Everyone fails in life, and failure can be a crushing experience. The only thing that separates successful people from the rest is how they respond after they fail.
When facing obstacles, you have to decide if you’re going to let them be the excuse for your failure or if you’re going to make them the story behind your success.
“There is no failure. Only feedback.” – Robert Allen
When you adopt the right attitude, failure is a great teacher. Failure interrupts your routine and gives you an opportunity to explore new solutions, but only if you have the right attitude.
Psychologist Albert Bandura conducted a study that showed just how great a role our attitudes play in the face of failure. In the study, two groups of people were asked to complete an identical management task. The first group was told that the purpose of the task was to measure their management abilities. The other group was told that the skills required to complete the task were improvable and that the task was merely an opportunity to practice and improve.
The trick was that the researchers made the task so difficult that all participants were bound to fail, and fail they did. The first group – feeling like failures because their skills weren’t up to snuff – made little or no improvement when they were given opportunities to repeat the task. The second group, however, saw each failure as a learning opportunity, and they performed at progressively higher levels each time they attempted the task. The second group even rated themselves as more confident than the first group.
Just like the participants in Bandura’s study, we can either view our failures as reflections of our abilities or as opportunities for growth. The next time you catch yourself wallowing in the self-pity that often accompanies failure, focus on what you can control: your attitude.
Some of the best lessons in life are also the toughest to accept and to adopt the right attitude toward. These are the lessons that challenge your flexibility and willingness to learn. When we don’t embrace them soon enough, the lessons we learn turn out to be harsh ones.
1. The first step is always the hardest
When you want to achieve something important, that first step is inevitably going to be daunting, even frightening. When you dare to make that first move, anxiety and fear dissipate in the name of action.
People that dive headfirst into taking that brutal first step aren’t any stronger than the rest of us; they’ve simply learned that it yields great results.
They know that the pain of getting started is inevitable and that procrastination only prolongs their suffering.
2. Good things take time
Success, above all, requires time and effort. Author Malcolm Gladwell suggested that mastery of anything requires 10,000 hours of tireless focus.
Many successful people would agree. Consider Henry Ford, whose first two automobile businesses failed before he started Ford at the age of 45, or author Harry Bernstein, who dedicated his entire life to writing before he finally landed a best-seller at the age of 96. When you finally do succeed, you realise that the journey was the best part of it.
3. Being busy does not equal being productive
Look at everyone around you. They all seem so busy, running from meeting to meeting and firing off e-mails. Yet how many of them are really producing, really succeeding at a high level? Success doesn’t come from movement and activity; it comes from focus – from ensuring that your time is used efficiently and productively.
You get the same number of hours in the day as everyone else, so use yours wisely. After all, you’re the product of your output not your effort. Make certain your efforts are dedicated to tasks that get results.
4. You will always have less control than you want
There are too many extenuating circumstances in life to control every outcome. You can, however, control how you react to things that are out of your control. Your reaction is what transforms a mistake into a learning experience and ensures that a victory doesn’t send your ego through the roof. You can’t win every battle, but with the right attitude, you can win the war.
5. You’re only as good as those you associate with
You should strive to surround yourself with people who inspire you, people who make you want to be better. And you probably do. But what about the people who drag you down? Why do you allow them to be part of your life? Anyone who makes you feel worthless, anxious or uninspired is wasting your time and, quite possibly, making you more like them. Life is too short to associate with people like this. Cut them loose.
6. Your biggest problems are mental
Almost all our problems occur because we time travel: We go to the past and regret things we’ve done, or we go to the future and feel anxious about events that haven’t even happened. It’s all too easy to slip into the past or jet into the future. When you do, you lose sight of the one thing that you can actually control – the present.
7. Your self-worth must come from within
When your sense of pleasure and satisfaction are derived from comparing yourself with others, you are no longer the master of your own destiny. When you feel good about something that you’ve done, don’t allow anyone’s opinions or accomplishments to take that away from you.
While it’s impossible to turn off your reactions to what others think of you, you don’t have to compare yourself with others and you can always take people’s opinions with a grain of salt. That way, no matter what other people are thinking or doing, your self-worth comes from within.
Regardless of what people think of you at any particular moment, one thing is certain – you’re never as good or bad as they say you are.
8. Not everyone will support you
In fact, most people won’t. Some people will inundate you with negativity, passive aggression, anger or jealousy, but none of this matters, because, as Dr. Seuss said, “Those that matter don’t mind, and those that mind don’t matter.”
We can’t possibly get support from everyone, and we definitely can’t spend our time and energy trying to win over the people who don’t support us. Letting go of the opinions of people who don’t matter frees up time and energy for the people and things that do.
9. Perfection doesn’t exist
Don’t seek perfection as your target. It doesn’t exist. Human beings, by our very nature, are fallible. When perfection is your goal, you’re always left with a nagging sense of failure that makes you want to give up or reduce your effort.
You end up spending your time lamenting what you failed to accomplish and what you should have done differently, instead of moving forward, excited about what you’ve achieved and what you’ll accomplish in the future.
10. Fear is the number one source of regret
When all is said and done, you will lament the chances you didn’t take far more than you will your failures. Don’t be afraid to take risks. I often hear people say, “What’s the worst thing that can happen to you? Will it kill you?” Yet, death isn’t the worst thing that can happen to you – the worst thing that can happen to you is allowing yourself to die inside while you’re still alive.
Bringing It All Together
Successful people never stop learning. They learn from their mistakes and they learn from their triumphs, and they’re always changing themselves for the better.
This article was originally posted here on Entrepreneur.com.
Beauty Of Failure: The Art Of Embracing Rejection
In this piece I will try demystify failure, and look into why it should be embraced and not feared.
“Chaotic”, “uncertain”, and “rollercoaster” are three words that would effectively describe almost any entrepreneurial journey. If death and taxes are certainties in life, then failure and taxes are the only two guarantees in business.
If failure is (to some degree at least) inevitable, why should we fear it? In this piece I will try demystify failure, and look into why it should be embraced and not feared.
1. It’s Part of the Job
We can start by separating failure into two different categories – micro and macro-failure. If a macro-failure can be considered as the overall failure and shutdown of the business, micro-failures can be seen as the day to day events that go wrong – that potential client that hangs up on your cold call; the sales pitch that gets the soft-no response of “we’ll call you”; the product launch that no one pitched up to. As Mark Manson puts it, business (as in life) is just a process of becoming less wrong over time.
Everything is a hypothesis that needs to be tested, and the process of business is applying the learnings from each hypothesis – each micro-failure – to be less wrong next time to move the business forward.
As Seth Godin says, “The cost of being wrong is less than the cost of doing nothing”. Embrace being wrong. Rejection and failure are part of the job.
Related: The Art Of Embracing Rejection
2. Opportunity to Refine
There is one undoubted truth about every failure – and that is, each failure gives an experience to dissect and learn from. The Roman Emperor Marcus Aurelius had a similar view; that to one person a situation is good, and to another, that same situation is bad – Only perception decides.
As an entrepreneur, it is important to adopt this stoic thinking of managing your perceptions. Look at situations rationally, and perceive rejections as opportunities to refine the product that the market really needs – not the product you are forcing on your market.
3. With each Failure, Fear it Less
One of the great things about rejection or failure, is that the more often you are exposed to it, the less you fear it. In fact, micro-failures can become such a common part of an entrepreneur’s day, that you stop even noticing them as failures at all.
You may look back on a day with multiple rejections from prospective clients as a normal day on the path to building a business. The goal is to get to that point as quickly as possible.
4. One Less Avenue
In the beginning, any failure will elicit a strong emotional response, however, when it becomes embraced as part of the journey, as crazy as this sounds, you may even get excited for the next rejection or micro-failure.
Why? Because each micro-failure takes away one possible path you could go down in your business. Entrepreneurs tend to be highly ambitious, highly idealistic people. This may result in wanting to do too many things, take the business in too many directions simultaneously, and run before walking.
The beauty of failure is it re-clarifies the path, stops the entrepreneurial mind from getting carried away, and brings everything back into perspective. What’s better than pursuing 1000 potential clients? Pursuing 999 higher potential clients.
Eliminate avenues that aren’t right for your business as quickly as possible so that you can spend time on providing best possible product or service for the ones that are right.
5. Practical Tip to Embrace Rejection
So with all this theoretical talk out of the way, how do we get over that fear of failure to see the beauty of it? Start by watching Jia Jang’s TED talk of 100 Days of Rejection: https://www.ted.com/talks/jia_jiang_what_i_learned_from_100_days_of_rejection. The talk genuinely impacted my life. I have since implemented an annual (and much less impressive) 10 days of proactive rejection in my life. The goal is for 10 days, to do anything in any aspect of life that you would do if you weren’t ruled by fear. Ask yourself today, “what would I do if I wasn’t scared?”
The goal is to actively seek rejection to remove the power of fear from damaging your business’s potential.
Finally, I believe we should get our heads around the idea of celebrating our failures. Go for a drink as a team and give a toast to that failure even more than if it was a success. After all, if life is more about the journey than the destination, surely we should celebrate and cherish every event of the journey along the way?
Every event that happens will be critically important in forming the empire of a business that you are building. Take a step back, see the big picture, and smile whenever it doesn’t go as planned. See the beauty of failure.
6 Resources For Start-ups Looking For Funding
Here are 6 online resources that can help you pay the bills and grow your business at the same time.
Anyone who has ever considered starting their own business, or is currently in the process of doing so, knows that every little bit helps when it comes to making ends meet. Part of the charm of start-up culture is the low-budget creative atmosphere that seems to continually fuel innovation. But, eventually you’re going to have to keep the lights on and water running, and you can’t do that with creativity alone.
Whether you are a business that is just starting out, or already well on your way, there are plenty of online platforms that offer start-ups advice and funding opportunities. Here are 6 online resources that can help you pay the bills and grow your business at the same time.
At one point it seemed that anyone with a clever idea could make a video showing why the world should invest in the next big thing. While a lot of crazy projects have gotten funded over the years, utilising a crowdfunding platforms like Kickstarter continues to be a viable way to get your project off the ground. Of course, if you want to reach your funding goals, it’s best that you have already done your market research, have a solid plan, and treat crowdfunding like a global VC.
Visit Kickstarter here.
Those who are new to the start-up world might not know exactly where to start when it comes to looking for funding. While the freelance economy has grown immensely in the last 5 years, it’s important to know where to look.
Platforms like Toptal offer a wide range of freelance professionals that specialise start-up funding. Start-ups seeking a consultant on Toptal can also rest easy knowing that they carefully screen each candidate, ensuring they have the necessary professional background and experience to guarantee a successful project.
Visit Toptal here.
If you couldn’t already tell by the name, appbacker is definitely worth checking out if you are a start-up working in app technology for both Android and Iphone. The platform helps people discover different apps through the crowdsourcing model. Investors can scroll through apps from around the world, and if they like what they see, they can choose to invest. Funding incentive is based on an investor’s ability to purchase an app at the wholesale price, eventually making a profit once the app starts flying off the shelves in the official app store.
Visit Appbackr here.
Investors are more likely to invest locally, which is why Gust is an attractive option for start-ups around the world, as they represent over eighty countries worldwide. Founded by a team of investors and lawyers, Gust knows their way around the start-up world.
With portals for both start-ups and investors, the platform seamlessly connects those seeking funds and those looking to invest. Start-ups can create a profile on Gust, and also have access to tools and tips to help them regulate finances and legal matters.
Visit Gust here.
Not just for investment, although that is a major part of the platform, AngelList is also a great place to find start-up jobs as well as recruitment. Those start-ups that are looking to expand can greatly benefit from this feature, while also getting their name out there to potential investors.
Their syndicate platform, led by technology experts make room for those who are looking to invest the chance to apply to a lead or directly invest in a fund.
Visit AngelList here.
From top corporations to big name accelerators, Seedrs aims to simplify the funding process for investors. Providing a vast network of investors from 48 different countries, who tap into an additionally impressive network of start-ups, there is plenty of room for collaboration on this platform. Seeders also encourages investors and start-ups to continue their relationship after the transaction is made. Their online and offline networks aim keep both start-ups and investors in the loop.
Depending at what stage of development your company has currently reached, exploring various funding options available to you is a worthwhile endeavour. Rather than blindly pitching investors, investigating each potential platform, whether it’s crowdfunding or a hiring a freelance funding expert, will save you time and resources so you can focus on the right type of investment based on your needs.
Visit Seedrs here.
Picking Your Lane: Maximising Your Chances Of Success And Happiness
How do you choose? What do you prioritise? What’s right for me is almost certainly not right for you.
Most entrepreneurs start businesses out of necessity. They do what they have to. They don’t think far ahead. They fight fires every day. They are the foundation of every economy all over the world. Some succeed, some fail, few shoot the lights out. Some are happy, some are not.
For me, there’s nothing more thrilling than building a business. Seeing your ideas turn into reality. Seeing your team exceed your expectations every day. Seeing your customers’ lives improved by your products.
But, entrepreneurship is not for the faint-hearted. You pour blood and sweat and tears into your business. You get more than your fair share of punches in the nose. It’s hard, but if you’re lucky and you persevere, the rewards are great.
So, how do you maximise your chances of getting into the ‘happy and shooting the lights out’ club?
Picking the right lane – figuring out what you’re going to do – is probably the most important decision you’ll make. Once you’ve figured that out, you can get down to the nitty gritty of picking your team and building your business.
But, how do you choose? What do you prioritise? What’s right for me is almost certainly not right for you.
The Sweet Spot Model, which has been drifting around the web for years, provides great guidance. If you do what you love, the hard yards won’t feel like work. If you do what you’re good at, you’ll beat or (even better) outstrip the competition. If you provide something the world needs, you’ll feel a sense of purpose. If someone will pay for it, you have a business.
When I co-founded Simply, I wanted to tick all 4 boxes AND work from Cape Town AND be extremely flexible (so I could prioritise family health).
I worked on three different ideas: A GIS-platform for solar and other utilities; a transaction platform for stokvels; and a cheeky online life insurance play.
The life insurance play quickly emerged as my best choice (it helped that my partners are top actuaries J):
- What I’m good at – doing start-ups, connecting people and teams, and using technology and data to solve business problems.
- What I love – working with people I like and trust to build businesses that solve hard problems and make the world a better place.
- What the world needs – most adult South Africans have one or more funeral policies. Few have life or disability cover and policies are often very expensive. There’s a clear need for simple, convenient, well-priced life, disability and funeral cover.
- What someone will pay for – the market we’re targeting is huge – nearly R7.5Bn of new premium is written annually.
With the stars lining up, we pressed the go button in early 2016. It’s now twelve months since we launched to market and early signs are good:
- Our innovative, online products – Family Cover, Domestic Cover and Group Cover – have been well received and are improving all the time.
- We have an amazing, engaged team – inspired by the purpose of protecting vulnerable people.
- We’ve sold more than 4 500 policies to date, providing more than R2.5Bn of cover to more than 20,000 people.
- We’re based in Cape Town, working hard and having fun, and I seldom miss a swimming gala, netball game or opportunity to go mountain biking.
While picking the right lane is no guarantee of success, it definitely helps stack the odds in your favour. You’re going to need all the help you can get. So, take the time to pick your lane. I bet it’ll be worth the effort.
- Beauty Of Failure: The Art Of Embracing Rejection
- 3 Tips For Succeeding After You Fail
- South Africa Seeks Innovative Solutions to Payments Systems
- Tsogo Sun Entrepreneurs Takes On 30 New Businesses
- 2018 National Budget: What To expect?
- #SONA2018: Upbeat Address Offers Inspiring Message For South African Entrepreneurs
- LaunchLab Fellows – Great Opportunities For Aspirational Young African Students
Start-up Industry Specific3 months ago
How Do I Start A Transport Or Logistics Business?
Upstarts3 months ago
10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets
Business Plan Advice3 months ago
Writing a Business Plan May Not Be Your Idea Of Fun, But It Forces You To Build These 4 Crucial Habits
Company Posts1 month ago
Enhance Your Entrepreneurial Flair With An Online Postgraduate Diploma From The University Of Pretoria