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What it takes to be a successful entrepreneur

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When you are being hounded by the tax authorities because you can’t pay your personal taxes, and when your company has just 30,000 euros left in the bank but is burning 200,000 euros a month - you don’t really feel very successful. This was the situation Gilles Babinet experienced – many times, in fact. It’s also a common occurrence in entrepreneurship, he said during his opening keynote address at the first INSEAD Global Entrepreneurship Forum.

The company was eventually sold for more than 100 million euros. “Real entrepreneurs turn setbacks into opportunities,” he says. “So when a client doesn’t want your product, you can either think that your company is dead or that your product needs improving.”

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