Failure Is An Option

Failure Is An Option

The blank truth you need to understand is that every entrepreneurs fail. Register this in your mind in the journey of your business. All entrepreneurs fail.

 

If you’re an entrepreneur, at some point you will fail. It’s inevitable. Whether that failure is large or small, there’s something to be gained.

 

Failure is often considered the other “F” word in the startup and entrepreneur sector, but it shouldn’t be.

 

Failure isn’t an all-out loss — you can use failure to your advantage.

 

Entrepreneurs aren’t the only ones to fail, either. 40% of all businesses will fail in the first 3 years they’re open. That’s a lot of failing businesses.

 

For entrepreneurs, the risk is even higher. Entrepreneurs intentionally begin their businesses to disrupt an industry. This raises their risk of falling on their faces.

 

Furthermore, the longer a business is around, the more likely it is to fail at some point.

 

The riskiest time period for a new business is the first 3-5 years, where you can see that there’s a sharp decline in the number of businesses.

 

Successful people fail. And no, that’s not an oxymoron.

 

Failure is an option

 

Failure is often viewed as an ending, but that doesn’t have to be the case. For most entrepreneurs and their businesses, failure is just the beginning.

 

If you find your business failing, it’s time to pivot and find a solution to the problem. Just know that failure is an option.

 

Maybe you need to start over from scratch. If so, not Bad. My own first business failed, but I’m still standing (so other people in business).

 

Why? Because I examined the problems with my first business and made sure that what I learned informed my future decisions.

 

Failure is a stepping stone on the pathway to success. You pick up new pieces of information along the way that help you to avoid mistakes.

 

Accept failure

 

Failure is part of the process of starting a business and being an entrepreneur. You might hear about lots of “overnight successes.” In most cases, these stories don’t reveal the missteps behind the eventual achievements.

 

failureissuccess

 

For instance, researchers and doctors often invent thousands of failed vaccines before they finally make one that works. Similarly, entrepreneurs sometimes start several businesses before they find a formula that results in profits.

 

Some business owners, on the other hand, are so scared of failure that they’re debilitated with fear. This fear stops them from acting, pivoting, creating, and founding.

 

If you find that you’re scared of failure, try to find acceptance. As I said before, you’re not alone.

 

There are many reasons that startups fail. According to a poll conducted by CB Insights, business founders stated that their businesses most often failed because of a lack of market need.

 

Top 20 Reasons Why Startups Fail

 

Top 20 Reasons Why Startup Fails

cbinsignts

 

In other words, businesses often go under because the founders neglected to conduct some basic market research.

 

If nearly half of businesses break down because there’s no need for the products or services they provide, you can always reverse the trend.

 

Entrepreneurs can automatically learn from these failures and conduct the proper research before they ever launch their businesses.

 

Whatever the case, there’s almost always a reason behind the reason. If you can accept failure and learn from it, you’ll know how to avoid making the same mistake twice.

 

Be honest

Let’s say that your business or a specific product doesn’t work out. In the startup world, you have to be honest with your team. If your company is beginning to lose momentum, or if you’ve made some grievous error, own up to it.

 

behonest

Entrepreneurs often feel alone in building their business and alone in their failure. But you’re not. Your team and your partners are behind you whether you’re successful or falling apart.

 

The sooner that you can admit to them that there is a problem, the more likely they are to want to help you solve the problem and stick it out to make the business successful.

 

If you don’t admit to your failure, someone else will eventually point it out. If someone else has to point out your failure or mistake, it’s going to look a lot worse.

 

It’s much better to upfront and honest when you make an error or even if you run your business into the ground. Of course, you also have to be honest with yourself.

 

Don’t lie to yourself that there isn’t a problem when you know that there is one. Catching a failure early can mean you’ve got plenty of time to turn it around.

 

Learn

 

It’s as simple as that: Learn from your failure. No matter the failure, there’s always some insight for you to glean from the experience.

 

learnings

 

A major part of turning failure to your advantage is learning how and why the failure happened. Not learning from your failure opens the door to future failures. You might miss the mark often as an entrepreneur.

 

However, if you don’t seize the opportunity to grow and rebuild, you’ll miss out on all the great parts of running your own business.

 

Start from the drawing board. Come up with a new idea. Get excited about something that you’re passionate about. Knowing that many new businesses fail keeps many people from starting their own companies.

 

Plan for the future

Part of learning from your failure is creating a plan for the future. Making the same mistake twice means that you didn’t learn from your error.

 

Get motivated

 

Turn the anxious energy a failure creates into motivation.

 

Failure is just one step on a very long journey to entrepreneurial success. Use the failure to motivate you into making your business a success instead of scaring you into submission.

 

Failure coupled with fear can mean the end of your business. Failure coupled with motivation leads to success. If you need to find your motivation during times of failure, just hear the voices of all the people who said you couldn’t do it. Then get back up and keep going.

 

In Short

 

All entrepreneurs fail. Myself included.

 

Successful entrepreneurs use that failure to their advantage.

 

Failure is not the end of the world. And without failure, there can’t be a success. If you never become an entrepreneur or start the business that you’ve been dreaming of, you’ll never fail.

 

But you’ll also never succeed.

 

And the most important part of using failure to your advantage as an entrepreneur is to learn from your mistakes. And from the mistakes of others.

 

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