From the category archives:

Interviews

True Entrepreneurs Learn From Failures

by Ahmet Kirtok on November 15, 2007

True entreprenurs love to take risk. Some do their homework better than others before taking risk. Taking risk might lead you to success, but at the other side, it might lead you to failure. When you read the success stories of entrepreneurs, you also find out their previous failures.

Why am I writing about taking risk, and learning from failures?

I have recently had some conversations with a few friends about starting a business. These friends of mine work corporate jobs, and always searching for opportunities to start their businesses. I have observed a particular difference in business perspective between them and myself. When they talk about a business opportunity or make a business plan, they are looking for absolute ZERO risk. They always mention, oh of course you have to take risk, but when it comes to reality, they are scared to take risk. They know it, but they don’t accept it. One thing I have learnt as an entrepreneur is “Failing is a part of entrepreneurship”. If you take risk to achieve big goals, you will not be 100% successful. You will fail along the way.

I took a risk, Failed, then what?

Always re-evaluate your business along the way. You will make many small mistakes, it is normal. If you can find out what you are doing wrong, correct it, and learn from your mistake, you are doing the right thing. Even if you fail, the key is trying to learn from your failure.

Never get discouraged

Keep your motivation at the maximum level. I set goals with daily sales for instance. If I can’t reach that level, I work harder. If I reach the level, then I set a higher goal. Setup your daily, weekly, monthly (short term) goals, even write them on a post-it and put it on your desk, wall, monitor. Never get discouraged if you can’t reach your goals, work even harder.


The Biggest Successes are Often Bred from Failures by Randy Komisar (8 min. video)

Click to Watch The Video

According to Komisar, what distinguishes the Silicon Valley is not its successes, but the way in which it deals with failures. The Valley is about experimentation, innovation, and taking new risks. Only a small business that can deal with failure and still make money can exist in this environment. It is a model based on many, many failures and a few extraordinary successes.

If you don’t like the idea of taking risk and failing, here’s a short but useful formula:

NO RISK = NO FAILURE

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Independent Consultant’s Advice

by Ahmet Kirtok on September 20, 2005

I have read a story at Startup Journal and wanted to share it with you.

Mr. Rob Levinson who has lost his job 3 years ago starts his own consultancy business. He is an independent consultant, and he has some great advice for beginners. I believe these advices would also help new entrepreneurs who are at the beginning of their journey.

After Three Years Solo, A Consultant Looks Back is the full article if you’d like to read.

These are the advices for new consultants:

1. Enter as an expert

No one will hire you as a consultant unless you know something he doesn’t. Period. Potential is overrated, extreme effort is expected, and “lessons learned” are merely an interesting FYI. A prospective client cares only about aligning himself with a “sure thing,” someone able to get the job done on budget, on time and with a positive reflection on him. That’s why it’s important to simplify your prospect’s decision to hire you by researching his marketplace and learning about competitors, so you can note areas for improvement and illustrate exactly how your expertise will solve his problem. If you don’t, your competition will, and you can kiss the job goodbye.

2. Nurture your network

My dad was right: It’s not what you know, it’s who you know. Independent consultants should know as many people as possible. And make as positive an impression on them as possible. But even so, I have seen that sometimes “being there” is enough. For example, at a black-tie fund-raiser, I found myself seated across from an important local business executive. Having her attention over dinner resulted in some high-level introductions that lead to some meaty projects. After that episode, I came to believe that if people see you often enough, they start to believe that you are “somebody” — or at least have something compelling to sell or tell. The challenge is to be discerning about events you attend, choosing those that allow you to distinguish yourself and meet the people you want to meet. The key is to keep in touch — email makes it simple — and not just when you want something. [click to continue…]

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