The hidden side of such achievement is also common to all entrepreneurs: failure. According to the Bureau of Lahor Statistics1, in the US, at least 20% of businesses will fail in their first two years, and up to almost 50% will do so by age five. Therefore, we question what is there to be said (and known) about failure, and most importantly, what do we know about eventually coming back?
FAILURE IS MORE COMMON THAN WE THINK
Embarking on an entrepreneurial journey is a rollercoaster ride filled with trials and triumphs. Some entrepreneurs face unexpected roadblocks that force them to pause or close their businesses for an extended period. Despite the setbacks, many individuals force themselves through a process of time and resilience that helps them reactivate themselves and recreate ventures and careers.
In our research, we gathered insights from successful entrepreneurs who navigated through business failures and comebacks. The first example that comes to mind is Elon Musk. The visionary behind Tesla and SpaceX faced significant challenges in Tesla’s early days. Financial strains, production delays, and scepticism from critics led
