Failure Is Always An Option

Failure Is Always An Option



We all fear failure. Success is the prize and we want to win it. We don’t want to fall and break our ankles before we reach the finish line, we want first place. But, unfortunately, you’re not always going to succeed, especially in business. And I honestly don’t think failure is such a bad thing.

In fact, I think failure is important for entrepreneurs. Obviously, it’s something you want to avoid.

You’ve worked hard and invested your time, money, blood, sweat and tears in your business venture. But that doesn’t automatically result in success.

Here are some reasons why it could actually be a good thing.

Related: Your Business Failure is Your Fault

If you succeed too many times, failure will cripple you

When I was younger, I knew this girl who was a great athlete. There wasn’t a race she didn’t win. She became used to walking away with gold and had never received less than a silver, not once touching a bronze. But then one day she failed. The other kids got better and she didn’t even make it to the top three. So, she quit.

The moral of the story is that she became so comfortable with success that she couldn’t handle the failure. In business, if you succeed too quickly and too often, you become cocky. If it’s smooth sailing all the way your boat won’t be able survive rough seas.

Your failures teach you what not to do

This is pretty simple and common sense to most people: you learn from your mistakes. There’s no way you can go through life without having setbacks and making errors. Sometimes those errors will be small and easy to overcome but others will be huge and you’ll have to start from the bottom all over again. But each time you’ll have gained new knowledge and be more prepared for the future.

For example, if you make a massive financial mistake that leads to the failure of your business, you won’t go that route a second time. You gain insights each time you fail and quickly learn what not to do.

Related: The #1 Reason For Failure of Businesses Over Two Years Old

Failure isn’t the end

Failing is a setback and not a life sentence. It’s not a dead end you can’t return from but rather all part of the journey. You can pivot your business model and find new ways of doing things. You can come up with new ideas and processes.

One (or even six) failures does not mean you are a failure, it simply means you haven’t succeeded yet. You should let your mistakes guide you and motivate you to do better in the future.

Megan Sell
Megan only discovered her love for writing at the age of 28. Before that she spent her time in the theatre world and then in the magazine industry, where she realised the sweet reward that writing can deliver. After building up her portfolio Megan ventured into the digital realm to try her hand at the online game. Now she is the editor of The Cradle, an African entrepreneurial website that advises entrepreneurs and small business owners across the continent.