Member Article

Branson shows why entrepreneurs must not fear failure

Most of us would opt for a quieter life after a close brush with death, but not Richard Branson. While reflecting on his high profile bicycle accident in August, the Virgin founder told an event in London this week that he has probably had a near death encounter every year of his life.

That element of risk-taking, of looking genuine danger in the face, is, Branson believes, what helps “keeps the Virgin brand fresh”. It’s also undeniably what’s helped turn Branson into one of the best known and wealthiest entrepreneurs in the world.

However, most of us are not Richard Branson, and feeling fear when encountering the unknown is a common and entirely understandable sensation, particularly when starting a new business. More than half of new businesses fail within the first five years, and many will never make it beyond the initial idea stage.

Yet what Branson’s example demonstrates is that fear needs to be confronted, particularly if Britain’s great entrepreneurial streak is to continue. To get under the skin of what’s holding people back, we at Weebly commissioned YouGov to survey British entrepreneurs.

The research found that 71 per cent of British entrepreneurs believe that fear of failure is preventing people starting new businesses. Additionally, a third of the entrepreneurs surveyed (31 per cent) also said that launching their own company was the scariest thing they ever did.

And yet in spite of this more than half of these same entrepreneurs (55 per cent) say that starting a new business is easier than people think, but one of the biggest barriers to entry seems to be building a web presence. One in four (25 per cent) said that getting a business online is one of the most intimidating aspects of launching a new company. That’s likely because having a great idea and good business savvy doesn’t necessarily translate into great IT skills, but that’s not a reason not to give it a go, particularly given how easy online tools have now made it.

As tools have improved, it’s become easier than ever to start an online business, but it’s still understandable that people are cautious about doing so. It’s scary stuff, particularly given the current uncertainty following the Brexit vote. But budding entrepreneurs can learn a valuable lesson from Branson’s continued risk-taking. He embraces his mistakes as keenly as he does his successes, both in his personal life and in his business, and that enables him to outweigh any failures he experiences with vast success.

A great example is the 2014 catastrophe for Virgin Galactic, in which a test flight broke up, tragically claiming the life of co-pilot Michael Alsbury. A disaster like that would likely spell the end for any other business, but Branson and his Virgin Galactic team faced the failure head on, dealt with the fallout as best they could and have now got the business back into such a good state that they are talking about building space hotels.

As Branson shows, while a healthy mix of optimism and pragmatism is a crucial quality for future business owners, the best entrepreneurs will almost always look on the bright side. Now that that it’s easier than ever to launch an online business, especially with Weebly 4, wannabe entrepreneurs just need to consider exactly what it is that’s holding them back from realising their dreams.

This was posted in Bdaily's Members' News section by David Rusenko .