Blog 3 - Learning From Failure

A time that I have experienced failure was when I did not make the volleyball team in 7th grade. I did not have any knowledge of the game other than when we played it in PE but I still thought I had a chance of playing. When I first found out that I had not made the team I was upset because it was something that I wanted to be involved in. It also made me realize, however, that I should focus on sports that I really enjoyed. I also played soccer and I was able to use my volleyball experience to recognize my strengths in that sport. It helped me focus on positives in my abilities and not dwell on my weaknesses. I think that this failure has affected who I am today because it has taught me to always continue to better myself in areas that I know I can succeed, but also to work on areas that need improvements.

This particular failure will help in my ability to overcome the hurdles of being an entrepreneur because it taught me to not give up. Failure does not mean to completely end the process, but to look at the process from a different angle and make needed adjustments. Entrepreneurs are not always going to succeed, but the failures that they face are learning experiences. I believe that my particular failure was a great learning experience for me.

~ Adrianne Siler

Week Two - Entrepreneurs have a tolerance for ambiguity, are calculated risk takers, and have a high regard for integrity and reliability.

The very nature of an entrepreneur would suggest that he or she has a high tolerance for ambiguity and may even like it. This is suggested due the the various ambiguous aspects of entrepreneurship such as not having set hours, not having any set way to conduct your business, and not being 100% certain of the future direction of the company. One of the things entrepreneurs enjoy most about having their own business is the ability to set their own hours (even tho most of the time they end up working more hours, they are still set by the business owner). This along with the ability to decide how the business of the company is conducted are amongst the top motivators for steeping out on one's own.

Being a calculated risk taker not only encompasses the mindset of an entrepreneur, but it essentially encompasses the mindset of the average person. Everyday we take calculated risks. Many times during our day we take calculated risks without recognizing them as this. We sometimes calculate the risk of skipping class and missing important information, or the risk of exceeding the posted speed limit and receiving a speeding ticket. An entrepreneur takes risk calculation in a much more deliberate and methodical manner. An entrepreneur must ask him or herself what the probability of success is, how deep is he or she willing to get into a venture, what amount of money they would like to devote to the venture, and what the possibility of failure could mean for the business and it's owner. These risk must be carefully calculated and assessed in order for the entrepreneur to make an intelligent decision.

Entrepreneurs must have a high regard for integrity and reliability both on their end and on the end of their suppliers and other inputs. With these two key pieces the business will eventually sink. In a new venture a reputation must be established. This should be one of both reliability and integrity. This will set the business up to begin to build a loyal following and a good name amongst consumers. Also these things are important in a supplier. Without a good supplier a business cannot function.

Justin T. Brown