Business Fails, Entrepreneurs Dont

EOR ASSIGNMENT 1 |

Business fails, entrepreneurs don’t. |

Submitted to: Prof. Sanjay Bhowmick |

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Kritika Agarwal 65207 |

8/4/2012 |

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Not everyone who’s on the top today got there with success after success. More often than not, those who history best remembers were faced with numerous obstacles that forced them to work harder and show more determination than others.

Similar is the story of Colonel Harland Sanders. At the age of 40, Sanders was famous with his fried chicken restaurant, he was able to find a fried chicken recipe after doing a lot of researches. At the age of 60, Colonel had to shut down his restaurant because there was a new highway being built on the location of his restaurant. He decided to retire and received his first social security check which was for one hundred and five dollars. As an elderly, Colonel Sanders did not just sit and receive his fate. He decided to franchise his fried chicken at the age of 65. He started travelling by car and offering his fried chicken to restaurant owners. He cooked the chicken on the spot and let the owner to try it. If the owner liked the chicken, then they would come up with the agreement to sell Colonel’s fried chicken. He got 1009 “no” answers before he got his final yes.

The difference between successful entrepreneurs and their unsuccessful counterparts arises primarily because the former act with the bias of action. A successful entrepreneur is someone who is willing to do over and over again if they did something wrong. Another thing gained in this process is that overtime the entrepreneur becomes very good at keeping his failures small and useful, (Saras Saravathy, Saras talk,2009).

Linking this literature to the above example, Colonel could have given up after getting rejected so many times, but instead he chose to stand up again after every fall with newer weapons (learning and experience) and in the end won the title which we all know as KFC! Colonel Sanders’ early...