The Relentless Pursuit - GRIT Ed. 8 | The Relentless Pursuit - Magazine - Page 6
The Relentless Pursuit
“the pursuit of opportunity beyond
resources controlled”
- Harvard Professor, Howard Stevenson
THE
relent
less
ursuit
JASKARAN CHAUHAN
NEXT Canada
P
6
MARCH 2022 | NEXTCANADA.COM
T
he term ‘entrepreneurship’ has its origins
in the French language, the derivative of
the word ‘Entreprendre,’ which means ‘to
undertake’ or ‘to pursue opportunities.’
An apt 18th-century description of the
modern term. Though if we look closely at the
contemporary practice of entrepreneurship, it
seems to have expanded from the mere pursuit of
opportunity. It has evolved to include an unwavering,
single-minded focus on opportunities, chased by
creatives with limited access to resources.
This is perhaps what Harvard Professor, Howard
Stevenson, meant when he defined entrepreneurship
as the pursuit of opportunity beyond resources
controlled. This definition is now widely accepted as
the modern definition of entrepreneurship. Resilience
in the face of setbacks is a crucial quality successful
entrepreneurs require. And yet, by the very
definition of it, failure seems to be embedded
in the process of achieving success as an
entrepreneur.
No
wonder
the
world
of
entrepreneurship is almost entirely
comprised of individuals who
have faced a spectacular failure
or risen from a debilitating
defeat at some point in their
careers. Although, in most
cases, the definition of
a
‘spectacular
failure’
is relative, based on the
problem’s size, shape, and
nature. Where a sudden shift
to virtual workspace might spell
disaster for some, for others, it can
be a blessing. A disagreement with
a client might lead to better product
understanding for a venture and devolve
into a significant financial loss for another.
The magnitude of failure is unquantifiable because
it is contextual.
Whether big or small, the taboos associated with
failure are not new or unfamiliar. With statistics
showing that 95% of startups fall short of their initial
projections and three out of four venture-backed
startups fail (Shikhar Ghosh, Harvard Business School
lecturer), it is not hard to lose focus and become
demotivated.
Failure seems to be an integral part of the journey, and
yet, when we think of entrepreneurs, or specifically,
successful entrepreneurs, we do not immediately
think of failure. After all, Edison is remembered for
the invention of the light bulb, not the nine thousand
times he ‘attempted’ its creation. But the true
entrepreneurial spirit of his work lies in the attempt
rather than the end product. The point was that
Edison needed the nine thousand failed attempts to
finally change the world.
Success is, almost always, a consequence of
repetitive failure. Why then is failure demonized?
The flaw in thinking comes from what is ‘seen’ after
success becomes public. No one looks at (or wants
to look at) all the times they failed. We all desire an
Instagram-able success story without the unfiltered
‘ugly’ parts. Another reason failure is often carefully
hidden is because it is so closely associated with fear.
The fear of being perceived as anything less than
what is portrayed; the fear of not having things under
control.
And yet failure, in the right hands, can transform
into a massive opportunity. Perhaps that is why
successful entrepreneurs and venture capitalists
have a streak of recklessness about them. They
recognize the risks, evaluate the extent to which they
are willing to take a chance and then go ahead and
take it. They acknowledge the source of fear and,
in identifying it, cannot let it overwhelm them. And
because of this, they can recognize opportunity and
act on it and have the freedom of being creative.. As
Jon Burgstone (Professor, Entrepreneur, Investor and
Author of Breakthrough Entrepreneurship) puts it,
they can ‘figure out the best conceivable option and
then make it available’.
Stories of loss and failure are also stories of
resilience, of the relentless nature of the efforts that
go into creating something new. Treading the everchanging world of entrepreneurship is daunting, to
say the least, but it is also fulfilling. But, as it so often
happens, it is easy to lose sight of the objective when
the journey is challenging. And yet sometimes, the
only way to perceive the destination is to walk the
path. And sometimes, the goal is the path.
Successful entrepreneurs know that the secret to
success is the undefinable quality that makes you not
give up nine-thousand times while you wait for the
nine thousand and one.
, the
y
e
n
r
u
o
j
e
Along th o stand out
ones wh hat begin to
t
are those unforgiving,
enjoy the nature of the
s
relentles uit itself.
purs
GRIT | THE RELENTLESS PURSUIT
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