MAM
The power of failure: Lessons from a failed venture
The word failure carries a negative connotation, it is so because people perceive failure as their ultimate defeat. It won’t be wrong to say that failure is an inevitable part of life and more so in business.
However, one fails to understand that failures can act as a catalyst for growth. It can foster grave changes in the business and the way it operates. Thereby, encouraging you to build a more resilient business that can be profitable in the long run.
So, take a deep dive and learn how the power of failure can transform you and your business.
The need for flexibility-
In this ever-changing landscape of business. It is necessary to adapt to the changes and pivot when necessary. Failures can teach a person to embrace change. It makes you flexible and empowers you to adopt new policies and work on a different idea, even if it was not a part of your original plan.
This implies, that one should be ready to work on your ideas, grab opportunities and take feedback seriously. As it could offer insight on your business model and whether your strategies are working or not.
It fosters creative thinking
Failure in business can make you consider ideas you once thought were outlandish. It can pester you to reassess your approach towards business and adopt strategies that you earlier dismissed as too risky.
Taking market research seriously
Market research can play a critical role in shaping your business from knowing the customers’ needs, identifying the target audience, competitive analysis, and the cost of labour. Which can offer you an insight into the profitability of your business.
Many businesses fail because they don’t delve into market research and are too quick to invest in their project.
Network expansion
Having strong support is important in both business and life. It is when one fails at a venture, that one realizes the need for a strong support system and building a network. That can help provide advice and support in times of distress.
Which can create opportunities for collaborations, partnerships, and mentorship. It can also help you find a co-founder, who can complement your skills and work like a team to achieve business goals.
This quote by Thomas A. Edison resonates with my message, “I have not failed. I’ve just found 10,000 ways that won’t work.”
So, instead of dwelling on past failures. View them as stepping stones toward exploring and seizing new opportunities in business and beyond.
The article has been authored by visionary leader and inspirational mentor Suresh Meshramani.
Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
