Business Failure Is not Always Negative, It is Proactive
Business failure can be a valuable learning experience only if you know how to face it. You can turn failure into a tool that will help you learn, grow, and evolve from the mistakes in the past.
Failure has been perceived as negative, while success is the positive one. However, is that always like that? Have you ever thought that failure, with its obstacles and challenges, is actually guiding you to the success that you deserve?
Successful business people, namely Mark Cuban, Steve Jobs, Paul Allen, and many more have certainly encountered failure during their business journey. So, what do they say about failure?
The founder of SpaceX and the founder of Amazon have similar opinions.
“Failure is an option here. If things are not failing, you are not innovating enough.” – Elon Musk
“Failure and invention are inseparable twins.” -Jeff Bezos
They interpret failure as an inseparable part of the innovation that you are doing. Daring to innovate goes in line with daring to meet future failures.
Learning from the experience of failure will lead you to achieve greater business success. As Microsoft Co-Founder Paul Allen said.
“In my experience, each failure contains the seed of your next success-if you are willing to learn from it” – Paul Allen
Many of these billionaires went from having nothing to encountering repeated failures in their business. Seeing how important it is to understand failure for business continuity, what can you learn from a piece of the steep story of the business journey? Here are at least five things you should consider.
The pivot point for business growth
Building a business is about performing trials and embracing failure. You won’t know anything until you do, will you? A failed business will bring you to the perspective that doing business is not about obsessing over results, but the process of achieving them.
However, realizing failure is an important starting point. Failure should be interpreted as a pivot point for prioritizing priorities, developing new approaches to solving problems, and fostering continuous learning.
Focusing on one idea
Having one prosperous business idea will give you a greater advantage than several ideas at once. The goal is to focus on minimizing the stumbling block. Hence, when you fail, it will be easier for you to get up and flourish again. Gary Vaynerchuk once said, “Once you get to a place where your failures are just yours, they get a lot less scary.” This happens because you are now better prepared and understand more about the risk of loss.
Detecting the weak tie-up
Look at what you failed at and identify fragile loopholes more objectively. Then adjust it, fix it, and do it again. Business is a process of tweaking and optimizing. There is no future that only understands success without knowing failure. The lesson is not to repeat the past. Build a process that protects you from the same failures in the future. As Mark Cuban said, “It doesn’t matter how many times you have failed, you only have to be right once.” After the various obstacles that you go through, you will find success because you have found the right way.
Failure is proactive
Failure will become a failure only if you don’t learn from it. Innovation, evolution, and progress occur as a person is pushed over the edge and falls, then gets up, and tries again. Take time to organize your thoughts, recognize mistakes, and make changes. Thus, failure is not always negative, but proactive.
Humility is the key
Failure is necessary and takes time to improve. What is meant here is a personal failure. This will help you give feedback to yourself. It is the perception of self-worth and abilities that go in line with the reality that becomes the point of concern. It is humbling and whoever gains humility will win in the long run.
Building a strong business has never been easy. Various obstacles and challenges must be prepared to face before actually finding the expected success. Thus, you would need capable resources to help you with your business. One of them is the right business tool to support your business.
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