“Failure is not an option” is yesterday’s term. Our culture has changed. Books on innovation and entrepreneurship now boast failure as our best teacher. It became a synonym for learning, it’s a hype.
But the truth is that the fear of failure paralyzes people. They avoid taking risks that eventually could boost growth. It’s not that you should plan to fail,but it is important to understand that failure is often the price of success.
I’ll show you six reasons why failure can be good for business
As the saying goes, “If you have never failed, then you haven’t tried anything new.” Well, that’s true. No one succeeds all the time as an entrepreneur. Before you can succeed, you have to accept that sometimes you’re going to fail and that is part of the process. Failing is nothing to be ashamed of.
2. Failing fast
It’s better to start something and fail right away than spending much time for it and then fail. Hurry up before they cost you a lot of time and money.
3. Use failure as a stepping stone
Think of a toddler, taking his first steps. She will fall many times before she has strong legs for walking. Entrepreneurship is the same. If at first you do not succeed, try again. But before that, analyze why you failed and try to do it better and different next time.
4. Depersonalize failure
People will label you if you fail, but never take a it personally and don’t identify yourself with the setback. You may have failed but you aren’t a failure. Try to recover quickly and leave this phase behind you. The faster you stand up again and look forward, the faster you can get back on your road to success. Fail fast succeed sooner.
5. Build resistance
Becoming a successful entrepreneur is never a straight line. There are many ups and downs along the way. Therefore, how you manage emotions you is crucial. By failing you learn acquire resistance, mental stamina and you become generally tough. Where others fail because of an emotional disorder, you will succeed, because you already went through that stage.
6. Exceed your potential
“What doesn’t kill you makes you stronger”.
Failure propels growth, it’s the oil in the machine of overcoming any challenge or obstacle. It keeps your ego in check , builds a hard exterior shell and creates extraordinary change. Failure is necessary to take that quantum leap otherwise we would become too comfortable in mediocre victories.
7. Share your failure
Failure helps you build experience that can be useful to you and others when building a new business. Let others learn from you failures but also learn from theirs. Failure is part of growth just like success. It shouldn’t be feared but rather looked upon as a teacher to strengthen our weaknesses and keep us humble.