Demystifying the failure of the entrepreneur

This text is published by the Tribune Diario de Sevilla and can be read in pdf here

Demystifying the failure of the entrepreneur

In this day and age is key to have a positive attitude towards error. In Mediterranean countries do not speak of failure, always tend to use the term "bad luck". The Anglo-Saxons the face of a more natural and certainly more practical.

If we venture to write a story of successful entrepreneurs, sure candidates would come up from under the rocks ready to tell his story. It is an attractive picture. If we wanted to do high-profile failures, we could hardly possible responses and personalities to participate in our history. The failure not only does not sell, is unpopular and no one wants to leave in that photo. Few curricula reflect unsuccessful experiences and that, in my opinion, is wrong.

In Spain, the failure is a stigma. If an entrepreneur is thrown into an adventure and this does not come to fruition, generally do not try again, I would even venture to say that is socially marked. It is a shame and a huge differentiating factor that characterizes our entrepreneurial class in comparison with other countries.

But there are many examples that show us that sequels were often good, Thomas Edison failed thousands of times before finding the ideal filament for his incandescent light bulb. Richard Brandson (Virgin founder) had two failed businesses before enjoying success. Even Google, the Internet giant has developed or purchased projects has had to close due to its low interest, or closer Telefónica and its failed social network Ketek.

All successful entrepreneurs have a "more or less, list of failures behind them. To be more talk about the successes and failures does not mean they do not exist, in fact, can not understand a brilliant career but is constructed from the point of inflection of one or more failures. The error is learned, success is enjoyed.

We are in a country where statistics indicate that on average, 80% of new projects fail within five years and 90% is less than 10 years. For entrepreneurs, the reasons for failure are not usually found outside their companies, is in and from within that we must analyze and identify the causes of failure and a large number, the main culprit is the ability of responsible management.

I remember a long meeting with a venture capital fund of Silicom Valley several years ago. I was very surprised when looking at an investment of several million dollars in an Internet project in Argentina, the one rejected by the less curious reason: the entrepreneur had not failed before. Caught my attention and I remember I wanted to dig into the topic. To my surprise, he responded naturally. "It's the best you can do the master entrepreneur profiles that we have lived, among other, s that experience and have learned from it. Sailing in calm seas is relatively simple, we want people who have sunk and at least once his own boat in a storm. That moment always comes, and if not already done so, could this be the occasion. To return to see us live and learn after that experience, give us more confidence. "

This episode left me thinking. In Spain nobody would have discussed in any case the profile of the entrepreneur since it constituted what we would not hesitate to call a successful career. The U.S. market saw incomplete and was based on the premise that "the failure ever arrives." The entrepreneur who lives over and over again successful initiatives is nothing more or less bright; is simply very lucky. No one guarantees that if problems crop up your intuition and luck to overcome moments of crisis.

All quite frequently receive invitations to participate in a seemingly safe business within a strongly growing sector with a target ready to purchase, but that is not enough and, does not serve as a starting point, aside from completely define and in depth the Business Plan, there are always variables to be studied in depth, fellow travelers, the time of launch, responsiveness and where we can reach failure. Being aware of our limitations, is the best way forward.

When an error is plugged, it inevitably resurfaces. The key is not only not hiding it, but to share the mistakes, analyze them and to build from them, live them as an experience more into the future of a project and, in any case, as something traumatic to be ashamed.

To err may be a good starting point to start building in the right direction.

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