Failure. For some entrepreneurs, it’s their biggest fear. Creating a business and watching it go down in flames can cause someone to give up on their dreams and never try anything new and out-of-the-box ever again. But, learning from failure is essential to being a good entrepreneur and leader. You must be able to recognize your mistakes to not fail next time.
The best entrepreneurs have all faced failure before they became successful. Sir James Dyson, the inventor of the bagless vacuum cleaner and founder of the Dyson company, developed 5,126 prototypes of his signature vacuum cleaner that failed before he found success.
Failure gives you time to reflect
When failure happens, it gives us a chance to step back and examine what we’re doing and why. It forces you to ask yourself “is this something I truly want? Will this be worth it in the long run?” If the answer is no, reexamine what you’re doing. Determine if you should be continuing, pivoting, or scrapping the idea.
Failure makes you immune to fear
Fear of failure is one of the most common fears around the world. It keeps you from going after things you want and causes you to miss out on something that could have been great. Fear of failure is a fear of risk-taking. By failing often, you start to build up an immunity to that fear. You realize that it is not the worst thing in the world, and is necessary for great success. You learn to embrace feedback and not be terrified of criticism.
Failure sweetens success
If you’ve never experienced failure, success will not feel as great as it could. When you finally hit success after failing a few times, that success will feel all the more valuable. You learn to never take your success for granted because you can see all of the hard work needed for it to happen and how rare it can be.
Failure makes for a great story
Everyone loves a comeback kid. It may be superficial, but being able to recount all of your failures as a precursor to your great success makes for a great tale to tell. Failure makes you seem more human and relatable to others. Earned success makes others respect you more and admire your work ethic and ability to not give up in the face of hardship.
The next time you fail, learn from it. Examine the situation and take away what could have been done better. Realize that failure is necessary for success, and all of the great leaders have experienced it before. Do not let your failure knock you down; use it as a stepping stone to reach greater success next time.