Entrepreneurial failure is least desirable. However, I’m one of those people who believe everything turns out fine, so I want us to talk about the benefits of defeat.
As I said before, I’m one of those people who thinks that all things that happen to us, including failure, can leave us great lessons if we know how to take advantage and correct the bad. So if you have failed, do not be discouraged, there is much to be thankful for.
What is business failure?
A business failure is the collapse of the activities undertaken by a company to generate income for its continued existence. In other words, it is the scenario that tells the entrepreneur that he can no longer achieve his goals.
At first glance, business failure seems to be the opposite of success, and it can be. In addition, however, failure is an event that shows us that we are not prepared for success. So it’s a phase that doesn’t bring us any closer to success.
What are the benefits of failure?
It seems surprising, unbelievable and even impossible. However, below you can see that we can always take advantage of something, even if it’s bad.
1- Failure proves your true passion
It’s the failure that tells someone up there that you’re passionate about what you do. It even serves to convince yourself that you are doing what you love and enjoy. Unfortunately, there are people who only live in a business out of duty and don’t enjoy it. If he failed, it would be obvious that they would let him down. But if you really love what you’re doing, even if you fall down 100 times, you’ll get up 100+ times. So if you doubt that you like what you are doing and you have failed and deep down you still want to keep going, keep going! because you really have passion.
2- Business failure reduces competition
It may sound cruel, but failure certainly helps clear the playing field. Not everything can be easy, and each of us will fail or be very close at some point. Unfortunately, the one who gives up does not deserve what others get who keep going. If everything were easy, there would be many successful companies and there would be no merit in being successful… So be thankful if you are someone who does not give up after failure, this company is doing you a favor by having some competitors turns off!
3- Business failure teaches us
It’s better to fall when you’re learning to walk than to walk. If you failed, it’s because you probably made a mistake. Can you imagine making that mistake, but with the company at a higher level? Losses could be greater. Failure teaches us in good time what we need to be able to apply what we have learned later and thus have a better profile for new challenges. So when you fail, you need to analyze why you did it and learn from it.
4- Failure shows you who is loyal to you
If everything goes well, you have many “friends”. But when you fail, you see who is really with you. Don’t think the business world is perfect, I’m sure the more you grow the more prospects will take advantage of you. Luckily, these moments help us identify who they are in order to get rid of them.
5- Failure reminds you that you are human
Unfortunately, it’s very easy to believe that we’re the best in the world when we’re living from success to success. It is very easy to get high and look down on others. When you fail and get down there, realize that you are a human being who makes mistakes. I know it sounds more emotional than business, but believe it or not, it has a lot to do with your business life.
A lack of modesty doesn’t help you much as an entrepreneur. Well, if you think you’re the best of them all, the one in charge, the only boss… then behave like a dictator. This will undoubtedly harm your work team and there is a high possibility that their performance will not be the same. So in a few words we can say that failure can change the work environment for the better if you know how to exploit it and learn from it.
What to do if I fail?
The first thing you have to do is calm down. I know it’s not easy, but worrying and acting impulsively will only get you into more trouble. So keep a cool head first.
The second is to respond and analyze why I failed. But you must not only answer with words, but write down everything that comes to your mind in great detail.
The third point to note is what I need for a fresh start. You probably need a lot of things. So don’t be afraid to start small if you can.
And as a fourth start based on the previous point, but this time taking into account the mistakes that caused you to fail and the repetition of which is forbidden. Additionally, it would be great if you do constant monitoring to see if your business is on the right track or if it’s on the road to failure again.
If you keep these simple points in mind and get rid of the loser mentality by learning that you benefited from that failure, I am sure you will be a successful entrepreneur!
So now you know what to do. Without adding more for now, I simply invite you to follow us on our social networks, because we have a lot to learn together. Until next time! A hug!