Monday, March 10, 2014

Embracing Failures



Photo Credit: www.gsm.ucdavis.edu




Sometimes, failures can be the best thing that ever happened to you. It might not seem it at the time, but generally, failure leads you along a new path of success. The key is to identify and learn from the things that made the failure occur in the first place. Entrepreneur magazine’s Jane Porter wrote an article about how failure made some entrepreneurs (like Steve Blank of E.piphany), millionaires. “No one likes to fail, we are hardwired for success” says Blank, but he also helped create 5 keys to start “failing your way to success”.

1. Call failure something else. For serial entrepreneurs, the world failure is often replaced with the word “experience”. Not only is this true, but it also makes you feel better about the situation and positive that it will carry you forward.

2. Use failure as a stepping stone. It is essential to recognize what you did wrong and to be conscious to not repeat yourself. Always learn from your mistakes and move on.

3. Never fail alone. While most entrepreneurs tend to like to ride solo, making a mistake on your own can be devastating, and make it so much harder to realize what went wrong in your process. Another set of eyes that is just as invested as you are can be the key to turning that failure into an experience.

4. Don’t hide your failures. “I’ve never heard [a millionaire entrepreneur] say they hit it right the first time out” says Siebold, a consultant for corporations and entrepreneurs who teaches mental toughness and critical thinking. “Be proud that you were brave enough to take a risk in the first place” (Porter).

5. Redefine what you want. Remember what made you want to go into business in the first place, especially looking for emotional motivators. Make sure to keep those motivators in the forefront of your mind, and move your business to continue to follow that pathway.

What was your biggest failure, and how did it help you grow? What motivations kept you going? Please share your experience with us!


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