The flip-side of this confidence is fear. The drive to attempt to repeat success is simply irresistible for most entrepreneurs – and the risk of failure is part of the allure.
UBS recently interviewed some high profile members of entrepreneurial networking organisation, E2Exchange: Entrepreneur to Entrepreneur Exchange.
Their insight into the experience of exiting a business showed they all share a healthy fear of failure.
E2Exchange Board Director and serial entrepreneur, Hugh Chappell, founder of TrustedReviews.com says “There’s always a worry: can I do this again, was I lucky?”
For Founder of Pacific Direct and fellow E2Exchange Board Director, Lara Morgan, apprehension is a positive force. She freely acknowledges she is driven by avoiding the experience of her father, who went bankrupt.
“I was driven by the fear of the other people in this competitive market catching me up,” she says. “I was terrified of failing. It was a race, and that’s how I see all my businesses.”