Failing does not mean losing– lessons African founders can learn from failure
In the strenuous world of entrepreneurship, where innovation and risk-taking are celebrated, this statement by Daniel Isenberg, “It’s important to train entrepreneurs to fail small, fast, and cheaply,” resonates.
Yet, despite the exuberance surrounding the startup culture, acknowledging and navigating through failure remains a challenge. The entrepreneurial journey is fraught with uncertainties, and when confronted with business setbacks, entrepreneurs often grapple with a range of emotions — shame, fear, disappointment, and, in some instances, even depression. As we explore the effects of failure in entrepreneurship, it becomes apparent that the ability to perceive failure not as a deterrent but as a learning opportunity is crucial.
We need to talk about why failing in business isn’t the end of the world. Instead, it’s a chance to learn and grow. By sharing stories of people who faced tough times, and talking about ways to bounce back, we learn useful lessons from the unpredictable world of startups.
The myth of overnight success
Overnight success, the notion that a startup or founder can seemingly catapult from obscurity to stardom in the blink of an eye, is a tempting narrative in the world of entrepreneurship. Yet, beneath the surface of such apparent instantaneous triumphs lies a far more intricate story. The reality is that what may appear as overnight success is often the culmination of tireless effort, strategic planning, resilience in the face of failures, and the inevitable need for strategic pivots.
Consider the high-profile acquisition of Paystack by Stripe or the preparations for an IPO — moments that appear as the pinnacle of success. On the surface, there is nothing fundamentally harmful about celebrating these milestones.
However, the allure of overnight success can cast a shadow, leading early-stage founders to inadvertently underestimate the challenges that lie ahead. The pressure to propel a startup into instant success can breed unrealistic expectations, potentially paving the way for frustration and disappointment.
Before becoming a tech giant, Apple faced its fair share of challenges. Steve Jobs was ousted from the company in 1985, and during his absence, Apple struggled with declining sales and product missteps. Jobs returned in 1997 and played a crucial role in revitalizing the company with products like the iMac, iPod, iPhone, and iPad.
Getting pulled into the complicated realm of overnight success can set many early-stage founders up for failure. Instead of focusing on user growth and product development, these founders will find themselves obsessing about their competition and the apparent success of their peers. Constant exposure to stories of rapid success may lead early-stage founders to compare themselves unfavourably and experience self-doubt. This can hinder...
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Koromone Asabe-Yobaere is the Co-founder and Chief Brand Officer at Jamit
