Most painful business failure personally experienced

In your journey as an entrepreneur, logically, you are more likely to experience more failure than success. When you fall, get up, and carry on. Never give up.

By Valden Findlay

Lusaka, July 27 – Learning how to fail is one of the most important lessons an entrepreneur must master. The true cheat code to success is; when you fall, get up, dust yourself, blow your nose, and carry on. Never give up.

This is because in your journey as an entrepreneur, logically, you are more likely to experience more failures than successes. Out of 10 businesses, you’ll attempt, only 1 to 3 will ever be successful.

This is not due to your inadequacies so don’t blame yourself too much. Just try again. A true entrepreneur jumps from one failure to another attempt without any loss in enthusiasm.

Personally, not every business venture that I undertook led me to success. There have been many failures along the way. Yet, I feel it is those failures that have been most instrumental in shaping who I am today.

For it is through pain that I have been able to learn empathy, humility and perseverance. Three of my greatest driving values.

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One of my most character-shaping failures came in 1997. I remember investing heavily in a Mahindra vehicle dealership. I had projected great success from high sales due to the high demand at the time as I had witnessed in India.

Unfortunately, breaking a new product into the market required more than I could offer alone. If the manufacturers do not back you well, it is very difficult for an individual to market the product adequately.

I miscalculated the expense associated with brand awareness, marketing and the time required to generate organic demand. In no time, I realized that I bit off more than I could chew; while market awareness took its sweet time, the daily expenses of running the business had to be met with no income being generated from sales.

The whole investment turned into a nightmare. I had many sleepless nights and high blood pressure. I had a home to keep, a family to fend for and school fees to pay.

The business was not successful, the vision collapsed, and reality sunk in. Critical decisions had to be made, cut your losses and close up, or invest more and continue the nightmare.

As painful as it was, I decided to pull the trigger and gave up the business.

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Today, Mahindra dealerships are one of the most successful companies. On one hand, with the benefit of hindsight, I reckon I could have probably allowed myself to hold on a little longer and maybe things would have worked out for me.

On the other hand, with the wisdom I have acquired over the years, it is clear that the business was just not meant for me at the time – I did everything I could right. But I still failed. At that particular moment, not even my best was good enough.

This is a reality in business. You have to learn that it is okay. Just keep on trying. Fall seven times, get up the eighth time. One day, one thing will work out for you. Trust me.

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