- What is one business lesson that entrepreneurship taught you the hard way?
The biggest lesson is to fail with grace and understand that failure is not fatal. What doesn’t kill you makes you stronger.
Life is not a straight path; it has its ups and downs. When you are at the top of your game, never let success make you arrogant, because circumstances can change. Similarly, when you are at your lowest point, remember that you will not remain there forever.
What matters is your ability to reassess where things went wrong, pick yourself up and rebuild.
Thomas Alva Edison is a great example of this mindset. He faced thousands of unsuccessful attempts while developing the electric bulb. Even after achieving success, his factory was destroyed by fire. When someone asked him what he would do next, his response was simple: “I’ll start from scratch.”
There are three important qualities every entrepreneur should develop: courage, confidence and commitment. As the Chinese proverb says, “A journey of a thousand miles begins with a single step.”
That first step requires courage. Once you have the courage to start something, you will gradually develop the confidence and commitment needed to complete it.
- With AI transforming industries, what skills will future entrepreneurs need to stay relevant?
There is a lot of concern about whether artificial intelligence will replace people. Yes, AI will replace people, but it will replace those who do not know how to use it.
Think back to when computers were first introduced, around three decades ago. People worried that computers would eliminate jobs, particularly those of typists. Later, desktop publishing and digital tools transformed the way people worked. Even the introduction of calculators faced resistance.
The initial reaction to any major technological development is often resistance. However, resisting change only prevents us from adapting to it. Change will happen regardless.
The smartest entrepreneurs are those who recognise what is about to change and adapt quickly. They must be willing to adopt new principles, embrace emerging technologies and strengthen their organisational capabilities.
Ultimately, the real test will be how effectively entrepreneurs use AI to take their organisations and clients forward.
- What is one piece of advice you would give someone planning to launch their first startup?
Be prepared to fail. Failure is a stepping stone to success, provided you understand that it is a natural part of life.
It is important to experience failure early in your entrepreneurial journey. Think of it this way: would you rather climb the hill first and enjoy the view later, or enjoy the view first and climb the hill afterwards?
Experience failure early so that you can understand your mistakes, learn from them and avoid repeating them.
There is no harm in making mistakes. What matters is ensuring that you do not repeat the same mistakes.
Entrepreneurs must develop the resilience to start again, learn continuously and move forward with greater clarity.
