Failure.  It’s a word we don’t want to associate with ourselves.  Failure is something we hate having to admit to.  No one wants to be seen as a failure. However, 95% of us have experienced failure in our working lives and the other 5% are not telling the truth.   

Here is the reality. Failure can be a good thing.   The best entrepreneurs in the world have become more successful as a result of their failures.  The crucial point is how they react to it.

First of all, don’t fear failure.  It is going to happen from time to time so accept it.

Secondly, use it in a positive way to learn and improve.  Learning from our mistakes is essential.

There is no substitute for experience and the only way to acquire it is to have a go, make some mistakes and learn from them.

If we didn’t fail in life we would have no opportunity to develop and improve.  In business we have to aim for continuous improvement.  If we stand still we will be overtaken by the competition.  If we play it safe, take no risks and don’t try anything new, we will never be successful.   

Resilience is essential in business, as in life.  If you are starting out with a good business idea then keep believing in that. Overnight success is very rare.  Don’t give up after one or two bad experiences.  

If you have been in business for a while and are becoming frustrated and disillusioned don’t give in.  Self-doubt is a natural human reaction. It helps us check we are on the right road.  But don’t let it take over.

The mantra for success is never give up, but that doesn’t mean keep doing the same thing.   If you make a mistake, try not to repeat it.   If you keep making the same mistake you will keep achieving the same bad outcome.  Try something different.  If you don’t know why you failed, or are stuck for ideas about what to do next, don’t be afraid to ask for help. People are flattered when asked for advice and won’t think badly of you when you ask them.  Better still, get a business coach.  I can recommend a great one.

So if you have had a setback recently, don’t feel sorry for yourself. Remember that failures and mistakes help us to learn and develop.  Pick yourself up and carry on.  Think about what happened, why it happened, and make some changes.

Failure?  No fear!

To see my previous newsletters go here.