“There is No “Undefeated” in Entrepreneurship.”
This famous quote by Gary Vaynerchuk is as close to reality as it could be. Gary is the founder and the CEO at VaynerMedia. Through this quote Gary has rightfully explained why failure is kind of inevitable in entrepreneurship and we all need to accept the fact that everything doesn’t always go in the right direction.
All of us as entrepreneurs and businessmen are bound to fail sometimes. Some of us take the failures in our stride and keep moving forwards. However, there are some who take the failure too deeply. The baggage of failing and committing a mistake in the business get so huge that it holds them back forever from taking a new initiative and moving on.
According to Gary, it is also vital to know when you should quit on a business venture. A good entrepreneur is the one who knows when to close the doors on something. To accept the loss and one’s mistake is an essential entrepreneurial skill.
Gary had to shut down six of his business initiatives. Although he considers himself as a tenacious person, he is not shy of boasting about his failures too and how he pulled the drapes on some his businesses. In fact, he is glad that he tried those six business ideas and when they didn’t pan out, he closed them down. He accepted the loss since it was recoverable, or in his own words, not a death blow.
Gary in regards with entrepreneurship quotes, “The biggest truth in entrepreneurship is that losing is a part of the game, and the quicker you realize this, the sooner you won’t be paralyzed by the thought of making a mistake in business. By default, you need to be able to respect your losses. There’s no “undefeated” in entrepreneurship.”
Entrepreneurship is not the whole game, it is just a part of it. You may fail sometimes. You may even take blows which are hard. But that does not mean that you have lost the whole game. It means that you lost a couple of rounds but the whole game of entrepreneurship is still in front of you. Now to win the rest of the game, you need to get up and start working again.
Even after shutting down six divisions, VaynerMedia grew from $4-millions to $100 million in revenue. This is a classic example of how a few losses do not mean the end of the world in entrepreneurship. If you can accept the loss and still move forward in the right direction, you will definitely reach somewhere better and for good.