How Failure Helps You in Your Business
Although it may seem counter-intuitive, failure is actually a helpful tool for your business. Most people look at failure as an end to their business, but savvy entrepreneurs use their failures as stepping stones to success. Need a boost re-wiring your brain to think optimistically about failure? Read on!
Failure tells you what doesn’t work in your business – You failed! Awesome! You now know what you did won’t help you succeed. You can file that experience into the “don’t do that” category and move on to another system that might work.
Failure can inspire new ideas – Typically once you have learned something doesn’t work it’s time to go back to the proverbial drawing board in search of new ideas for what will work. Often times this can spark an idea you never would have thought of had it not been for the initial failure. For example, maybe you were trying to create the perfect dry rub for a pork roast and it tasted awful. Then, you go back to the kitchen and ponder all of the spices that were in it and suddenly it hits you that the reason it tasted bad is two of the ingredients shouldn’t have been paired together. All of a sudden a spice you completely forgot about pops in your head that you otherwise wouldn’t have included in the rub recipe. Bam! That could be the best thing you have ever eaten!
Failure can tell you when to abandon ship – Some projects are just not worth pursuing at all at some point. Maybe it’s not the idea you had for your business that was the problem, but the business itself. It happens, but the sooner you fail the sooner you can look at why you failed and see if it was that you simply weren’t as passionate as you thought you were. Congratulations! You now have a chance to potentially dive into a different business entirely that inspires and excites you more than you ever thought possible.
Art Fyvolent, one of our colleagues from On Point Executive Center was actually just recently interviewed about how a failure in his business made his realize he needed to abandon ship. He had changed the name of his Web marketing company, Ideas4, to SyncPointe and six months later decided to change it back. He said, “I should have done my homework and took my own advice.” The truth is failure can happen to anybody in any business. It’s what you do with this failure that determines whether your company can move forward or if the failure will become permanent!
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