People look at success stories and believe that it was all achieved instantaneously. You will be surprised to learn that each and every successful entrepreneur has tasted failure in their journey and still do.
The primary job of an entrepreneur is to put out fires on a daily basis and deal with rejection and failures. Only your gumption and will to succeed will help you turn the tables and utilise the failures as learning opportunities.
Let’s take a look at a few amazing failure stories of famous entrepreneurs.
Her story is probably the most inspiring and realistic. Not an ounce of privilege played a part in her success. She is currently worth billions and is the proud author and scriptwriter of the Harry Potter book and movie franchise. Her vision has created a universe over the past decade and has touched millions of hearts around the globe.
She began writing the first book in the early 1900s, but the run was short-lived. She went through numerous personal losses like losing her mother, getting divorced, and taking care of her infant daughter all alone. A few years later, she completed the first book in an attempt to reignite her passion and climb out of a dark place. Her manuscript samples were rejected by almost every major publishing house on the accounts of it being childish and irrelevant.
After a full year of being rejected by the entire industry, a glimmer of hope emerged. At Bloomsbury Publishing, an editor’s eight-year-old child glanced at the sample and loved the premise and quirky characters. Once the first book was published, it was the beginning of a new era for Rowling and the world.
This man doesn’t need any introductions. If you don’t know Elon Musk, you have probably been living under a rock. He is recently in the news for buying Twitter for over 42 billion dollars. But has his journey always been smooth and full of success?
Elon Musk was a born prodigy and showed entrepreneurial spirit from an early age. He comes from a reasonably wealthy family, but he surpassed the laws of expectations decade after decade. It is a little-known fact that after selling his first company, Zip2, for 314 million dollars, he moved on to his next project called X.com.
It was a fintech company that was cutting edge for the time, and after a merger with Confinity, the company was ultimately named PayPal. Shortly Elon Musk was pushed out of the company by Peter Thiel and sold to e-bay for 1.5 billion dollars. Fortunately, Elon held about 11% of the company’s shares which allowed him to begin other ventures like Tesla, Space X, and Solar City.
While Tesla was a smashing hit, Space X was a money pit that was bankrupting Elon Musk. His revolutionary ideas ended up exploding multiple times, but he never lost hope. Finally, Space X had a successful launch and is presently aiming to colonise Mars and save the world.
It is important to remember that everyone leads a different life. It is your job to understand your limitations and solutions. We will discuss this further in the next blog, and please stay tuned.