What to learn from a failed entrepreneur? | Sri Charan Lakkaraju | TEDxChitkara University Punjab | Summary and Q&A

TL;DR

• Overcoming failure and building bonds are key to entrepreneurial success.

Key Insights

• 🥺 Failure in traditional education can lead to unconventional paths and eventual success.
• 🖐️ Family support and life lessons play a crucial role in shaping an individual's entrepreneurial journey.
• 😤 Building strong team bonds is as essential as having a great idea or execution skills in entrepreneurship.
• 🤩 Being willing to fail again and learn from failures is a key attribute of successful entrepreneurs.
• 🥡 Entrepreneurship involves taking risks, stepping out of comfort zones, and embracing lonely journeys.
• 🍉 Learning from failures and persisting despite setbacks are vital for achieving long-term success.
• ❓ Personal growth and success often stem from challenging traditional notions and stepping into the unknown.

Transcript

whenever you start a company it is not about idea it is not about execution it is about the bond with which you form a team because it's not individual who runs companies it's about the bonds which you fight off these are the phrases that I keep hearing from my childhood and these were just echoing in my ears even with you in your quota days when y... Read More

Questions & Answers

Q: How did the speaker's failure in IIT exams shape his entrepreneurial journey?

The failure in IIT exams led the speaker to attend a local engineering college, instilling resilience and the drive to succeed against all odds.

Q: How did the speaker's father influence his perspective on failure and success?

The speaker's father's support and motivational words instilled a belief in overcoming failures, pushing him to achieve success despite setbacks.

Q: Why is building strong team bonds essential for running a successful company?

Building strong team bonds ensures mutual support, resilience in tough times, and the ability to face challenges collectively, contributing to overall success.

Q: How does the speaker emphasize the importance of being willing to fail again in the entrepreneurial journey?

The speaker advocates for a mindset of being prepared to fail again, highlighting that true success comes from being resilient and learning from failures.

Summary

In this video, the speaker shares their personal journey of overcoming failure and achieving success. They emphasize the importance of forming strong bonds with teams, not being afraid to fail, and being willing to think outside the box. The speaker touches on their experiences with education, entrepreneurship, and personal growth.

Questions & Answers

Q: How did failing to qualify for an IIT exam impact the speaker's life?

Failing to qualify for an IIT exam in a subject called chemistry had a significant impact on the speaker's life. They were from a middle-class family, and their father, who was a school principal, had successful students to compare them to. The speaker was then made to join a local engineering college instead of pursuing IIT, which made them feel like a failure. However, this experience motivated them to achieve something in their life that their father would be proud of.

Q: How did the speaker's perspective on failure change?

The speaker's perspective on failure changed when they received recognition as one of Forbes 30 Under 30. This achievement made them realize that failure is not the end but a part of the journey towards success. They started to view failure as a stepping stone and embraced the idea of accepting failure and learning from it.

Q: How was the concept of entrepreneurship introduced to the speaker?

The speaker was introduced to the concept of entrepreneurship in 2013 during an event in college called World Entrepreneurship Day. Prior to this, they only thought of two career paths: job or business. The speaker explains that starting a business seemed out of reach, but hearing about entrepreneurship opened their mind to the possibility of starting something themselves.

Q: Why did the speaker decide not to join ISB and start their own journey instead?

The speaker was offered admission to ISB (Indian School of Business), which was a significant moment for their family. However, they decided not to join and instead embark on their own entrepreneurship journey. This decision was inspired by a conversation with someone from ISB who emphasized the importance of being content with oneself rather than seeking external validation. The speaker believed that they could create their own path to success.

Q: How did initially failing with their first website impact the speaker?

The speaker recalls the disappointment they felt when their first website failed, with only 300 visitors and ultimately being seen as a failure. This made them question their abilities and consider going back to working for someone else. However, they reminded themselves that failures are a part of the journey, and they could learn from this experience and improve.

Q: How did being a "paid child" influence the speaker's growth?

The speaker describes themselves as a "paid child," someone who did not fear failure and continued to speak up despite setbacks. They share an example of a childhood incident where they were laughed at during a public speech. However, instead of letting that discourage them, they kept talking and improving. They credit their ability to confidently speak to thousands of people now to this determination to not stop.

Q: Why does the speaker emphasize the importance of team bonds in entrepreneurship?

The speaker believes that when starting a company, it is not just about the idea or execution, but also about the bonds formed within the team. They share a personal experience of starting with a team of individuals who eventually left due to better opportunities or personal reasons. This made the speaker realize that the success of a company is not dependent on individual efforts alone but on the strength of the team and the bonds formed within it.

Q: What is the speaker's view on failure and success?

The speaker believes that to achieve success, one must be willing to fail. They emphasize the importance of being ready to fail again and again. They explain that failure should not be seen as a permanent setback but as an opportunity to learn and grow. The speaker shares their own journey as an example, stating that if they could achieve success after experiencing failure, anyone can achieve it as well.

Q: How does the speaker encourage the audience to approach failure and success?

The speaker encourages the audience to approach failure and success by being open-minded and thinking outside the box. They emphasize the need to form strong bonds within teams, accept failure, and be ready to fail again. The speaker believes that success is waiting just around the corner for those who are willing to take risks, learn from their failures, and persist in their endeavors.

Takeaways

In this inspiring video, the speaker shares their personal journey of overcoming failure and achieving success. They highlight the importance of forming strong bonds with teams, not being afraid to fail, and being willing to think outside the box. The speaker's experiences with education, entrepreneurship, and personal growth serve as a reminder that failures are not permanent setbacks but opportunities for learning and growth. They encourage the audience to embrace failure, be ready to fail again, and strive for success in their own lives.

Summary & Key Takeaways

• Failure in IIT exams led to starting a journey in a local engineering college.

• Father's support and life lessons motivated the speaker to pursue entrepreneurship.

• Building strong team bonds and being willing to fail again are essential for success.