Failure is not a word business owners often like to hear, yet learning to handle failure in the right way can lead to entrepreneurial success.
The word “failure” is usually the elephant in the room we would rather not address. Failure means our business might perish, or we might do irreversible damage to our reputation. It might mean we lose jobs, threatening our financial security and that of our families.
Of course, failure is not something we should court, or welcome into our working life, but when viewed in the right way and used as a learning experience, it can provide more insight than unbridled success. Sometimes, when we are in the midst of failure it is hard to see this. Look at any serial entrepreneur (including Richard Branson) and you will certainly find that failed projects have paved the way to their one big idea that was to break through.
I have worked in management, in business consultancy and as a business owner for over 25 years and I’ve seen my own fair share of failures. I have learned that for every failure there was also an opportunity to grow, to reflect and to decide on a different path going forward. Learning to accept failure does not mean that we lower our standards – we use it to power us forward towards success and to do this we need to build up our business resilience.
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