In the world of business, we often hear the word "unicorn." Unicorns are special because they represent companies worth over a billion dollars and excite investors and entrepreneurs. While unicorns are interesting and get a lot of attention, they are very rare. Instead, there are serial entrepreneurs—people who keep starting new businesses. These serial entrepreneurs might be the real heroes of innovation and helping the economy grow.

Have you ever thought of running your own business? What’s more important for you—making a billion-dollar business or creating something that lasts forever?

The Hard Reality of Startup Success

We often hear that most businesses, about 90%, fail in three years. This can worry people who want to start a business. But it also shows us that success is about more than just survival.

According to the Kauffman Foundation, serial entrepreneurs—people who keep starting businesses after failure—are behind 65% of new jobs in America. This shows that the journey of learning matters as much as the final results.

If you’re thinking about becoming an entrepreneur, what do you feel about the risk of failure? Does it hold you back, or does it push you to succeed?

Does Failure Cause Success?

It’s not easy to believe that failure can lead to success, but this is what helps many entrepreneurs succeed. Here’s how failure helps shape serial entrepreneurs:

1. Learning from Mistakes

Every new business teaches its owners a lot. Whether a company does well or not, it helps the founders learn important lessons. When they face challenges, they discover what customers like, what works, and what doesn’t. This helps them improve their ideas and build better products or services in the future.

For example, a serial entrepreneur who starts a tech company might have trouble figuring out if people want their product on the first try. However, what they learn from that experience can help them do better with their next project. This process of learning and improving is very important and often helps them succeed more in the future.

2. Persistence Pays Off

It’s not simple to start a business. Many entrepreneurs had to fail before achieving their goals. Serial entrepreneurs teach us that “If you fail at first, keep trying.” They learn from their mistakes and keep pushing ahead.

Take Howard Schultz, who used to be the CEO of Starbucks. He faced many problems and was rejected many times before growing Starbucks into more than just a Seattle coffee shop.

His determination during tough times helped turn Starbucks into a huge coffee company. This kind of strength is common among serial entrepreneurs, who see challenges as temporary problems instead of impossible barriers.

3. Building a Network

Starting many businesses helps serial entrepreneurs build strong relationships. Each new venture gives them chances to meet investors, mentors, and possible partners. These connections are very helpful for future projects because they provide resources, advice, and money.

Having a network is crucial for business success. Serial entrepreneurs who have built strong relationships can more easily find partners or get financial support for their new ventures. Having a strong network helps them handle the challenges of starting and running a business better.

Failure is Not the Goal

No one starts a business hoping to fail. But accepting that failure can be part of the journey helps us learn and improve.

Failure isn’t the end of the road. It’s a way to learn and improve. Serial entrepreneurs show this by using their experiences to make smarter choices going forward.

The excitement about unicorns often makes us forget the real story of starting a business. While these rare success stories are fun to hear, they are just a small part of the big picture. Serial entrepreneurs lead economic growth by creating jobs and fresh ideas, always learning and adapting to new challenges.

While unicorns are exciting and rare, it’s the serial entrepreneurs who truly help the economy grow. These are people who keep starting new businesses, even after facing failure. They create jobs, come up with new ideas, and learn important lessons from their mistakes. Instead of giving up when something goes wrong, they stay persistent and try again, getting better each time. They build lasting relationships with others who can help them succeed later. For experienced entrepreneurs, failure is just another opportunity to learn and grow. Their hard work and determination are key to economic growth.

What do you think about failure in starting a business? Is this challenge just a problem, or a key part of success? Entrepreneurs inspire us with their determination to keep going, no matter the difficulties.