4 Reasons Why Failure is Good for Your Business
Why it is good to fail sometimes? The high achiever mindset is so conditioned to win at everything, all of the time, that whenever we are told that we didn’t reach the bar, regardless of whether it has been placed there by ourselves or by others, we consider that we are unsuccessful. Whether it’s losing a major client, folding a business or not getting a job that you’ve interviewed for, the repercussions on your confidence levels can be devastating.
We learn from difficult times and difficult people. Welcome failure when it comes, as it is often a much better teacher than success. Failure is a wonderful corrective system. It is a notice that something went wrong or is going wrong. So embrace failures and mistakes, because they not only make us uniquely who we are, but also teach us powerful lessons like the four below:
Most of the time, failure happens because of mistakes we made. Failure teaches you how to avoid those mistakes. Whether we were careless with our finances, or let a lucrative opportunity pass us by, it isn’t always possible to make the right call. Failure shows us what went wrong, and points out our poor decisions. It allows us to identify our mistakes, and if we’re ever faced with a similar opportunity, we’ll know exactly what to do. The benefits of failure is it teaches us how to avoid making the same mistake in the future.
Taking more risks
Sometimes, the fear of failure is worse than actually experiencing it. Failing in your business helps you take more risks. Once you fail, you’ll realize just how resilient you actually are and become more comfortable making mistakes. That, in turn, will help you take more risks.
Business success takes strategy. It also takes heart and leadership. Leaders can’t lead from a place of arrogance. But, it’s a sad fact that success makes many people arrogant. Arrogance leads to under estimating the preparation required to succeed. Humility is a powerful benefit of failure. We all need reminders that success can quickly disappear. By bearing failure with good grace, and feeling humbled by the experience, you don’t take success for granted. You’ll realize how fleeting it can be and you’ll strive to work harder and smarter for it next time.
If you want to win big you need to take risks, even though you’ll sometimes fail. By contrast, if you’re risk-averse, you’ll miss out. The key for success in business is to find the balance between risk and reward. Try to identify the things you are willing to fail at to deliver your bigger wins and overall success. This can involve making sure the focus is on the things that really matter, rather than the granular things that happen along the way.