This is an article ‘Embracing Failure in Your Entrepreneurial Journey’ by Marc Primo
All of us, one way or another, have experienced failure in some of our endeavors. In business, mistakes that can lead to failure are frequent unwelcome visitors. They can sometimes even induce regret or a lack of self-confidence in others. However, as most of us often discover, failures can also open up avenues for valuable learning. In the long run, they can help us overcome incoming obstacles as we adopt a better entrepreneurial mindset.
There’s really no need to fret if we sometimes experience failure in business. As long as we can keep the business running and operational, resilient people in business can often find that their failures have led them to their success. Taking from a famous Michael Jordan quote: “I've lost almost 300 games. Twenty-six times, I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
Depending on the mindset you take when you’re faced with some hurdles, these inevitable pitstops on your road to a successful business venture can grant you novel ideas and good intuition on risks worth taking— all part of the ride when you’re in business.
Developing an entrepreneurial mindset
If the mitochondria are the powerhouse of the cell, an entrepreneurial mindset generates that great influential force that drives a business and its staff to success. It molds a business owner’s leadership, innovative ideas, vision, and impeccable decision-making. But perhaps the most important thing you can get from fostering an entrepreneurial mindset is how it braces you to handle failure.
In a nutshell, having an entrepreneurial mindset simply means that one is open to evolving changes while constantly searching for moments of opportunity that can spark innovation. Business owners that have developed this kind of mindset are good at calculating and foreshadowing risks— always relentless in pursuing solutions and fresh possibilities in the midst of obstacles.
However, what sets these types of entrepreneurs apart from the rest of the pack is their developed skills in analyzing failures. This means they take a deeper dive into certain challenges. Instead of picturing them as blows to the business, they look at failures as opportunities for better management and a chance to get some great insights into their operations. In short, resiliency, a positive outlook, and a penchant for amazing insight are the recipe for great entrepreneurs who sometimes find themselves in the throes of failure.
Accepting failure for more win-win outcomes
Once you are armed with an entrepreneurial mindset, the first thing you’ll have to learn is how you can accept losses and failure. Of course, it’s easy to assume that failure is bound to bite you at some point, and the best way to handle it is to keep a positive outlook regardless of the damage.
Think of it this way— most types of failure are merely events that shouldn’t define your character or personality. As soon as you learn to view them for what they really are, the faster moments of self-doubt, guilt, or denial will leave your psyche. Best of all, learning how to accept your mistakes will help you build a more solid foundation for your inspiring Phoenix story in the long run— one wherein other aspiring entrepreneurs can learn from.
Dedication and resiliency will help you grow
Undoubtedly, none of us, especially those in business, would ever want to welcome failure. But as discussed earlier— they might be inevitable. So, does that mean we should embrace them?
Most business experts say that mistakes in business are fundamental to developing a growth mindset. Our God-given smarts and skills, developed through years of combining passion with blood, sweat, and tears, instill within us the ability to grow from all types of circumstances. Having a growth mindset influences you to further improve what you know, how you do things, and how to fully grasp all the nuts and bolts of your business venture and niche.
So, if we learn how to embrace mistakes, each setback can turn into a stepping stone that can lead us closer to achieving our business targets. Aside from this, we are further made confident in taking on future challenges and business disruptions, and a high level of perseverance that brings us closer to a successful venture.
Look back to what went wrong
It goes without saying that you should review and analyze any bumps you may encounter on the road instead of letting bygones be bygones. A retrospective analysis paints a perfect picture of the what, why, and how of each failure event. Do take note, though, that this form of business analysis isn’t centered on pointing a finger at anyone. Rather, it helps you dig deeper for better insights that can help you improve the way things are done in your operations.
Usually, retrospective analyses are conducted in business to identify what went well and what did not. They are also carried out in Agile project management after the conclusion of an iteration.
Like in any professional review, make sure that you take notes, consult whoever is concerned with the problem, and, with your team, formulate solutions that can help you prevent similar challenges in the future. It’s also a good chance for you to determine other factors that may have contributed to the problem in the first place, like what should have been done, whether were there warning signs, and other such learnings.
Take proper action
After you've followed these instructions, it's time to rejoin the competition. Your entrepreneurial approach will ultimately be put to the test by your capacity to pick yourself up and move forward after failure. But keep in mind— returning to action should be a deliberate and well-informed decision rather than a hasty one.
You are now more equipped to face the difficulties and challenges of your designed business plan, whether online or through a brick-and-mortar store. The key is to utilize the lessons you’ve learned in the changes that are necessary to strengthen the renewed commitment to your objectives. You've turned your failure into a stepping stone instead of a roadblock. It's time to put it to use now. Take the risk, launch the endeavor, or present the concept. Failures are a necessary part of any great success story; how you handle them shapes your path.