Becoming successful is not that easy, especially for business owners. Many individuals dream of having their own business and wish to earn plenty of money through it. India is home to many well-known and reputed entrepreneurs, and according to evidence from recent research, there are around 58.5-million entrepreneurs in India. Of those entrepreneurs, 14% of them are women. But if you go through the life of the entrepreneurs in India, you will find many famous names that failed before becoming successful.
Entrepreneurs who failed before gaining success
To become successful after failing in your career, you need to perform plenty of hard work. You must have pertinacity, devotedness, and patience to become successful. There are well-recognized Indian entrepreneurs who failed before they gained success. To know who they are, check below.
- Dhirubhai Ambani:
The Ambanis are known for the successful business and are one of the leading entrepreneurs in the world. But the success path for Dhirubhai Ambani, the founder, was not that easy. Dhirubhai Ambani started everything from the grassroot level and failed many times in the process. He worked hard with passion and dedication to achieve his goal, which helped him become the wealthiest man in India. His legacy is being continued by his sons Mukesh and Anil Ambani.
- Ratan Tata:
Founder and owner of Tata Group, Mr. Ratan Tata, introduced Indica but failed because many people didn’t like it. Some of them even suggested he sell his vehicle division, which he agreed to do. He contacted companies like Ford Motor, and its owner Bill Ford insulted him by saying he was doing a favor by purchasing the vehicle from him. But when Ford’s Jaguar-Land Rover experienced a massive loss, then Mr. Tata stepped in to save the company from bankruptcy and bought it. This helped him to become successful within the motor division and made history by earning revenues with the vehicles.
- N.R. Narayana Murthy:
Mr. N.R. Narayana Murthy is one of the well-known Indian entrepreneurs who failed before achieving success. He started his journey from IIMA and established a small startup firm known as Softronics. But the business failed miserably, and he ended up joining Patni Computer Systems. Mr. Murthy had a different dream, for which he established another company with the name Infosys Technologies along with his six other partners. Now, Infosys is one of the most highly successful IT (Information Technology) firms across the globe.
- Ritesh Agarwal:
Ritesh Agarwal is one of the most popular Indian entrepreneurs who failed even before making it big. He started Oravel Stays which has operated as a marketplace for bed and breakfast. But his company failed to gain success because he didn’t have the best team, which led to plenty of arguments and mishaps within the firm. But he did not lose hope and started again by building an excellent team.
By 2013, Mr. Agarwal changed the name of Oravel Stays to OYO Rooms to provide rooms for a hassle-free stay within the economy and budget sector of the Hospitality Industry of India. He has led his firm to 4000-rooms, 450-hotels, and over 500-employees along with 3-rounds of growth and funding.
- Sunil Bharti Mittal:
He started his first business, where he made crankshafts for bicycles and was only 18-years old at that time. Within 3-years, he set up two more plants, but his initial days were pretty tough as he earned very little from it. By 1980, he established Bharti Overseas Trading Company through which imported many portable electric power generators.
But in 1983, the government banned the import of generators, which made Mr. Mittal go out of business overnight. But that didn’t stop him, as he found success through the telecom business and started marketing fax machines and telephones, which helped him become successful.
Tips to start business again after a failure
Hopefully, these stories have been quite inspiring! The bottom line is when you learn from your mistakes and accept and reflect on your failures, it will give you the power to revisit your passion and keep pursuing your aim no matter. Several tips will help you start your business again. Here they are:
- Try to evaluate why your business failed.
- Separate your identity from your business.
- Make sure to assess your attitude.
- Set up your goals.
- Calculate your costs.
Over to you
There are many entrepreneurs out there who do not succeed at the first attempt. You have to be pretty dedicated and passionate to succeed after you fail, and this stands out as one of the vital qualities of an entrepreneur as we can see from the stories of these business stalwarts.