This is a synopsis of a talk I gave on Entrepreneurial Failure at the Innovation Hub in South Africa. What causes failure and what to do when you fail

1. Before You Start Conversation Series
I slept in my car for entrepreneurial
reasons
Discussion topic: The Value of Failure
Maxum Mondays: The Innovation Hub
Monday 08 February 2016
09:30am-10:30am
Driven by Sandiso Ncube

2. About this conversation series
This conversation series Is a critical component of the #Challenge1Million campaign. It was founded to address
the plague of entrepreneur failure. I believe that if we are to significantly increase the amount of
entrepreneurship in Africa and change the lives of millions, we need to honestly and candidly speak about
the issue of entrepreneurial failure. There are three primary reasons why entrepreneurs fail:
1. It is due to the fault of the entrepreneur
2. It due to market conditions
3. The institutions designed to support entrepreneurs fail to fulfill their mandate.
So entrepreneur failure then, is caused by either one or a combination of these reasons.
This discussion series focuses on the only reason that is within the entrepreneur’s control and that is failure due
to the actions or lack there of, of the entrepreneur.

3. Our #Challenge1Million Campaign
Challenge 1 Million is our promise to you, to empower and enable 1 million South Africans to
start and run their own businesses. Our goal is to create 1 million entrepreneurs and 5
million jobs in 5 years through our free entrepreneur development eBooks and the
supporting material developed for each eBook. Over the course of the next year,
January 2016-Jannuary 2017 we will be running an Intensive awareness campaign to
spread the word about #Challenge1Million as far and as wide as possible.
Our entrepreneur development material is available from our website:
www.beforeyoustart.wordpress.com/library

4. WHAT WE DISCUSSED

5. Why entrepreneurial
failure is significant
Severe
Emotional &
Psychological
trauma
We loose lots
of money: Life
savings
We are
ostracized in
our
communities
Jobs are lost,
people go
hungry

6. Why entrepreneurial
failure has value
Builds;
confidence,
strength,
character,
resilience
It has lots of
valuable
lessons
It
encourages
self
education
You
develop
new skills &
expertise

7. THE TAKE HOME MESSAGE
What to do when you fail

8. 1. Give yourself time to grieve; you
will need it. Loosing everything
you have built and worked hard
to achieve is not easy, be fair
and kind to yourself.
2. Give yourself time to appreciate
what you have achieved. Yes,
you need more time to reflect.
3. Get yourself a small note book
4. Write down all the feelings you
felt when you first realized your
business was failing, right up until
the day you shut your doors.
Writing is therapeutic, It will take
that weight off your shoulders
5. Get lots of love, hugs and kisses.
First things first: Your Feelings
1. When you fail, forward, do not
wallow on your failure.
2. In your note book, list all the
things you think you did well
3. List all the mistakes that you think
you made
4. Against the things you did well,
write down what you think you
can do to improve the good
work you did.
5. Against the mistakes, write down
what you think you can do to
correct your mistakes the next
time round, seek advice if you
need to.
When you fail; fail forward
1. Join a small business or
entrepreneurship network
2. Get a mentor
3. Ask for advice from your
mentor and or networks
about how to deal with
failure
4. Talk about your failure openly
and honestly
Moving forward

9. 1. List all the tasks and or functions you
performed in your business
2. Next to each task and or function, list how
long, timewise, you performed each task or
function.
3. Google that task or function as is. Look for
“professional” terms describing the functions
and or tasks you listed
4. Write the professional terms next to your
original task or function description.
5. The professional terms enable you to see
what your acquired skills as known as,
professionally.
6. The length of time you performed a
particular task or function is your “Work
Experience” for that task/function.
7. Congratulations, you have successfully
catalogued all your new skills & expertise.
You can add that to your CV and get back
on that into corporate if you want to
Tip: Due to the nature of
entrepreneurship, if you do decide
to get a job, go for a management
position or one that allows you
independence and room to make
decisions. This will help you grow
your leadership skills for your future
entrepreneurial endeavors
Cataloging your skills
Remember:
1. Be brutally honest with yourself
throughout this process
2. There isn’t a right or wrong way
to get over failure, do what you
feel you feel is right for you.

10. Get in touch with me:
Twitter: @SandisoNcube
Email: osidnas@hotmail.com
Before You Start
Facebook.com/Beforeyoustart
Facebook.com/challenge1million
Twitter: @TeamBYS
#Challenge1million
www.beforeyoustart.wordpress.com