DIT Professor Tom Cooney features on RTE Brainstorm
13 November 2017
Opinion article on 'Why failure is one of the first steps to success'
Professor Tom Cooney from the College of Business shares his opinion on RTE's Brainstorm- it's time for Irish business culture to cop on that entrepreneurs with past failures should be encouraged to start again as their chances of success are much higher the second time around.
Recently I met an entrepreneur whom I had not seen for a number of years. He had a successful business for over 30 years which had a turnover in excess of €10 million per annum and employed approximately 35 people. During the course of our conversation, I asked him how was business. His response stunned me. His business had to be liquidated two years previously, he left creditors without money and he had to let go all of his staff.
The low-value commodity industry in which he operated was cut-throat in terms of pricing and he was one of the many firms forced out. He felt so bad about what happened that he initially stayed indoors for weeks. When he ventured out to buy a newspaper or food, he would drive to another town to avoid meeting people in his locality. He gave up going to his local golf club and didn’t visit local pubs or restaurants. He felt that everyone locally was blaming him for what had happened and that he was now stigmatised as a failure. He is currently unemployed and, given that he is in his early fifties, he sees little chance of securing a job or getting funding to start another business.
Read the full article here.