How many potential business ventures have you shelved because you failed once or twice? Many people remain stuck in the daily grind because of failure. Either they perceive that they will fail, even before they try. Or, they tried but failed, and the experience led them to abandon the venture.
Here’s the thing: every entrepreneur has experienced failure at one point in their journey. Samier Chavez, who is an entrepreneur from a small city called Moorpark, California, learned that failure is part of the entrepreneurship process. Instead of letting it motivate you to quit, you should embrace it.
We Learn Through Failure
Do you remember when you were learning to ride a bike? How many times did you fall? When you got up, you had an experience that helped you ride the bike better. This principle applies to entrepreneurship as well. Failure is not the end; it is a point of learning. You gain valuable insights by analyzing why you failed and what you can do to improve your chances.
You should do a bit of market research. Or, it would be best to hold a forum with your customers before releasing the product or service to understand whether the product/service will meet their needs. Samier says that the lessons you learn from a failure are invaluable and often lead to a deeper understanding of the business.
The lessons you get from failure are more impactful than theories. So don’t let failure cripple you. Rather, let it form the bedrock upon which you bounce back better and more informed.
Resilience Building
Resilience is the mark of a successful entrepreneur. Embracing failure and bouncing back from setbacks help you cultivate resilience. Facing adversities head-on, overcoming disappointments, and persevering through failures help you develop the mental strength needed to navigate the unpredictable journey of entrepreneurship.
Failure sparks Innovation
Samier points out that failure brings an opportunity to innovate and improve. As such, upcoming entrepreneurs should view failure as a feedback loop that guides them toward improving their products, services, and ideas. Such Innovation often leads to breakthroughs and sustainable Success.
Overcoming the Fear of Failure
Overcoming the fear of failure is crucial if you take the necessary risks towards Success. Once you embrace failure, the perceived risks no longer look like potential threats but are part of the learning curve.
Reframe failure as opportunities. Some entrepreneurs have overcome failure by working with mentors. Alternatively, you can work with a mental health professional through cognitive behavioral therapy (CBT) to reduce the fear of failure.
Building a Growth Mindset
A growth mindset is based on the belief that hard work and dedication produce valuable abilities and intelligence. Embracing failure aligns with this mindset as it propels you to see failure as an opportunity. With a growth mindset, failure is feedback. As such, failure becomes a valuable tool for growth and self-improvement.
Failure helps you Redefine Success
Success is a subjective concept, and embracing failure helps you redefine what Success means to you. Rather than narrowing the definition of Success to financial achievements, entrepreneurs can shift their definition of Success to personal growth, positive impact, and the entrepreneurship journey itself. Such a holistic perspective leads to a healthier, more fulfilling experience.
To Conclude
If you’re going to succeed in entrepreneurship, you have to embrace failure. This step requires discipline and a personal commitment not to allow failure to stop you from realizing your goals. You can do it afraid by building a growth mindset and resilience and taking failure as an opportunity to learn
