Failure and Success : Two sides of the same coin
Fail Fast, Excellently !!!
जिन खोजा तिन पाइयाँ,
गहरे पानी पैठ
जो बौरा डूबन डरा, रहा किनारे बैठ
Success may be considered as the result of hard work, but for me success is all about learning from our failures. I did not land on success all of a sudden. Like all other successful entrepreneurs and businessmen, I travelled a path, full of many failures to reach at this point from where I can taste success. The teachings learnt from the failures I faced, has made me what I am today.
My first encounter with failure was when I first setup IT services, “Euphoria”. At that time, I was in Bangalore and had lost my first job in 2001 with dot com bubble bust. I started it in collaboration with my childhood friend. We tried to bring other three people affected by dot com bubble bust with us on this new venture. As it was our first company we were on cloud nine. We made plans on paper, worked hard to get our company registered. We seriously hoped that people will become interested in getting websites and portals designed. Alas! All our hard work went in vain and we never got any paying customers. My first company, “Euphoria” lasted only four months before I moved to Noida to take up a new job. I was disheartened but not broken by my first failure.
After a few years I again started dreaming and planning for another company. In 2004, I started IT services Pvt Ltd. This time I had experience from my previous failure, four years of corporate experience and a co-founder who was also my batch-mate. Unlike last time, we got two paying customers. With a new confidence we set our office and LAN up. We also hired engineers and went on to full-fledged action mode.
With less work and too much overhead expense, we soon ran out of cash. It was the year of 2009, when I finally had to take a bitter decision of closing my second venture down. Once again failure struck me. This time I moved to US for pursuing my “America Returned” dreams. As after my US stints, I changed my job to shift from Noida to Pune. From my failed attempts I understood two important things. Firstly, to start anything one must lay down a solid foundation of deep RPK (Ruchi, Prakriti, Kshamta) / IPC (Interest, Propensity, Capability) assessments for self and co-founders. Secondly, when and if we do fail, then we must quickly correct the course and avoid falling in the same trap of mistakes again and again.
Today I am doing well with my third and current entrepreneurial stint. It is all because of my previous two failures and my ability to persist on it despite all odds.
There is a list of advice that I would like to share with all my fellow entrepreneurs. Firstly, one must always follow the DAD approach that is, discuss, agree, and document. It is so because what is not written down on the paper is neither said nor discussed. This approach is a must while dealing with the stakeholders to avoid surprises in the later stage. Secondly, if there is something already existing, don’t hesitate in adopting it with due credits. Like paraphrased earlier, “fail fast, excellently” along with a professional colleague of mine with whom I shared dais to deliver “Failure and Success: Two sides of the same coin” speech at a management institute around a year ago.
I would like to conclude with a word of advice to everyone, through a very pertinent Hindi poem:
Jin khoja tin paaiyan, gahare paani paith
Main mudha boodan dara, raha kinaare baith
The above lines mean that my quest for life is answered by taking a serious deep plunge into it; how foolish it was on me that I wasted so much time sitting on the fence and not taking the plunge earlier. So, my friends go ahead and take your entrepreneurial plunge today and “Fail Fast, Excellently” to have your rendezvous with success often and faster, by not repeating the same mistakes all over again.
Experience Contributed By :
Mr. Sudhir Singh
A serial entreprenuer, speaker & a life coach, a BITS pass-out & an IIM Ahemadabad alumni. He is currently co-founder of BizSteet.biz/GSTStreet and an avid follower of “Srimad Bhagavat Gita” which forms the basis of his coaching sessions.