Humans hate to fail by nature. That is largely because we have been conditioned to believe that failure is the exact opposite of success. Success is a reward for a job well done. Failure, on the other hand, is rejected and scrutinized. The problem with this is that there is no such thing as success without failure. Failure leads to success and it is a healthy part of growing a business. Having the ability to embrace failure is essential for any good business owner or entrepreneur. Here are 3 reasons why:
1. You Learn From Your Mistakes
Thomas A. Edison famously said that “I have not failed. I’ve just found 10,000 ways that won’t work.” In short, he learned a lot from his mistakes. If you are experiencing failure in your business, you are also gaining vital information. Examine your losses and use them to uncover shortcomings that you may have otherwise never noticed.
For example, have you played the game Angry Birds? It’s one of the biggest gaming successes in history, with over 1 billion downloads. But the gaming studio behind it, Rovio, didn’t start out a success. In the six years preceding the launch of Angry Birds, the studio released more than 50 games — none of which became hits. It was only through learning from mistakes and sheer perseverance that they found the recipe for a hugely successful game.
2. You Save Time and Money
The best business will know how to fail, and how to fail fast. Rather than invest huge amounts of time and money in ideas that aren’t proven in the market, they find ways to test their ideas with minimal investment. That way they can spend time on things that already show potential. Addressing your or your business’s weaknesses and limitations early on will also save you a lot of time and energy later on in the pipelines when it may be too late to make adjustments.
3. Success Is Sweeter
A win after a series of losses is definitely more fulfilling. If you have learned the value of failure you will have more respect for success and the hard work that got you there.
While Steve Jobs is known for co-founding Apple and turning it into an iconic brand, back in 1985 he was actually forced out of the company due to disappointing sales and conflicts with management. The business then lurched from problem to problem until nearly going bankrupt in 1997. Then they brought Jobs back on board, whose vision transformed the company — and the entire tech world with new products like the iPod and iPhone. In the end, both Apple and Jobs came back even stronger, building an iconic brand that is enjoyed by the masses worldwide.
The Bottom Line
The fact is, venture capitalists prefer to invest in start-ups and entrepreneurs that have experienced a series of failures. Good business leaders and innovators know that at least some failures are bound to happen when you are trying new things. Failures are also always good in the short term if you can learn something that adds value to your business in the long term. The key is, being able to make progress with each failure, rather than fall backward.
