Why Do Some Entrepreneurs Fail While Others Succeed? – Forbes
Have you ever asked yourself why some entrepreneurs and innovators succeed at achieving breakthroughs while others don’t quite get there? How do they attract the best people to help them? How do they create remarkable impact in our daily lives?
Why do some entrepreneurs fail while others succeed?
These are questions that Fabrice Testa believes every entrepreneur should ask themselves. Testa, an angel investor and author of the bestseller Super-Entrepreneurship Decoded, has successfully founded, co-founded, or participated in the launch of multiple companies that created hundreds of jobs and generated multimillions in revenue. He knows firsthand that it’s easy to feel lost when you’re trying to launch a breakthrough venture.
You might not know where and how to start, or even doubt that you can succeed. If that’s where you are in your entrepreneurial journey, Testa explained there are specific concepts you can implement to bring your big idea to life and find the success you dream of.
“Think of them as ingredients in the recipe for creating success as an entrepreneur,” he said. “Once you understand them, you’ll no longer be stuck and the doubts will fade away.”
The first ingredient is proper timing. Think about it: people come up with new, brilliant ideas every single day. However, not every idea comes at the right time.
“Let’s return to our cooking analogy: if you cook dinner when people are expecting breakfast, people are going to be disappointed no matter how delicious the meal is,” Testa said.
It’s the same with a big idea. To be successful, you need to launch at the right time. If the market isn’t ready, then no matter how amazing your idea is, people won’t be interested. If you launch too late, people will have moved on to other things, and once again, your idea will flop.
“Timing is also about doing things in the proper order,” Testa explained. “Don’t try to take shortcuts, such as pitching investors too early. Do your research and make sure the market is ripe for your idea before you pour your heart and soul into it.”
If you find the timing is off, Testa advises taking the steps necessary to pivot and adapt before you try to launch, so you don’t waste time and money chasing a futile dream.
In addition to the right timing, you also need to find the right technology to bring your idea to life. Testa offers an example. Back in 1996 he started a company called Interactive Business. The internet was relatively new, but he saw the potential for using it, along with touchscreen technology, to create interactive applications for customers at various businesses.
One day, he was installing an interactive monitor in a kids’ playground at McDonald’s. When he finished, he noticed that a young boy was using the touchscreen to play an interactive game. From the huge smile on his face, it was obvious how much fun he was having.
“His mother walked over to me and explained her son had various learning disabilities and other special needs,” Testa said. “She said seeing him so happy and engaged felt like a miracle.”
The child’s mother encouraged Testa to reach out to hospitals and clinics about installing his touchscreens to help disabled or sick patients take their minds off their challenges.
“We found the right technology to create an impact, and doctors, specialists and educators rallied around what we were doing,” Testa recalled. “Without the right application of technology, however, we would never have achieved the success we did.”
Why do some entrepreneurs fail while others succeed?
There’s one more ingredient you need to maximize your chances for success: the right resources, which covers the right people, the right partners and money. So many entrepreneurs lack one or more of these things, which sinks their venture before it ever gets off the ground.
Take people, for example. Some entrepreneurs are reluctant to share their idea with others because they worry that someone will steal their idea. Testa called this a mistake, saying, “You can’t bring your idea to life on your own. You must share it to get the support you need.”
Other times, entrepreneurs don’t come up with enough money to successfully launch their idea. You must honestly assess how much it will cost to bring your idea to life, then find a way to fund your dream. Alternatively, work out how much you can do with a bootstrapped version.
Starting a business, especially if it’s based on a big, breakthrough idea, is daunting. Monetizing your idea is vital, but as I see every single day, many good ideas fail because they’re missing one or more of the ingredients needed for the recipe to entrepreneurial success.
However, with the right timing, technology and resources, you have the potential to create a breakthrough business that will change your life and change the world.
