Interviewer: Shyam, I have heard6that entrepreneurs are great risk-takers who are never afraid of failing. Is this true?
Shyam: Ha ha, no of course it's not true! Most people believe that entrepreneurs need to be fearlessly enthusiastic. But the truth is, fear is a very normal and valid human reaction, especially when you are planning to star your own business! In fact, my biggest fear was the fear of failing. The reality is, entrepreneurs fail as much as they succeed. The trick is to not allow the fear of failing to step you from going ahead with your plans. Remember, failures are lessons for future success!
Interviwer: What, according to you, is the reason that entrepreneurs fail?
Shyam: Well, there is no one single reason why entrepreneurs fail. An entrepreneur can fail due to nervous reason. You could fail because you have allowed your fear of failure to defeat you. You could fail becaus4 you are unwilling to delegate (distribute) work. As the saying goes, "You can do anything, but not everything!" You could fail because you have up too easily - maybe you were not persistent enough. You could fail be cause you were focusing your enemy on small, insinificant tasks and ignoring the tasks that were most important. Other reason for failing are partnering with the wrong people, not being able to sell your product to the right customers at the right time at the right price... and many more reasons!
Intreviewer: As an entrepreneur, how do you feel failure should be looked at?
Shyam : I believe we should all look at failure as an asset, rather a than assembler something negative. The way I see it, if you have an idea, you should try to make it work, even if there is a chance that you will fail. That's because not trying is failure right there, anyway! And failure is not the worst thing that can happen. I think having regrets because of not trying, and wondering "what if" is far worse than trying and actually failing.
Interviewer: How did you feel when you failed for the first time?
Shyam: I was completely heartbroken! It was a very painful experience. But the good news is, you do recover from the failure. And with every subsequent failure, the recovery process gets a lot easier. That's becous3 you start to see each failure more as a lesson that will eventually help you succeed, rather than as an obstacle that you cannot overcome. You will start to realize that failure has many benefits.
Interviewer: Can you tell us about some of the benefits of failing?
Shyam: One of the benefits that I have experienced personally from failing is that the failure made me see things in a new light. It gave me answers that I didn't have before. Failure can make you a pot stronger. It also helps keep your ego in control.
Interviewer: What advice would you give entrepreneurs who are about to start their own enterprises?
Shyam: I would tell them to do their research and ensure that their product is something that is actually wanted by customers. I'd tell them that it's very important to be aggressive - push and marked your product as aggressively as possible. I would warn them that starting an enterprise is very expensive and that they should be prepared for a situation where they run out of money. I would tell them to create long term goals and put a plan in action to achieve that goal. I would tell them to build a product that is truly unique. By very careful and ensure that you are not copying another start-up. Lastly, I'd tell them it's very important that they find the right investors.
Interviewer: That's some really helpful advice, Shyam! I'm sure this will help all entrepreneurs to be more prepared before they begin their journey! Thank you for all your insight!
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