It's a common enough saying that entrepreneurs fail more times then they succeed. But I'm sitting here today wondering what exactly they mean by fail.
At dinner the other night with another entrepreneur, she mentioned how her original business plan is being essentially tossed out the window due to raw material price increases which drive up her products price far too much. Her husband, who was also at dinner, reminded her that most entrepreneurs have to write and rewrite their business plan and strategy many times before getting it right.
In my case, if I looked at my original business plan and where I am today one could definitely say I failed at my original objectives. But I don't think of it as failure so much as a learning exercise which taught me a better way to approach the marketplace. As a very wise business school professor once told me, business plans are fluid documents that constantly need changing. And I have to agree. Now as I approach the 2 year anniversary of my company while we're not necessarily on the same path originally intended, I have still accomplished the "major" goals (building brand equity and brand recognition) I set out to even though I've had to change course more than once. So is it failure or does that just mean it's time to sit down and rewrite the plan?
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