Why Failure is Important for Success of your Business
Humans are programmed in a way that they avoid pain and move towards pleasure. People tend to avoid failure in any field of their life because they associate it with pain. Unfortunately, as a society, we also view failure as a sign of defeat and weakness. Which of course it isn’t. Only the strong can get through it. Why Failure is Important for Success of your Business
I know you ask what do you know about failure? What do you know about the pain it causes or about the humiliation in front of everyone?
Let me tell you I know what it’s like. I lost just about everything. It was horrible. I hated myself, I asked God what did I do to deserve this? I will tell you after all the pain, the self loathing, the days, weeks and years of praying and working to rebuild my life.
I will tell you that I have learned more from failure than any success that I had before.
God has designed failure to give you wisdom. For you to gain knowledge. So that you can prosper and so that you can help others. So, through everything I’ve been through I want to help you.
However, failure is important for the success of your business. Surprised?
Well, yes. You can be a great success after a business failure. So, Why Failure is Important for Success of your Business.
Let’s go through some reasons that will clarify you that how famously failed businesses learned from their mistakes and become a huge success.
It’s a Way to Learn:
You might have heard the famous statement of Thomas A. Edison:
“I have not failed. I have just found 10,000 ways that won’t work”
This is the rule of nature. Who fail more learns more. When you fail, you learn what works and what doesn’t.
The famous Venture capitalists are known for investing in entrepreneurs that have failed multiple times in their businesses.
For many, a person could not be a good entrepreneur unless he has not tasted failure at least once in his career and learned from adversity.
For instance, a person has a YouTube channel which was stagnant for several years. After posting several videos and failed to get even 1000 views, he finally learned what type of content people like the most. By using his knowledge that he learned from his failure helped him to produce videos that are viewed by millions of people around the world.
You Discover the Missing Element:
What is failure?
Failure is nothing but only a signal that tells you that something is missing. It tells you what you need to change to achieve success after a business failure.
This is the failure through which you can identify the gaps in yourself, your systems, your strategies, your framework, your business, and your team.
It tells you what your weaknesses are and where you need improvement.
Successful companies that failed at first
learn through failures – discover their obstacles and formulate a plan to overcome them.
Failure could be a Sign of Coming Success:
Do you know:
Only one who will risk going too far can possibly find out how far one can go.
No doubt, failure is a sign of coming success. Big failures are usually accompanied by bigger achievements. You should not expect any real success while remaining small, safe, insulated, and without taking any risks.
Robert Kiyosaki beautifully put this by saying:
Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failures also avoid success.
It Makes you Pause:
Failures give you a chance to pause and analyze your business strategy. You get enough time to consider what you are doing wrong and whether you should pivot, continue, or give up.
It would help you consider even you want to do this what you are doing or not.
If you don’t have enough time to reflect, most probably, you are wasting off your efforts, time, resources, and energy.
Failures Build Immunity for Fear:
This is the fear of failure that limits you. It works like this, if you are afraid of failure, you are also afraid to take risks, and couldn’t scale fast.
The fear of failure may pause your growth. However, when you keep failing, you build an immunity against fear.
When you are afraid of failure, you are able to embrace feedback. You can take up the criticism positively and work around it to improve yourself and your business.
Helps in Building Entrepreneurial Traits:
Everyone likes to win, but if you really want to achieve something bigger in your life, you need to learn how to lose.
There is no one who hasn’t taste the failure in life at least for once.
If you are able to pick yourself up again after a deforming defeat, remember, you will be a champion one day.
Failure is an important part of the struggles of a successful entrepreneur. No one can assure you that you won’t fail ever in life.
To build the valuable entrepreneurial character traits, failure is necessary for you. For a long-term success resilience, tenacity, and perseverance are vital traits that can be produced only after you taste failures.
The ability to push through your failure while others quit would lead you to the road of success.
Failure Enhances the Flavor of Success:
Do you know what ensured the success of successful companies that failed at first?
Their ability to stumble from failure to failure without losing hope and enthusiasm.
Success becomes even sweeter after you have tasted failure. When you are able to feel the pain of the humiliating moments of failure before you get succeed, you can value success more.
You wouldn’t be taking success for granted, because you know that what journey you went through to get to this point.
Failure Helps you Create a Great Comeback Story:
Do you know the struggles of a successful entrepreneur? Do you know what a great entrepreneur has gone through to achieve this position in his/her life?
There is not a single successful entrepreneur that has not gone through failure.
Failure makes up fantastic comeback stories.
Do you remember how Steve Jobs was kicked out of the company that he founded himself? It was not until 10 years later when he joined the company again, and this time as a CEO.
What made Steve Jobs able to rejoin the company? His ability to learn from the failure. This is a failure that makes you relate-able to others.
Your failure can also motivate people around you to work harder for you, offer you better assistance, and stand with you in the storm.
Along with all these benefits of failure for your business, there is also another important advantage – keeps you humble. An entrepreneur who has never failed tend to be arrogant.
Failure hurts everyone for sure, but you can see it as a positive experience. Failure is the process in which you find many new opportunities to be successful. But, just fail fast.
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