In failure lies the seeds of success

Sir Richard Branson is one of my favourite entrepreneurs. Sure, I like others Warren Buffet for his egalitarian policies, Bill Gates for his social responsibility especially in working to end polio. Rwandan government has been called Rwanda Inc. because it is run in a businesslike manner. I daresay that this is what makes it work so well, and it is all because of our entrepreneur President.Branson has gone a step further than other entrepreneurs. He has undertaken to nurture and grow young entrepreneurs. He set up Branson Centre in Johannesburg for training of young entrepreneurs. He is also a regular contributor in the ‘Entrepreneur’ magazine. He does everything with so much passion, zeal and gusto that those around him cannot help but be roused by his infectious inspiration. Here are some of his words:Know your team: Who are the people on your team, with their particular skills and talents, shaping your company and making it different from others? What’s special about your product or service? How is your company helping your community and environment? If you’re an entrepreneur or business leader and don’t have the answers to these questions at the ready, it’s time to meet with your team outside the office. Throw a barbecue (brochette) or dinner, and start up a conversation about what you have done so far and what you want to do.While the answers will change over time, talking about this now will help all of you to get a sense of where you’re going and what you’ve built so far, helping to prepare you for the next bumps you encounter. And what could be better than having dinner and drinks with your team, reflecting on all you’ve accomplished and what comes next?If at first you don’t succeed...Few first ventures work out. It is how a beginning entrepreneur deals with failure that sets that person apart. In fact, failure is one of the secrets to success, since some of the best ideas arise from the ashes of a shuttered business. If you are an entrepreneur and your first venture wasn’t a success, welcome to the club! Every successful businessperson has experienced a few failures along the way. Resilience is one of the hallmarks of an entrepreneur who stays in business in the long term.Are you having fun yet? If you don’t like what you do, you’re doing it wrong. When you can’t wait to get to work in the morning and you are generally having a good time, there is a far greater chance that you’ll create a positive, innovative atmosphere and your business will flourish. Passion and enthusiasm is infectiousBusiness owners and executives usually take themselves very seriously, may be too seriously…. never Branson. Take your chances and challenges: When was the last time you stepped out of your comfort zone? It’s easy to get stuck in a routine, especially at work (more so if you’ve been doing the same job for a while), and taking on a new challenge is a great way of getting out of that rut. Virgin uses breaking records and making bets to break routine. Taking chances is a great way to test myself and our group, and also to push boundaries while having fun together.One of the great benefits of taking on challenges in your working life is that you and your team learn to confront risk together – and also to lose sometimes, because when you make a good wager, the odds are not going to be in your favour. The calculated risks you and your team take should be strategic judgments, not just blind gambles: Protect the downside by figuring out the odds of success, working out what the worst possible consequences would be, then deciding whether to accept.You need to hone these skills, because you and your team are going to face adversity at some point. No matter what industry you work in, the nature of business is change, and so while you can prepare for every possibility, some new, unexpected circumstance is likely to thwart you. The only thing that’s meaningful about such setbacks is whether you bounce back. Keep it simple: The best and most successful ideas are those that improve people’s lives. Their founders often have a simple plan focused on a single product or service -- one that is prompted by frustration. If Branson says this, it is most likely correct. Are you inspired yet? Make it happen!