We naturally do not think about all the benefits of failure. As entrepreneurs we just don’t like to fail. We prefer to avoid and even fear failure in our businesses. In reality, failure is nothing to be afraid of. These 6 core benefits of failure can serve as a powerful tool in any business arsenal – and when approached with a success mindset, failure can even fuel our business growth.
Failure teaches you how to avoid mistakes.
Most of the time, failure happens because of mistakes we made. Whether we were careless with our finances, or let a lucrative opportunity pass us by, it isn’t always possible to make the right call. After all, we’re only human; and dropping the ball occasionally is part of the human condition.
Thankfully, failure shows us what went wrong, and points out our poor decisions. It allows us to identify our mistakes – and if we’re ever faced with a similar opportunity, we’ll know exactly what to do. Most opportunities aren’t once-in-a-lifetime. The benefits of failure is it teaches us how to avoid making the same mistake in the future.
Failure makes you more credible.
Another surprising benefit of failure is it helps you earn your badge of credibility. Entrepreneurs who never fail just are not relatable. Embracing and sharing your stories of failure makes you more vulnerable, which makes you more relatable, which makes you more credible.
More importantly, it shows that you’re willing to keep trying, even when the going gets tough. Whether you’re talking to investors, business leaders or other entrepreneurs, it’s these traits that are most highly valued. Failure isn’t a mark against your reputation. It’s a badge of credibility.
Failure cultivates your support system.
Failure doesn’t need to be a lonely experience. You don’t have to cope through your struggles alone. If it were not for failure you wouldn’t need a support system – another great benefit of failure. By sharing these experiences with friends, peers and business advisors, failure can forge strong, supportive relationships that empower you to succeed at greater levels.
Talking about failure will help you to accept it and move on, and understand that it’s a crucial part of being an entrepreneur. Each individual account of failure has a story to it. Each story is just another lesson that serves as an important building block to your success.
Failure keeps you humble.
Business success takes strategy. It also takes heart and leadership. Leaders can’t lead from a place of arrogance. But, it’s a sad fact that success makes many people arrogant. Arrogance leads to under estimating the preparation required to succeed. Of course, showing up unprepared often leads to more failure.
Humility is a powerful benefit of failure. We all need reminders that success can quickly disappear. By bearing failure with good grace, and feeling humbled by the experience, you don’t take success for granted. You’ll realize how fleeting it can be – and you’ll strive to work harder and smarter for it next time.
Failure helps you focus on the goals that matter most.
Entrepreneurs all strive for success, but many lose sight of the reasons why. Failure reconnects you to your goals. The emotions you associate with your failure are clear-cut indicators of what you really want from your business. Failures force us to re-evaluate our goals and ask ourselves the question:
“What are we missing the most in our lives right now?” Perhaps it’s:
- feeling validated in our talents
- financial security
- finding work-life balance
- freedom of expression
- friendships with like-minded people
- fulfilment in making a difference
Understanding these desires will allow you to refocus. When you rebuild your business, you’ll do it with the “why’s” that drive your goals – and you’ll be more successful at achieving them because of it.
Failure is a valuable stepping-stone to success.
Each business decision you make has multiple possible outcomes and dozens different paths to take. Every mistake you make allows you to cross-off one of these paths; eliminating a wrong choice taking a step closer towards the right choice.
One myth that can sure paralyze you during a failure is believing that success is overnight.
Remember: you can fail a thousand times. You only need to succeed once.
I’ll leave you with a powerful quote:
- “Failure should be our teacher, not our undertaker.Failure is delay, not defeat.It is a temporary detour, not a dead end.Failure is something we can avoid only by saying nothing, doing nothing, and being nothing.” – Denis Waitley
QUESTION: What was the best lesson you learned from a failure? Please share your tips in the comment box below.
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