In arena of entrepreneurship,we see every one glorifying success stories and boasting about achievements of successful entrepreneurs but no one disussses concept of entrepreneurial failures which is also very important concept. and which is absolutely unavoidable in journey towards success.
In our culture (Indian) where failure is considered a taboo and taken as negative point ,how do one handle the social ,financial and psychological dilemma that come with a failed venture.
In most startup failure cases where companies are bootstraped and self funded by entrepreneurs makes them more risk prone to bankruptcy in event of failure.
(Image Source Book :The Failed Enterprenure by Duncan Ridler )
If such an event of bankruptcy was to happen most of the entrepreneurs are not left with any other choice but to start a day job in order to raise funds and start again as raising funds are difficult and most of the time declined.
As such getting a day job is only option and as one reaches out to get a job one realises one has become completely unemployable and people don’t want to hire them as they have attempted to start a business which is considered as negative point by most of business in india they don’t see a value in some who has a failed startup experience.
(Alhough u have wealth of wisdom and experience most of the time you are rejected
and people are allergic to offer you a job as they fear you may startup again or you
may copy their business model or steal something from them 🙂 )
As such people are caught in downward spiral where they are not able to raise funds for starting up again and also not able to get a day job.
kindly share your experience,views and insight on what can be possible solutions to overcome such an event of failure and rebuild oneself to start again.
Also how to change the outlook of people who don’t Hire people with failed Startup backgrounds as they consider them a TABOO.
I strongly believe only entrepreneurs can build a strong and prosperous nation and
failure is first step towards success.
(Insight from Mr alok kejriwal will be highly valuable).
Thanks and Best regards,
P.chauhan