Why Failure is Important for Entrepreneurs : An entrepreneur’s life is a roller-coaster ride. He or she is always preparing to take the next step. One wrong move might be enough to make you fall. We are not superheroes, so we often make mistakes or take wrong turns, which result in failures.
Do failures really put an end to your dreams? If yes, you’re mistaken.
Failures are crucial in an entrepreneur’s life. Because they completely transform you into a new person.
Here are 7 reasons why failures are important in your entrepreneurial life.
1. Failures are stepping stones to success Learning from failure
Failure is bitter. But you’re taking a step closer to success whenever you fail.
Because you will pull off a better attempt next time.
When you fail it simply means you’re really trying something. Bit by bit, your failures give you valuable entrepreneurial insights that eventually work in your favour.
The point is:
You cannot stand on the podium of success without failing even once!
So think of each failure as a stepping stone to your success.
2. When you fail you learn, How to learn from failure
– Bill Gates
Failure teaches you a lesson. Maybe things won’t work out the first time you do it.
Maybe it won’t yield results the second time too. But you can take away a lesson whenever you fail.
Learning from business failures is important.
We are easily dissuaded by a failure in life. Too often we won’t focus on what failures taught but ponder over our loss and fall prey to despair.
Just ask “Why did I fail?”
That is, failures are source of great learning.
So when you fail, remember that it’s another opportunity to learn something new.
3. Failures make you fearless, Learning from failures
– Paulo Coelho
The biggest problem with success is the fear of failure.We think too much before doing something that we end up doing it.
However, failures can actually make your fearless.
You might be wondering:
How do failures make you fearless? The stories that reach you tell you that you should never think of something in which you failed.
As an entrepreneur, your only passion is business. So when you come up short, don’t be debilitate.
Richard Branson encountered seven gigantic business failures in his remarkable entrepreneurial journey.
But he didn’t quit. Instead he honed his skills and jumped into entrepreneurship, shrugging off all his fears.
Sit down and think where you did you miss the “x factor” and restart your plans again! You don’t have to fear failure anymore once you failed.
Because you have already seen the bitter side and experienced the worst nightmare all alone! So don’t ever stop working.
4. Failures add to your experience Learning from failure
“Basically experiences and your reactions to them make a man great” — Tom Krause
Whenever you fail in an attempt, you walk away with tons of experience. As entrepreneurs, we hardly look at the positive side of failures.
When you fail, you can at least figure out what really happened and gain valuable practical experience that you won’t ever get from a top business school.
The experience you get from failure is a valuable asset that helps your entrepreneurial life in future.
Because after failure, you always try to give it a second thought while commencing a new business.
Moreover, you will learn how to tackle each problem. That is, your approach towards obstacles becomes different.
So don’t be disappointed when you fail. Instead believe in yourself and relaunch your business plan in a better way!
In these ways, you can turn your failures into a resourceful source of experience.
5. Failure improves your entrepreneurial traits, How to learn from failure
You become a better entrepreneur after each failure in your life. That is, you strive to manage your resources well to get maximum productivity.
For instance, you will have a better plan to spend your money or time. You think about smart ways to do business.
In this way you begin to embrace the qualities that make a good entrepreneur.
Thus you learn to hang in there unless you achieve your business goals even when everyone gives up.
6. You become more passionate each time you fail How to deal with failure in business
“Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.” – Samuel Beckett
A failed business is indeed a pain.
Each time you encounter failures, you will become more passionate about your business goals.
Because you get to understand the factors that pulled down your business and try harder next time to achieve your goals.
Did you know?
Bill Gates started a company called Traf-O-Data, which failed miserably. But he learnt from it and founded Microsoft. Rest is history!
So don’t worry when your startup fails. Just keep working.
Because you might just be a single step away from your dream.
7. Failure is essential to enjoy your success Your failures sweeten your success.
Let me tell you a story of a how a bitter failure turned into a sweet entrepreneurial success.
Steve Jobs resigned from Apple owing to top level management problems in 1985. It was a tough decision for him to stay away from the company he founded.
He struggled a lot during this period and founded NeXt computer company, which became hugely successful.
Jobs returned to Apple when it bought NeXT in 1996. When Steve Jobs came onboard, Apple was on the verge of bankruptcy.
But he revived Apple with his innovative decisions and transformed it into the most profitable company in the world.
Yes, Jobs, once the prodigal son of Apple, became its messiah!
His success story is quite inspiring just because one single fact- HE FAILED!
So to relish the taste of success you should first encounter the bitter failures!
Well, if you still think failure is the end of the world, here’s a list of some greatest entrepreneurs who failed before becoming the epitome of success!