From Setbacks to Success: The Role of Failure in Strengthening the Entrepreneurial Mindset

Abstract

Each person perceives failure as a bad word. However, no one realizes the power this seven-letter word “FAILURE” possesses that even the seven-letter word “SUCCESS” does not. People tend to represent success with the sunny sky with a rainbow but failure as a dark sky with thunders. No one attempts to realize that failure not only possesses the power of making one more determined in thoughts towards his probable goal but also creates a solid base towards one's goal. As a child, when unable to complete a task while others could, they called him a failure. Ignoring this, he worked harder using different techniques to achieve the task. This attitude to establish himself prompted him to create a strong foundation and served him in accomplishing the job with greater delicacy, which he may not have been capable of in his initial try. To achieve success with an entrepreneurial mindset, one must understand that failure is a necessary part of the process. True success cannot exist without encountering failure. Entrepreneurial thinking requires viewing both success and failure from a broader perspective, rather than narrowing one's vision. Each failure spurs the different side of yourself, builds one's strength in thinking, and assists in achieving resilience. It also assists in opening the innovative and creative part of yourself like discovering the jewels from the puzzle box. As we individuals are like a mystery box that has so many treasures hidden that we even don’t know until we try to tap into them by trial and error after facing any setbacks. This builds the resilience to face any future challenges with strength and a positive mindset to grab the desired position. This chapter points out the groundbreaking process of the entrepreneurial mind from experiencing failure to enduring success in the long run. This encompasses real-life scenarios and the psychological context of failure as a driving force in entrepreneurial life that assists in breeding perseverance, flexibility, and problem-solving skills.