Sometimes, there are other factors affecting our success, such as the economy, politics, the status of other organizations with whom we have relationships, our financial well-being, and sometimes, our lack of foresight or management acumen or our failure to plan properly. When I was a manager working for other organizations in the private and public sector, my rare miscalculations and errors were covered by the entity for which I worked. Fortunately, most organizations can sustain the cost of employees' failures. However, entrepreneurs personally bear the pain and agony of their actions when they miscalculate, avoid handling issues or plan poorly. For some, the cost is devastating.
Some entrepreneurs lose from hundreds to millions of dollars and give up.
But others continue to strive for success. But each person summoned courage, tenacity and determination to climb back up, and they won. This is the reason I ask potential business owners questions about their ability to handle failure, because failure builds entrepreneurial character. Of course, there should be a limit to the amount of adversity people must go through in order to be prepared for failure, but some of us have more to overcome than others. They can celebrate the breakthrough learning that comes from each occurrence and build on the knowledge coming from each experience by try ng another approach.