While planning to set up a company everybody probably has in mind a bright, near future. The are several things that can help you in making this happen, for instance: turn you idea into a detailed project, plan your expenses, try to now the field you want to operate in. However, you cannot simply avoid risks in hopes of steering clear of failure. Success in entrepreneurship means taking risks and taking risks means that somehow you have to accept the idea that failure may come along at some point.
So, what happens if the future is not so bright and, above all, not so near as you imagined?
First of all: if you fail once it doesn’t mean that you won’t succeed the next time. If it seems rhetorical just think about few examples: Abraham Lincoln failed in the army, in business and even in politics before he became one of America’s most famous presidents; Thomas Edison tried no less than one thousand times before perfecting the light bulb; Henry Ford tried, and failed, five times to start other companies before he finally started what is still one of the world’s biggest motor companies and Walt Disney was fired from a newspaper job because his editor thought that he had no imagination. As Richard Farson and Ralph Keyes stated in their book “Whoever Makes the Most Mistakes Wins: The Paradox of Innovation”: If you are not making mistakes, you are not trying hard enough and if you think that winning is all that matters, you are bound to be too cautious. So here, there is your mantra: Everyone fails sometime in his or her lives; it is how you deal with failure, which determines whether you will be successful!
It is also important to understand that failure can help you. There are many successful entrepreneurs who can assure that they have learned as much from their failures as their successes. Don’t you believe it? Let us have a look of how you can take advantage of failure:
- There are several good things that come along with failure, like experience and knowledge: even though it hurts, nothing teaches you better than a self experience;
- Failing implies a need to change, therefore it boosts creativity. If everything goes right all the time, you are less likely to try something new;
- Failing helps to build resilience, and this is a key trait to succeed.
Therefore, even though failing can be a difficult experience there is a lesson in this for you: failure is a great learning tool – it’s the start of something better.
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