Skip to main content

Why should Startups look at unsuccessful entrepreneurs as business mentors?



Entrepreneurs, particularly startup entrepreneurs are risk takers. We do not conform to the norms of safe play but are always on the lookout to push the boundary of trade and commerce to develop new opportunities and markets sometimes even where none exist.



We know that failure is the stepping stone to success and are not deterred by our own failures but press on towards our goal with single minded determination and take the help of people who have got the experience and calibre to help us.

So why is it that we do not even think of taking the help of people who have done it and seen it all but were unable to achieve their goal. Yes we are talking about unsuccessful entrepreneurs!

Anyone who embarks on the entrepreneurial journey dreams of his startup achieving great heights in the days to come but the unsavoury reality is that 90% of startups in India fail within the first 5 years.

They fail not because of want of dedication, effort or enthusiasm but despite that due to common mistakes that have been repeated in the past by similarly dedicated entrepreneurs.  So wouldn’t it be prudent to learn from their mistakes and take steps to avoid them so that you do not meet the same fate? 

Why is it that as entrepreneurs we look up to successful entrepreneurs like Mark Zuckerberg,  Narayan Murthy, Bill Gates etc and read about them in the media to take inspiration.  Instead of reading about how to build a successful enterprise why don’t we work with those entrepreneurs who have tried but unsuccessful to make a mark for themselves?  




It would be prudent to take the help of these entrepreneurs either by making them your mentor or giving them a suitable role in your startup as a consultant, partner or even an employee. This one step can open many doors for you. 

It is said that a successful entrepreneur is one who has let go of his ego. No doubt he is confident of his own abilities and while confidence is good for an entrepreneur ego is definitely not.  It comes into play when you think you are the best and the smartest. A successful entrepreneur realizes that he is not the smartest and neither is he smart in every field related to his/her business. So make a bold move and engage with a unsuccessful entrepreneur in any capacity that you like and get firsthand experience of what to do, when to do, how to do and what not to do by your side.

In fact, a unsuccessful entrepreneur can be a big asset for your startup as he can act as a warning beacon against mistakes. He can seize the situation perfectly and tell you about the potential benefits and pitfalls of following a particular strategy. He can tell you where he went wrong in picking teams, spending money, delegating authority, marketing of his product/service etc and thus guide you on the proper path.

There is a tendency to treat such entrepreneurs as failures but in fact, unsuccessful entrepreneurs are an invaluable source of practical experience that can be channelized for the greater benefit of your business.

Media is full of success stories and naturally so but there is an urgent need for entrepreneurs to take a hard look beyond the headlines and dive deep into the failures of entrepreneurs. This way you make someone else’s failure your stepping stone to success and you need not face the same trials and tribulations that they faced and can hope for a far smoother entrepreneurial journey.

Comments

  1. Nice post.Thanks for sharing this article with us.Keep posting!!!
    Placement consultancy in chennai

    ReplyDelete
  2. Social media is a quick and easy way to build the relationship with customers. Nowadays 63% of consumers who search for businesses in social media. They can connect with you through social media. Build a connection with customers, its a very important thing for every business. Check out below to know how to build a good connection with customers. Best Social Media Marketing Tips

    ReplyDelete
  3. Amazing post.Nice work.Keep up the good work.
    internet marketing

    ReplyDelete
  4. This technical post helps me to improve my skills set, thanks for this wonder article I expect your upcoming blog, so keep sharing.

    Job consultancy in chennai
    | Recruitment consultancy in chennai
    | Best job consultant in chennai contact number

    ReplyDelete
  5. Nice article you have shared over here... thanks for sharing this informative content.
    best seo guide in chennai

    ReplyDelete
  6. Nice article you have shared over here... thanks for sharing this informative content.
    best seo guide in chennai

    ReplyDelete

Post a Comment

Popular posts from this blog

How can an entrepreneur enter a saturated market?

Marketers react to a saturated market in different ways. Many are discouraged by the very thought of entering a saturated market, others find it tough to survive in such market yet there are other entrepreneurs who not only survive but grow in a saturated market. Then there are those who are at the start of their business journey but are unfazed by a market filled with potential competitors and carve out a niche for themselves in this very market.
So what is the secret of winning business in a saturated market?




A saturated market is, in fact, a thriving market with tremendous demand and hence offers a great opportunity for growth. Thus entrepreneurs need not be intimidated by a saturated market. Instead, they should see it as an opportunity to tap into the tremendous demand that is the hallmark of such a market.
According to Seena Sharp the author of Competitive Intelligence Advantage, a saturated market is a sign that there is a lot of opportunity in the market. She is of the opinio…

EFFECTS OF MACHINE LEARNING & AI ON THE MARKETING STYLE AND THE ECONOMY AS A WHOLE

Our life has transformed as we transition from an analogue to a digital world. We are connected 24*7 through technology. Apart from connected devices, cloud computing and artificial intelligence (AI), our world seems digitized in more ways than one. Our workplace has transmuted due to the impact of digitization. The business planning cycles have shrunk from years to months and now weeks. The workplace has transformed into spending more time with laptops and gadgets rather than people working in the same office.


Business models are being disturbed. Technology like AI, data analytics and cloud computing are changing the way we think and respond to our customers. The response time has drastically reduced and the definition of competition has changed. What is impossible today becomes a reality tomorrow. Our customers and competitors are getting redefined after the revolutionary digitization.

The use of Artificial Intelligence was thought of as a marketing technology that only large business…

One of India’s Largest TPA works with Outsourced CMO to launch their new Health App

Outsourced CMO is growing up fast! Started as a one-man army and on a simple concept of shared resources, we are now gaining popularity not only amongst SMEs but some well-known and well-established businesses and are close to 10 people strong team. The latest addition to the list is the association of OCMO with Vidal Healthcare, one of India’s top TPA companies offering services to health insurance policy holders. The firm is now expanding its wings in app-only holistic healthcare service provider category. For the launch of this vital app, Vidal’s management wanted nothing but the best in industry. That’s where Outsourced CMO and his team of experienced and strong marketeers were approached to sense the waters and create unique go-to market strategies for the new app launch. Another strong reason that convinced Vidal management that OCMO is the right choice was, within the last 4 years of its existence, Outsourced CMO has been a strong part of more than 11 success stories and curren…