Entrepreneurship isn’t always about success. Success is what we hope for and strive for with every venture we take on as entrepreneurs. We fight hard and dig deep to see our dreams through to reality. However, as many entrepreneurs find out, it doesn’t always work out. Sometimes you missed the point of no return or your pivot and sometimes you simply ignored what the marketplace was telling you. These mistakes are our greatest learning points and essential to becoming an entrepreneur.
I know this seems counterintuitive. I’m telling you I want you to fail and that you should. How does that make sense?! Let me explain. Successes and failures occur together. You cannot expect to be successful 100% of the time however the same holds true for failure. If you look at your potential based on failure, you will see that you likely succeed at some point. If you’re truly passionate about your goal and your focus, you will eventually find a way toward success. Think about the very popular quote by Thomas Edison: “I have not failed, I just found 10,000 ways that will not work.”
Think of your efforts in this way. I know it’s difficult and most of us struggle dealing with absolute failure. It’s hard on our families, our friends, and most importantly it is hard on you, the entrepreneur. Failure is life’s greatest teacher and you will have a true grasp of this after your first venture fails. It shows us how to avoid the same mistakes in future ventures. Decisions you made today will not be the same ones you make next time you’re building a company. You begin to learn what works and what doesn’t and you begin to apply that experience to your business strategy.
The key to this theory is to develop an understanding of the balance between success and failure and to remember that although you may have failed once, twice, or many times, you should never stop trying because you are likely to find your success just when you thought it would never come. As Steve Job’s states, “what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” Think of the entrepreneur Wayne Fromm who invented the selfie stick in the early 2000’s. I personally don’t identify with the product but I was surprised to discover how long he worked and promoted the idea before it took off. It took over 10 years to get the selfie stick to take off! He worked on it consistently until he eventually found his path forward.
Overall, the rewards of starting a successful business as an entrepreneur far outweigh the potential failures you may, and most will, encounter while learning your business. The experience you will develop through learning from your failures will be invaluable during your successful ventures. Don’t be afraid to fail but drive hard and push for success. Anyone can fail, the key is to start again.
If you’ve started a venture and encountered failure, please leave a comment. We want to learn from you!