What is Embracing the fear of failure in Entrepreneurship?

Assignment Task

This second lecture looks at the notion of failure within entrepreneurial activity, assesses types of failure that entrepreneurs might encounter and considers how successful entrepreneurs cope with failure, using a lack of success to motivate them towards future glory.

According to research undertaken by Shikhar Ghosh, a senior lecturer at Harvard Business School, around three-quarters of venture-backed firms in the US do not return investors’ capital, and therefore fail (Ghosh, 2012). Meanwhile, nine out of ten start-ups will fail and according to Bloomberg, eight out of ten0 entrepreneurs who start businesses fail within the first 18 months (Wagner, 2013).

You are going to fail at some point - that’s the reality of entrepreneurship, says Jonathan Long, the Founder of Uber Brands (2017). If you go through life thinking that you won’t fail, then it will only hit you twice as hard when you do. If you know failure can be lurking around every corner, though, you can respond more quickly when it happens and make adjustments to correct the problem. If you think failure isn’t a possibility, it will take you much longer to respond and adjust. This can lead to multiple negative issues piling up on your back, eventually crippling your forward momentum.

Entrepreneurs are often described as people who are not scared of failure. For some of course that might be true, but for many, it is a matter of learning to live with that fear and, although they might be scared of it, they have learned to live with it.Failure stalks the world of the entrepreneur, says Cacciotti and Hayton (2019). ’For them failure and the fear of failure are facts of life – whether it be losing a client, not being paid, an inability to deliver on schedule, out of control cash flow, or not spending enough time with their family. For them courage is not the absence of fear, but the ability to take action to achieve a worthy goal in spite of the presence of fear.

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