Failure not always a stepping stone to success

IN RECENT discussions about Singapore’s increasing corporate bankruptcies, some experts have argued that there is no cause for alarm. The logic is that as more people start businesses, a higher failure rate is natural. Bankruptcy, they say, is less of a stigma today and simply part of a dynamic economy where risk-taking is encouraged.

At first glance, this argument seems reasonable. After all, some of the world’s most successful entrepreneurs – Steve Jobs, JK Rowling, and Jeff Bezos – all faced setbacks before eventually finding success. However, not every entrepreneur gets a second chance, and not every business failure produces valuable lessons.

The idea that failure is always a learning experience ignores the harsh reality for many business owners who struggle to recover.