Been lycky enough until now, second business still going strong.. hope I don’t have to face a system with somewhat less friendly aspect.

Seems to be a surfeit of posts on the Joys of Failure in Entrepreneurship…first GigaOm, commenting on posts by a US VC and a successful Website owner (HotorNot). Vecosys asked about attitude to failure in the UK, and here in Germany.

Well, might …

But the credit card companies and banks, who literally wrote the bankruptcy code updates that went into law last year, took the heart of the bankruptcy laws you think are an entrepreneur’s ally.

Entrepreneurs, like me, often use credit card debt to finance a business that a bank would not finance and that would not yet merit angel or vc backing. Take those credit credit applications you usually toss in the garbage, fill them out and you have an instant loan.

Problem now is that such credit card debt is non dischargeable. In addition, debtors under the new bankruptcy law are often required to pay off over time debts that were previously dischargeable in bankruptcy.

In last 15 years, we have not seen a single tech company of the scale of Google, Yahoo or even Skype being born in India. The reason is not the lack of education or talent among the Indians because when I visit the office of U.S. companies or even the businesses in Singapore, I see Indians working in senior positions in those companies all the time. There have been many successful startups in the U.S. with founders who were born and educated in India. So clearly Indians have the talent but what we lack in India is the appetite for risk and the respect for failures. Unfortunately in my country people can’t understand one simple rule and that is you can’t learn to swim without jumping in the water. The worst part is that I don’t see this attitude changing in near future.

I’ve learned that failure doesn’t make you a bad individual or professional, but someone who is human. I took failures to heart, as I felt I wasn’t good enough, or capable enough. I also realized that I wasn’t aligning myself with the right ideas, people, and projects.

It’s imperative to find the right mix of ingredients to thrive in anything you wish to be successful in. This includes love, careers, groups, etc. You also must identify your strengths and weaknesses, and find a balance that will work for you.

For example, I knew from an early age that I had no desire to be an “employee”. So, I’ve aways had an entrepreneurial spirit, but until recently, only discovered where my true passions lie in my pursuit of independence and freedom. Knowing that I’ve discovered where my talents are best suited is a rewarding feeling.

Finally, for those who have been slighted by toxic people, have suffered unjust treatment, etc.: You’ll recover. Time is your best friend — allow it to do its work.

http://www.mises.org/journals/jls/14/14_2.pdf

Peter

That’s what I’m looking forward to.

Just heard on the radio today: 84% of Americans are still looking for their dream job. Me? I abhor my current corporate job…

Do you have any idea what that was like for a kid, growing up? Another year – another city, another company. Thinking: will it all go bust again…and if so, how long until it happens?

If you’re going the entrepreneur route, I recommend that you wait before you have some success before you start having kids.

I’m also an ex-pat American living in Berlin, Germany. What this country largely lacks is the spark of originality and creativity coming from America’s entrepreneurs. As an American, you take all that for granted until you move away. Americans really have a knack for coming up with new ideas, and should be proud of this.

And thanks for all the other comments… especially those that highlight the international (non-US) perspectives… they really help shed light on the cultural differences.