The Top 4 Benefits of Failure and
Why It’s Good for Your Business
For so many years, we’ve been taught that failure is a bad thing, no if’s, and’s, or but’s about it. People are so quick to say that failure is bad but don’t stop long enough to see the good in it, especially from a business perspective.
If you went to business school, all the instructors preached about was how to succeed and the keys to success, etc, but rarely, if at all, do they discuss or have a lesson on failure, especially on the good that can be found in failure. Failure is such a harsh and negative word and it’s really not an accurate term to use in most cases of why businesses don’t succeed… this is a better way to put it rather than say fail.
When you say a business failed, people tend to associate themselves with the term and think they’re a failure as well and that’s not the case at all. Just because you “fail” in an area of your business, that doesn’t make you a failure.
But the truth of the matter is that everyone loves to hear success stories… they want to hear the hope within the story but why can’t there be hope in stories of unsuccess? There’s just as much of a lesson to be learned in stories of failure as it is in stories of success.
Just think about it… if you look up some of the most successful entrepreneurs of today, you’ll see that they didn’t achieve their success on their first go-round of entrepreneurship… they had to fail several times before they achieved the level of success they’re at today.
That’s how you have you look at failure along your entrepreneurial journey. Sure, no one likes to lose, and there are ways to avoid losing, but if you can’t embrace the fact that you’re not always going to win, losing is going to hurt really bad, sometimes to a point of wanting to quit. That’s why it’s so important to embrace the aspect of failure… it’s truly not as bad as people make it out to be.
If you can figure out how to develop a positive approach to failure, starting your business will go much smoother. Every failure becomes an opportunity when approached with the proper attitude. This article covers the benefits of failures and how to get the most out of any failure in school or at work: Dealing with Failure: The Guide on How to Make the Most of Your Mistakes.
Take a look at the benefits failure can bring you on your entrepreneurial journey.
Failure Benefit 1: It Teaches You Life Lessons
Failure is one of those life lessons where you have to learn things the hard way. Those lessons are tough but well taught. As a new business owner, you’re definitely going to encounter some major wins and some serious losses but it’s the lesson you learn from the losses that make you keep trying.
Sometimes in business, times will get tough and you’ll try to take the easy way out and end up learning a hard lesson. For example, lots of home-based businesses try to get away with running their online business without business insurance.
They’ll get away with it for a while but once a breach in data occurs or their business equipment gets damaged, they’ll wish they had business insurance.
The lesson in that scenario is don’t try to run a business of any sort without insurance. Please take our advice on this one, as that is one lesson you don’t want to learn on your own!
Failure Benefit 2: It Forces You to Think Outside the Box For Solutions
When you encounter a bump in the road and see that something isn’t working, that’s when you know you have to get creative and find a new way to get the solution you need. Plus, you never know… the new solution you find might be an even better way to run your business.
According to an article in Entrepreneur, thinking outside the box for an entrepreneur is beneficial in many ways. Not only does it enhance your problem-solving skills but it also gives you a greater perspective on things.
Failure Benefit 3: It Helps You Overcome Fear Itself
Fear is one of the biggest reasons why people never get their business off the ground in the first place. But with encountering failures along your journey, it allows you to overcome fear in itself. How? Because you’ve encountered enough failure that it no longer scares you, all it does is push you to find a different way to make something work… With each failure you experience, your tolerance for failure strengthens, making you a stronger business owner.
If your business fails, one way out is putting your business up for sale. With the proceeds, you will have the resources to start anew, so it will be simple for you to overcome your fear. Selling your company may provide you the freedom to engage in other endeavors, make investments, or find employment. You can also be able to settle personal debts. Additionally, you can decide if you want to take a break and rethink your new goals and tactics for your new business venture.
Failure Benefit 4: It Keeps You Motivated
You can think of this as the saying “what doesn’t kill you makes you stronger.” Any time you experience a failure in your business, that should push you to do better or find another way to make that idea or task work. Just because you failed in something doesn’t mean you should give up and quit… it should do the opposite and motivate you to do better and push your business in the direction of success.
The sooner you accept and embrace failure, the harder it will be for obstacles to tear you down… and that applies to all aspects of life. Starting a business isn’t going to be easy, but by equipping yourself with the mindset of failure being a learning opportunity on your entrepreneurial journey, you’ll be closer to success than you ever thought you could.