Learning from failure is part of entrepreneurship

Talking to would-be entepreneurs globally, the fear of failure is most often cited as the reason for not taking the plunge and starting up an entrepreneurial venture. Yet interestingly, this differs widely from country to country. For example, 81 percent of Ugandans polled by the Global Entrepreneurship Monitor said they saw entrepreneurial opportunities in their economy, and only 15 percent cited “fear of failure” as a factor holding them back. In the United States, in contrast, which is generally cited as the most entrepreneur-friendly economy in the developed world, only 43 percent surveyed reported seeing entrepreneurial opportunities, and the fear of failure rate is 32 percent, twice that in Uganda. But the bottom line is that failure is part of entrepreneurship, and we need to recognise that failed entrepreneurs remain entrepreneurs and the failure rates of second start-up attempts are much lower than for initial efforts. Entrepreneurs learn from failure, it’s part of the journey.