Entrepreneurial Success or Failure? A Pioneer’s View

We love to hear about success, and there is a mystique about successful entrepreneurial endeavors — starting out with nothing and ending up with something...sometimes a lot of that something. Recently someone called me a “pioneer,” and I realized that being an entrepreneur is reminiscent of that ol’ pioneering spirit — exploring, setting out for uncharted territory. Only now instead of carving homesteads out of a wilderness it is pulling commerce out of thin air — internet air — from sports bras to AI tech.

The attractions of our 21st century brand of pioneering are much the same as they were in previous centuries: seeking adventure, striking out on one’s own, overcoming adversaries, meeting challenges, solving problems, and striving for and gaining material rewards. Such experiences strengthen a pioneer’s character, and often the deepening of her spirit.

For this reason I posit that there aren’t really any losers, nor complete “failures” in an entrepreneurial endeavor. Whether the business doesn’t make it past a few years or is wildly successful, to embark upon an entrepreneurial journey is a powerful learning experience. As such it adds significantly to a person’s education, range and awareness. A real win.

When I taught in a women’s small business program I would tell the class that it is not a failure if during the process of the program they learned that their business idea was not feasible, or that they simply didn’t want to do it anymore. That realization in itself constitutes a form of success. It is better to come to such a realization now, rather than after a lot of energy and money—possibly one’s life savings— has been invested into the fledgling endeavor.

Entrepreneurship is a powerful learning experience, and as we all know, learning experiences are not always fun. A successful action, a goal reached, a plan completed may not be all sunshine & feel-good, but stressful and exhausting. Any new frontier is fraught with all such possibilities. Hence, embarking on it at all may be deemed a success.

Example: a product I conceived — and really thought had merit — later had to be cut from our collection. To do so significantly helped that year’s bottom line. Had I failed, because the product was trashed? Or was this a good decision resulting in a successful outcome? How should I perceive it? What factors define success vs. failure? Although deemed a “failed initiative,” defined primarily by bottom line results, it was a success. Yet while money is a fundamental resource, it is definitely not the only meaningful form or indicator of success. Money is a tool employed to fulfill the purpose and vision of the enterprise, allowing it to continue. But beyond profitability, success is also the ability to make available a needed product, service or idea. It is learning new things, going new places, meeting interesting people, and empowering the people who are your employees.

For me, personal growth is one of the most valuable rewards of being an entrepreneur. Another is the degree to which my entrepreneurial endeavor helps others. “Personal” success and “business” success have a symbiotic relationship. One need not be sacrificed for the other. In my experience, they serve to enable one another.

Every entrepreneur is a pioneer. And economics need not be the only yardstick used to judge success of the venture. Other manifestations of success do count, whatever those may be for the entrepreneurial individual — ranging from the creation of valuable services, good health, a happy home life — to societal contributions and personal evolution.