Why Entrepreneurial Failure is Important

Canadian Entrepreneur Reza Satchu delivered an insightful keynote speech on choosing the entrepreneurial path, at the National Business and Technology Conference .

“The best way to be successful is to have as many people smarter than you, take credit for your sucess.” – Reza Satchu

Do something difficult.
The thing that is the hardest for you is the best for you. Figure out what you’re most scared of, and go after it. By doing so, you will gain a huge amount of confidence when you conquer it. The next challenge you come across, you’ll feel like you can overcome it.

Failure is important.
The most important thing you can do is to try and fail. It’s better than trying and succeeding, he says. Succeeding means the bar isn’t high enough. You’ll learn a tremendous amount, so that when you’re ready to set the bar higher to do something really great, you’ll be equipped to succeed.

Stop doing simple business competitions.
Instead of Business Competitions: Solve a real problem for a real person, and get them to pay for it, Satchu says. It’s much better than presenting a PowerPoint, and you’ll get a lot more out of the experience.

Persistence is key.
Don’t give up. Parents, investors, fellow colleagues will all tell you not to go down the entrepreneurial path. Satchu says there will be 10x as many people who tell you not to do it. The prize goes to the people who just go and do it.

Entrepreneurs are not built in any one way.
If you are not sure if you can be an entrepreneur, if you don’t think you’re the type to start your own business or initiative, then you won’t – stop thinking that way, Satchu says. There is no typical style or type of entrepreneur, and no one personality type for successful entrepreneurs. Satchu advises that you do not self-select away from it, just because you think you have to behave a certain way.