Does the UK fear failure?
1 min read
Starting your own company is a risky business, even during the good times. But if you've got a good idea and have developed it to a reasonable level and have the courage of your convictions, then why not?
Hermann Hauser, cofounder of Amadeus Capital Partners and a legend in the electronics industry for his role in Acorn Computers, says the best time to start a company is during a recession, hinting that such companies will be well positioned to take advantage of a recovery.
Yet even though there are obvious opportunities – everyone is still waiting for the next 'killer app' – start ups in the UK are still relative novelties. Fear of failure – from the would be entrepreneur's perspective, as well as from the investor side – may be a big contributor.
Compare this to the US, where the 'crash and burn' mentality is prevalent; you're not regarded as a 'player' until you've experienced at least one company failure. Learn from your mistakes is the motto there.
Can we teach entrepreneurial skills? Hauser believes so, likening the attempt to teaching the piano. If someone's tone deaf, they won't be any good, he observes, but you need to give them a piano to find out.
Hauser's advice? "Do it!"
