Entrepreneurship is all about experiments! And experiments by their inherent nature should have failure as a possible outcome. No one disagrees! But there was something amusing that came to my mind as I was listening to various views on entrepreneurship being shared by educators and mentors on entrepreneurship.
While all of them spoke of the importance of ‘failure’ in starting up and constantly experimenting without losing the spirit and the attitude; something about how these young minds view experiments and how they fail struck me hard! An experiment in this context is an attempt to crack a problem / challenge that has intrigued the entrepreneur.
Is there a difference between failing a thousand experiments on a single opportunity and one failed experiment each on a thousand different challenges? Edison is often quoted for this. But Edison’s quote with respect to failure is often around a thousand failed experiments around one opportunity – isn’t it?
Can our entrepreneurs learn from this? Doesn’t it make a world of difference if we have our entrepreneurs work over and over on an interesting problem rather than keep moving from one small problem to another? Wouldn’t it make sense if we have entrepreneurs working deliberately on cracking big challenges? Doesn’t innovation happen when we stay with a problem for a long time and keep improving on our earlier experiments?
I think how and on what, a failure happens matters – and this deserves more thought!
Even failure has some reputation to protect – isn’t it? Think!