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A few weeks ago I was listening to the Diary of a CEO. I love that show when I’m driving.
In the episode they spoke about the concept that living with and embracing failure is vital for any successful business owner and entrepreneur. We touched on this in a previous FFEM session with Zoe Howard from Investec (you can watch that back on the website).
Personally, I have issues with word entrepreneur, so, I’ve changed this for the purposes of this blog to businessperson, because I think this is less scary somehow. (When I think of myself as an entrepreneur, it’s too much pressure for me and a procrastinate and have a lot of self doubt.)
Failure = ‘a lack of success / unsuccessful person or thing’
Failure is a pretty big word. It’s a word that brings fear for many, but to be successful it is really important to embrace failure as a valuable teacher and a stepping stone towards success. In the world of business, failure is not just inevitable; it's often a necessary part of the journey.
In this blog post, I will explore why embracing failure is a critical trait for a businessperson and how it can lead to growth, resilience, and ultimately, success.
1. Learning from Mistakes
One of the most significant benefits of embracing failure is the opportunity to learn from your mistakes. Every failure is a valuable lesson that can provide insights into what went wrong and how to avoid similar pitfalls in the future.
Thomas Edison, the inventor of the light bulb, once said, "I have not failed. I've just found 10,000 ways that won't work." This mindset perfectly sums up the idea that failure is not a dead end but a pathway to discovering what does work. Always take time to reflect, learn and take the next step.
2. Resilience and Grit
Business is a challenging and often unpredictable journey. If we can bounce back from failure and keep moving forward we are more likely to succeed. Embracing failure builds resilience and grit, two essential traits for any businessperson.
I can see how this has developed in me over the past 8 years in running my business. Previously in the face of failure I’d spiral, take days to consider, regroup and move on, take things personally like a kick in the gut, and have to talk it through many times, with many people, to be able to move on. Now, this can take me minutes or hours instead of days, I adjust the plan, move forward and remain positive.
3. Innovation and Creativity
Failure can be a catalyst for innovation and creativity. When things don't go as planned, it forces us to think outside the box and come up with new solutions. Some of the most groundbreaking inventions and business ideas have emerged when faced with adversity, challenge and failure.
Embracing failure encourages a business mindset that welcomes experimentation and risk-taking. It frees us from the fear of making mistakes, enabling us to push boundaries and explore new possibilities.
4. Building a Strong Network
Those who are open about their failures tend to gain the respect and support of their peers and mentors. Sharing your failures and the lessons you've learned from them can humanise you in the eyes of others and build stronger connections in the business community. This is all linked to understanding and being your authentic self and you can read my previous blog about that here.
Additionally, networking with fellow businesspeople who have experienced failure can provide valuable insights, advice, and emotional support. The business journey can be lonely at times, and having a network of like-minded individuals who understand the ups and downs is invaluable. (The likes of FFEM, Nextgen Planners)
5. Fostering Adaptability
The business landscape is constantly evolving, and we must be adaptable to survive and thrive. Embracing failure fosters adaptability by teaching us how to pivot and adjust our strategies when necessary.
As the saying goes, "The only constant in life is change." If we are to afraid of failure, we can resist change and cling to our original plans even when these just are no longer viable. If we can embrace failure we can look to let go of what's not working and explore new opportunities and directions.
In conclusion, failure is not the end - it's a stepping stone. Embracing failure as a valuable lesson and learning step allows us to learn from our mistakes, develop resilience, foster innovation, build a strong network, and become more adaptable.
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