How a failed business can help you? A business can fail or thrive successfully depending on how it is being managed. A few factors that make up a successful business includes such as the financial management, business management as well as providing great services. However, once these factors are neglected, the business is most likely to fail.
How It Helps You
Despite the failure of the startup business, the business owners will leave their startup with experience. This experience can help these failed business owners land a job of a higher seniority unlike their peers. According to the research done by Paul Gompers of Harvard Business School, these entrepreneurs can get a job that are about 3 years senior than their peers. The reason being companies highly value the experience of entrepreneurs who had their hands in managing operations, marketing, finance and etc. The industry rewards them with high seniority and high prestige positions despite the fact that they have failed in their startup business. This shows how high of a value experience has within the industry.
Since failure is considered a stigma, people are more afraid in taking risks. This will hold back a lot of potential a lot of people have. However, the fear behind failure is understandable. There are a few factors that lies behind our fear of failure, maybe its our upbringing or its because we have been traumatized by failure. One very important thing to remember about failure is that it teaches us. Failing will teach you what needs to be done, what can be done and what cannot be done. These valuable lessons taught by failure can be applied in future ventures, which can help you a lot. Not only that, entrepreneurs w ho have experienced failure tend to be more resilient. They will be more equipped with the abilities to handle challenges well. This shows that a failed business can help you with your future ventures.
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