, if you’re one of them who counts on failure statistics for the success of your venture, maybe you should think the other way round.