Topic 1: Turning Failure into Success
Having analysed failure, it is now time to address how it can be converted into success. This Topic will address the question of how failure can be turned into a step toward success. It is important to note that failure and success are very much related, so the previous Topic will offer the basis for the analysis of this one. As seen, failure is a complex topic, with a lot of varied interpretations and complex outcomes. At the same time, failed experiences do not necessarily bring positive learning experiences. The same thing applies to success: Failure does not necessarily bring success. Yet, failure can trigger success. Before delving into this, it is important to know what exactly success is.
This is a rather difficult and grey area. This is because success is a rather subjective term. While failure is easier to identify, success depends very much on the perception of the individual and their surroundings. What is commonly perceived as a trait of success could easily be capital revenues, obtaining large sums of money from the entrepreneurial activity. In the end, money creates time and autonomy. In other words, success could be measured based on the degree the individual can detach themselves from the entrepreneurial activity, thanks to the entrepreneurial activity (Forbes, 2023). However, success does not depend merely on income. A successful entrepreneur could be one who, while not enjoining large amounts of capital, has a job that fulfills them, developing a sense of belonging, ownership, and love towards their company (Maehr & Sjogren, 1971). Other perceptions of success might also regard the recognition and influence the entrepreneur has over their community/network, regardless of their revenues or their feelings towards the enterprise (McGahan & Porter, 1997).
Out of all these considerations, the most basic definition would regard that success equals the survival of the company (Chaves-Maza & Fedriani, 2022).
EH Consortium, created on Canva – Information retrieved from: J. Rizvi. Elevating entrepreneurial Success: Understanding the 7 key states. Forbes, December 2023
M.L Maehr, D.D Sjogren (1971) Atkinson’s theory of achievement motivation: First step toward a theory of academic motivation? Review of Educational Research, 41(2)
M McGahan, M.E Porter (1997) How much does industry matter, really? Strategic Management Journal, 18
M. Chaves-Maza, E.M Fedriani (2022) Defining entrepreneurial success to improve services: a study with a comprenhensive database from Andalusia, Journal of innovation and Entrepreneurship, 11 (2)
Turning failure into success depends very much is the process through which a failed venture provides the necessary insights for developing a successful one. If we wish to do so, it is important to bear these 4 main prompts in mind:
- Be able to interpret and face reality: When facing failure, it is important to differentiate between past, present, and future. The interpretation of reality can only be possible if the individual does not mix past events with future expectations. Having a clear vision of the present can help us deal with failure to turn it into success.
- For example, when the entrepreneur fails to secure a certain level of funding, they may get caught up in questions like ‘Why did I not get the funding’? or ‘How am I going to obtain funding now?’ (mixing past and future), instead of thinking of ‘How could I do it without funding?’ (facing the reality: they do not have funding in the present time). Facing the reality as it is may prompt asking other questions that could unblock the situation and lead to different solutions, which may turn out to be successful.
- Be sure you have the necessary external resources: Society has reinforced the image of the entrepreneur as an independent, autonomous individual. This idea is often self-reinforced by the entrepreneur’s activity itself, since the entrepreneur is normally both the boss and the employee at the same time (Botaina, Aza & Huertas, 2020). However, success rarely happens because of one single individual; rather, the support of other actors is necessary. The failed entrepreneur needs external support to be successful. This support mostly comes from people (mentors, family, friends, role models etc.) who may offer emotional and/or practical support. Yet, the individual may also seek this support from institutions that offer information, new financial opportunities, and general practical support.
- Develop comfort with uncertainty. This is one of the key traits of successful entrepreneurs (Khosla & Gupta, 2017). Entrepreneurship is a very unstable field, in which everything can change in very little time. This is because it is influenced by a lot of interconnected different factors. If one of these factors fails, the rest may do so, as well. For that reason, the successful entrepreneur is one that best adapts to the situation, and assumes the malleable nature of their job while not knowing what could happen the day after.
