Failure is something nobody enjoys. However, there’s proof that it will make you a better entrepreneur. As such, you should learn how to truly embrace it.
Failure is synonymous with a lack of success. This is something nobody enjoys experiencing, especially in the business world today. However, there are some studies that suggest that as an entrepreneur you really should be embracing failure because it will make you a better entrepreneur. Here are some ways you can learn how to truly embrace failure and grow from doing so.
Failure is a Great way to Learn
Entrepreneur says it’s those people who fail the most who will learn the most because you’re learning what does and doesn’t work. This is something Thomas Edison said, “I have not failed. I’ve just found 10,000 ways that won’t work.” It’s also something that venture capitalists understand. They invest in entrepreneurs who’ve undergone multiple failures. Many people who have YouTube channels have also learned this. After having channels that were stagnant for many years or videos that don’t get many views, they’ve created popular channels and videos. This is because the failure has taught them how to discover what really works and then capitalize on it.
Deal with Your Emotions
Many people don’t realize that there’s a major difference between a “reaction” and a “response.”
A reaction is emotional so it’ll typically make the problem worse, especially in a business where there’s no room for emotion. Unfortunately, this will cause you to lack movement.
A response implies inertia. Here you’re willing to examine and deal with your emotions (e.g. anger, sadness, fear) so you can respond and react to your failure. This means more than simply checking your emotions at the door. You must take the time to process them and create a plan to make positive changes. For instance, when you have leads that don’t convert, you must take some time to look at your marketing funnel so you can find ways to bring in your lost prospects.
Failure may be a Sign of Coming Success
It’s important to see your failure as the preview to upcoming success. T.S. Eliot says that “Only those who will risk going too far can possibly find out how far one can go.” When you look back on your life, you’ll probably see that this is true. Life’s biggest achievements typically follow your biggest failures because you dared reach out of your safety zone, to think outside of your box.
Helpful Ways to Identify Bad Partners
Inc. says there are several ways in which you can spot someone who’d make a bad business partner. Fortunately, you can do this before you sign any contracts or enter any deals with them. You must look out for:
· Things that look too good to be true because they probably are
· People with ulterior motives because they’re usually in things for themselves
· People who aren’t willing to share a balanced workload because you’ll grow tired sooner than later
· People who don’t tell you the whole truth because you need to know everything there is to know about your business
Get Motivated and Gain Perspective
Motivational speakers will help you reach your goal with a motive and perspective. They can also tell you about things that you’ve never experienced so that you can use this to approach your future goals and perspectives. Regardless of what your business’ weak spots are (e.g. generating brand awareness, being found by online customers), you can get help with some new ideas that you can try in real life. Unfortunately, this might not help you immediately since it takes time to process failures, overcome emotions, and find logical reasoning in the midst of everything. However, once you’re able to do these things, you’ll have the perspective you need to turn things around and become (more) successful.
C.S. Lewis had a great way of looking at failures. He said, “Failures are finger posts on the road to achievement.” In other words, they’re a signal that something is missing, something must change so you can be successful. When you approach failure in the right way, you’ll find the gaps, weaknesses, and limitations in yourself, and your strategies, systems, business, and team so you can find ways to change or improve. By creating this type of a plan you’re able to push through, circumvent, or overcome these things. Here you must also watch for “trigger failures” — those habits in your environment that guarantee your failure before you even get started in the first place.
Execution is Everything
Once you have a good idea and the right people who can do the work for you, it’s time to execute everything. CMO says this is something you should start with from the very marketing because you must have a good grasp on their ideas. This is also a great time to test the idea, get your customers’ input, and talk to other people so you can see things from their perspective too. All of this is important because this is when things are the most likely to fail, especially if you don’t have all the information you need so you can push forward without overthinking things.
After an idea is brought to fruition, you can move beyond marketing to optimization. While this is the last step, it’s crucial because now is when you need your customers’ feedback the most. You must figure out how to better understand them and how they’re using your products or services. Obviously, your job doesn’t end here. Continual optimization will help make your business better so you can be successful.
Understanding the true meaning of failure (being a lack of success) is something that we’ve been programmed with since the day we are born. We’re also taught how we shouldn’t enjoy this experience, especially when it’s in a major area of our life, like with our business. Clearly, it’s time that we change our viewpoint here. It’s time to start embracing your failures and growing from them. Now that you have a better understanding of this and how you can do it, it’s time for you to get started. What actions can you take to do this today?