A big thing was made about the so-called failures of Donald Trump during this week. It might be shocking to learn that the amazing Richard Branson also had his quota of unacceptable outcomes. Those that hammer Mr. Trump about his failures do not have a clue how high the risk factor is when you play the entrepreneurial game!
It’s not surprising that he would have a few failures under his belt. And given the over-the-top way that Richard Branson does business, it’s also not surprising that some of them are pretty spectacular.
Branson has lost count of the number of times he has been told that one of his ventures was a goner. Many times he would try to save the business by coming at the problem from a different angle, he wrote in an American Express Open Forum blog post, but some ideas can’t be saved.
It is those times, Branson has said, recognizing mistakes and recovering are essential skills for an entrepreneur:
My mother drummed into me from an early age that I should not spend much time regretting the past. I try to bring that discipline to my business career. Over the years, my team and I have not let mistakes, failures or mishaps get us down. Instead, even when a venture has failed, we try to look for opportunities, to see whether we can capitalize on another gap in the market.