Welcome > Blog > Entrepreneurship > Why failure is an important part of your entrepreneurial journey
10th October, 2016
The more successful entrepreneurs you speak to, the more you will begin to realise that failure is all part of the job. From Richard Branson to Steve Jobs, many of their great successes would not have been achieved if it wasn’t for previous failures.
Being an entrepreneur is risky business; there’s no other way to put it. If you’re committed to being a successful entrepreneur you will need to take risks to both start and grow your business, with the potential of risks yielding bad outcomes.
When you have to take a risk in your business, don’t shy away from it. Learn as much as you can about all possible outcomes and make an educated move. If the risk you took doesn’t pay off, at least you know you made the most informed choice you could. You then need to move on. Get comfortable with taking risks and learn to live with your mistakes. It will make you a stronger, more confident business person in the long run.
As an entrepreneur, you are your own teacher. Unlike people who are employed by a business, you don’t have a structured role – your role is whatever you want it to be and your business success is a reflection of that. The decisions you make don’t have to be agreed by a board of directors or approved by management; however you can’t rely on others to pick up the slack if you’re feeling unproductive.
As a result of this, you will be forced to learn from yourself and the saying ‘try, try, try again’ will begin to ring true. If you try out a new idea, whether it’s a new product or a new marketing strategy, and it doesn’t work out, you will know what not to do next time. If you need to gain new skills to succeed, you are responsible for that too. Either outsource the weaker areas of your business, or up-skill yourself.
You will most likely experience failure at some point during your entrepreneurial journey, but it’s important to see these failures as experiences you can learn from. Remember that yes, this is your life, but you are also building a business. Think critically and don’t let emotions get the better of you.
When you do experience failure, take a step back from the disappointment and think critically about what went wrong. Was it a problem with finances? Did you fail to train your staff adequately? Or was it something out of your control? Whatever the reason may be, spend some time finding the cause and create a plan to avoid repeating the same mistake next time.
What doesn’t kill you …
… makes you (and your business!) stronger.
While it is often easy for start-up businesses to go bust in their first few years of trading, this isn’t always the case. Luckily, every failure you experience won’t mean that you will need to start a new business from scratch, but it can result in some serious setbacks.
The way you handle your failures not only says a lot about your personal character, but of how you behave in the business world. You may be looking for investors, or working to develop partnerships, and you need to display confidence. If you’ve experienced failure and fall at the first hurdle when a new opportunity arises, you risk making people feel nervous about working with you in the future. It’s not the fact you failed that matters; it’s how you pick yourself back up and keep going. How you learn from mistakes and keep chasing success. And how you stay focused on your goals, realising that today is just the next step in your entrepreneurial journey.
Written by Amanda Orton, Marketing Executive for Business West, delivering business support in the South West.
For support to start and grow your business, contact the Start & Grow teams.
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