The Begginers' Misfortune is part and parcel of every entrepreneurship journey Those who call it quits lose out a great opportunity but those who can handle the initial misfortune come out stronger and eventually find success.
The exact opposite of beginners' luck.īeginners' Misfortune is experiencing disproportionate share of troubles at the start of the entrepreneurial journey which is specifically designed to test his resilience. You face a disproportionately large share of problems and troubles at the outset.Īnd I would like to call it The Beginners' Misfortune. In fact, for any startup entrepreneur it’s the reverse which happens most of the time. But we survived.Īs you can see there is no beginners luck being played out here. We had not even begun and we were down in dumps. After a few days, that company gave us some stupid reasons and cancelled the order. Our Fifth order came from one of the largest companies in India, we were so excited, and we invested 40% of our initial capital in that order. The last one really played havoc with my life. You get a big project and something bad happens! You are heartbroken Just as you start your business based on a novel concept which you think no one has worked on, an established player offers similar product/service at lower cost. You didn't expect to burn so much cash and so fast. You had initial capital but it starts getting depleted rapidly and revenues don’t support. However things don’t go as planned and you are stuck… You start your business you had banked on some people to start giving you initial projects. Most of the time ( I say almost every time), it doesn't happen as you expect. Luck can also be in form of business conditions, timing of your launch in the market etc.īut as any entrepreneur would tell you these things don't really happen. You get motivated, work hard, do good work and through word of mouth you gain more business and your company grows bigger. And sometimes through luck you get few good customer through reference of a friend or colleague and that gives your business the initial flip. You start a business you need revenues to keep the business running. In entrepreneurship, beginners' luck is also extremely important I have come across many friends, who after experiencing initial losses, never again dared to dabble in stocks again. The beginners' luck is important as it gives you the confidence to take that next bold step.
I did make losses later on, but till then I had a good idea of how the system works and the long term sustainability of the market. Post this initial success, I was hooked on to the stock market, for the rest of my life. I had done absolutely no research for the same. And they all gave me fantastic return over the next three months. I too experienced it during my earlier days of investing my first investment was through TCS IPO and 2 other companies. I’m sure all of us have experienced beginners' luck at some point of time in our lives. …The supposed phenomenon of novices experiencing disproportionate frequency of success or succeeding against an expert in a given activity. A little bit of patience during that stage could have done wonders for their careers.Īnd that’s when the thought of beginners' luck crossed my mind. So I began thinking, what information, or knowledge, the second group of entrepreneurs, could have known, which could have warned them against taking the drastic action, and eventually find success. In both cases, entrepreneurs’ encountered similar crisis, however one group called it quits and the other, weathered the storm, and went on to create a successful business. “I had the idea and business plan but did not have enough money to execute the same” When asked, what went wrong, it was mostly about one of these- less capital, losses in a project, Issues among the team members/ co-founders, changes in external policy, and internal fights, competition etc.
On the other hand, I have also met many entrepreneurs, who winded up their startups and went back to corporate life. But they would also proudly recall how they could successfully overcome the crisis and reach where they are today. In fact, for most entrepreneurs, there would be more than one such instance - it could be relating to the lack of capital, project issue, friction among team members and/or co-founders, changes in external policy, competition, internal fights etc. If you were to ask any entrepreneur, about key moments during his initial phase of setting up the business, he would always recall that one crisis situation which threatened the very existence of his entity.
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