Taste of Failure is Key for Sustainable Success

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Presentation at TiE Hyderabad on Taste of Failure. This is key note speech

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Taste of Failure is Key for Sustainable Success

  1. 1. Taste of Failure is key for Sustainable SuccessTiE Hyderabad Event31st Aug 2012- VSR
  2. 2. Your desire is to get 25% Profit; butyou got only 20% profit … Is thissuccess or failure? 2
  3. 3. We don’t know when the failure will come and greet us!After 10 years of start-up,near71% of companies failed Source: University of Tennessee Research 3
  4. 4. In general we fear of failure• We are conditioned to go in known path• Our family & surrounding ecosystem prepare us only for success…• When we fail first time, we get shaken up and feel that it is a sin and feel guilty It is our culture .. We need to spend a bit extra effort to drive out the fear 4
  5. 5. A startup is a human institution designed to deliver a newproduct or service under conditions of extreme uncertainty Startup = ExperimentIf we are building something nobody wants, what does it matter if we accomplish it; On time ? On budget ? With high quality ? With beautiful design ? Achieving Failure = Successfully executing a bad plan by Eric Ries 5
  6. 6. Entrepreneurialism is a high-risk propositionso failure is an inherent part that should beembraced rather than feared. Embracing Failure = Not afraid of failure MARK EVANS 6
  7. 7. Failure is an investment before major success A famous story from IBM told of a man who made a $10M error. He was hauled up before the big boss where he expected to be sacked. Pre-empting this, he apologized and offered his resignation. Refusing the resignation, the boss said Goodness, man, we cant lose you now! Weve just spent $10M on your education! 7
  8. 8. Failure is an investment before major success (Contd..)• Henry Ford failed and went broke five times before he finally succeeded.• Walt Disney was fired by a newspaper editor for lack of ideas. Disney also went bankrupt several times before he built Disneyland. 8
  9. 9. That means, do you want to designyour business for failure?NO!!!But your enabling environment orecosystem does not behave as youwant… you are dependentYou are moving in a very unknown path!!What’s happened to the businesses in the space ofNews Papers ; Landline Phones; Camera?? 9
  10. 10. Failure Graph (illustrative)Start-up Emerging Maturing Depth of Failure Depth of Failure Depth of Failure The key here is what steps we take to avoid falling to the bottom most and bounce back quickly 10
  11. 11. Zone of Failure STOPASSUMPTIONS RISKS ISSUES CRISIS FAILURE GREEN AMBER DEEP AMBER RED DEEP RED 11
  12. 12. The Taste of Failure! • What NOT to do? • What to Unlearn ? • How differently I do the similar tasks in future for better results? 12
  13. 13. You have a choice to Taste the Failure in Start-up ? Remember you just started your Start-up Journey Taste the Taste the Failure from Failure from FROM YOUR OWN OTHERS EXPERIENCE EXPERIENCE • Learn as you participate (non profit organizations like TiE) • Pay as you Learn 13
  14. 14. Why Taste of Failure is Key for Sustainable Success Heroic efforts does not help Enabling environment and other external factors play vital role Learning from others helps minimizing failures Learning from others helps improving probability of success DO NOT FAIL .. But TASTE THE FAILURE IN ADVANCE Taste the failure from your own experience or from others experience … it is 10x effective and enable you to condition you to move in the path of success 14
  15. 15. Accept Failure as a Guest &not as a FriendWith success the world knows you;With failure, you know the world …. Dialogue from a telugu movie 15
  16. 16. TiE Hyderabad started Quarterly Series onTaste of FailureLearn. Learn . Learnand prepare for managingUNCERTAINITY 16
  17. 17. Thank YouVSRBlog : http://vsr-blog.blogspot.com/ Facebook : http://www.facebook.com/VSR111Twitter : http://twitter.com/VSR111 Talks : http://soundcloud.com/vsr111SlideShare : ttp://www.slideshare.net/vsr0001 Channel : http://www.youtube.com/TheVSRTVLinkedIn : http://in.linkedin.com/in/vsr111 17

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