Why It Is Better To Allow Your Business To Fail Instead of You Failing…
There are two types of Failures in Entrepreneurship:
Personal Failure
And
Enterprise Failure
There are two types of Failures in Entrepreneurship:
Personal Failure
And
Enterprise Failure
Personal Failure usually involves a founder getting involved in unethical or illegal activities sometimes to keep the business from failing.
Enterprise failure is when the business fails despite honest efforts from the team .
Personal failures are more difficult to recover from than enterprise failures.
Here are Dangote’s 10 Failed Businesses:
10 Startup Ideas of Aliko Dangote that Failed
Let’s take a look at ten of these ventures that didn’t quite go as planned, and see what we can learn from the bumps in the road—because if Dangote can stumble, my friend, who are we not to?
1. Dangote Airlines: A Flight that Never Left the Runway
2. Dangote Pasta: When Nigerians Stuck to Rice
3. Dangote Sugar’s Sweet but Sour Experience
4. Dangote Cement in South Africa: A Lesson in Knowing When to ‘Go slow’
5. Dangote Oil Refinery: Delays That Made Us Say ‘Ah-ah, Is This A Refinery or A Tortoise Race?’
6. Dangote Telco: When Even a Billionaire Can’t Get Network
7. Dangote Tourism: When There’s No Light, Where Are You Going to Tour?
8. Dangote Textiles: When Cheaper Goods Keep Beating Your Ankara
9. Dangote Logistics: The Only Thing Moving Fast Was the Cost
10. Dangote Agribusiness: When Nature Refuses to Cooperate
To read more about Dangote’s failed ventures, check comment section.
Personally, some of my failed businesses include Awuzie Music Studios, InspiredFM Radio Station and TOS Boutique.
The lessons I learnt from running a music studio, a radio station and a boutique helped me in building a successful Technology Company. The reason why the Music Studio failed is because I knew nothing about music so I built the business around an employee. When he left, the business collapsed. The same applied to the radio station and the boutique. So I learnt how to focus on industries where I’m an expert like Technologies and Cybersecurity. The moment I focused, I started growing.
Here’s the thing – Dangote has never failed as a person but many of his ventures failed. I have never also failed as a person but ventures I started have failed. This is NATURAL for every entrepreneur. It is NORMAL.
Every entrepreneur knows how to separate themselves from their ventures. Do not ever become sentimentally attached to your business or brand. Detach from either its success or failure.
Get used to failing. And stop hiding your venture failures. That’s your badge of honor as an entrepreneur.
Enterprise failure is when the business fails despite honest efforts from the team .
Personal failures are more difficult to recover from than enterprise failures.
Here are Dangote’s 10 Failed Businesses:
10 Startup Ideas of Aliko Dangote that Failed
Let’s take a look at ten of these ventures that didn’t quite go as planned, and see what we can learn from the bumps in the road—because if Dangote can stumble, my friend, who are we not to?
1. Dangote Airlines: A Flight that Never Left the Runway
2. Dangote Pasta: When Nigerians Stuck to Rice
3. Dangote Sugar’s Sweet but Sour Experience
4. Dangote Cement in South Africa: A Lesson in Knowing When to ‘Go slow’
5. Dangote Oil Refinery: Delays That Made Us Say ‘Ah-ah, Is This A Refinery or A Tortoise Race?’
6. Dangote Telco: When Even a Billionaire Can’t Get Network
7. Dangote Tourism: When There’s No Light, Where Are You Going to Tour?
8. Dangote Textiles: When Cheaper Goods Keep Beating Your Ankara
9. Dangote Logistics: The Only Thing Moving Fast Was the Cost
10. Dangote Agribusiness: When Nature Refuses to Cooperate
To read more about Dangote’s failed ventures, check comment section.
Personally, some of my failed businesses include Awuzie Music Studios, InspiredFM Radio Station and TOS Boutique.
The lessons I learnt from running a music studio, a radio station and a boutique helped me in building a successful Technology Company. The reason why the Music Studio failed is because I knew nothing about music so I built the business around an employee. When he left, the business collapsed. The same applied to the radio station and the boutique. So I learnt how to focus on industries where I’m an expert like Technologies and Cybersecurity. The moment I focused, I started growing.
Here’s the thing – Dangote has never failed as a person but many of his ventures failed. I have never also failed as a person but ventures I started have failed. This is NATURAL for every entrepreneur. It is NORMAL.
Every entrepreneur knows how to separate themselves from their ventures. Do not ever become sentimentally attached to your business or brand. Detach from either its success or failure.
Get used to failing. And stop hiding your venture failures. That’s your badge of honor as an entrepreneur.
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Credit: Charles Awuzie
