5 Reasons Why Failure in Business is A Good Thing
This scenario is common, you've started a company and you've failed and now your heart is broken.
It is really tough on an entrepreneur when they have failed in business. Sometimes we want to suppress those feelings, we don't wanna talk about it, we don't wanna go through it, we just wish that it would all go away. Well, this is life, and in life you're going to have success and you're going to have failure. Lets’ dive into the five reasons why business heartbreak is actually good for you.
1. Remember you will survive
It doesn't matter how many lawsuits you've had, it doesn't matter how many deals have gone by, as long as you are breathing, you're going to survive. You can always negotiate your debt, you can always find your employees new jobs. There is hope as long as you have breath. Oftentimes as entrepreneurs, we take these business losses so personal and they hurt so much just want to call it quits. But if you're called to be a leader, you are called to be an entrepreneur and run your own organizations, you will not and cannot quit. You just need to grow through what you go through. You're going to survive the business failure, and you're going to become better for it provided that you do not turn that failure into anger and you do not become bitter as a result of it. Instead, you take it in stride and you move forward.
2. You're going to be better prepared for your next business
See, when you fail at a business, you learn what works and what doesn't work. As you starting your second business, you know what to avoid, what you really should do this time around, what kind of team you need, a new cashflow plan, what clients you need, and so on. You wouldn't know all these things had you not failed at all, right? And it's Warren Buffett that says he won't even invest in an entrepreneur unless if they have failed at least once. Failure is your strength. It is unpleasant when you're going through it, I know, trust me. It's hard sometimes to see past your current situation, right? It's hard to look into your future, but I want to encourage you guys to look into the future of the business that you're in now and your next business, and focus on what you need to do to push those agendas forward. There is no use in replaying the past failures of your previous businesses over and over and over again. Remember we grow through what we go through. Take the pain of that business loss and use that as fuel to make sure that your next business works. Failure prepares you for success.
3. You're going to rebound faster
Truth be told, you're just going to rebound faster. If you're on your second failure, your third or fourth, you just get better at it. You will always improve, and sometimes people nail it on their second business. Sometimes it takes three, four, five, six, seven, 10 times. It was Edison who tried 1,000 times before he got it right when it came to electricity. It just takes time and that's why you have to have grit. When you are running companies, you have to have grit. Grit is Passion and perseverance for long-term goals. Remember starting a business is not a short-term goal, it is a long-term process with consistent planning.
4. You're going to become even more valuable.
No amount of books can replace experience. You can have a million degrees, but if you haven't experienced something, it's not as valuable. Your experience makes you valuable. Your ability to stand back up when you have fallen back is your strength. You're going be a better leader, you're going to be a better mentor all because you have gone through it before. Your business is going to be so much better because you've experienced failure and you've been able to take those experiences and create value from it.
Take a look at all those speakers we have around, many business speakers and motivational speakers have gone through epic failures, but they've been able to take those failures and actually monetize them because they have created value. Take a hard look at your failures and see that you are creating amazing value for yourself and for your organizations. You become an expert, you become a master. They say it takes 10,000 hours to become a master in that particular subject or skill. Think about failure as your walk to mastery.
4 You will appreciate time and the importance to be intentional
One of the things that I have learned as an entrepreneur that is so so important for me is to keep my commitments to my commitments, the things that I promise to myself and to my business. Most entrepreneurs have no self-esteem because they don't keep their commitments to their commitment. It's really all and about saying “look, this is the past, I'm not gonna keep replaying my past business failures as if it's a record, but I am going to look into the future and visualize that business that I have in my mind. I’m going to make specific commitments towards that vision, I am going to execute, and I'm not going to give myself any excuses. We don't compete against other people, we compete to be our best self. Everyday I am competing to be better than myself yesterday.
If you're struggling with a failed business, take courage, get up again, this is your time to start and grow that business that you have in your heart and in your mind. Put massive action behind that vision and go for it.
- Constance Moonzwe
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Hello! I’m Constance Moonzwe. Subscribe to our email list for my business tips and my entrepreneurial journey. Learn more about me and sign up at www.MeetConstance.com
I want to help you fall back in love with your business. True power is being whole. The challenges that you are facing are not of the average person. As entrepreneurs, we are unique, but our problems are common! Loneliness in decision-making processes, solving problems, and planning, wrapped in occasional doubt and fear grips us from time to time. Are you interested in learning how to get to your next million quicker, happier, and whole?
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