The Entrepreneurial Merits of Experiencing Failure

Failure’.

It’s such a dirty word.

Some say it’s the failures in life that define a person. But the truth is, failure is one of the first things we experience in life. As toddlers, failure is just part of growth. We try to stand, we fall down. We try again, and we repeat the process until we stand up, then start walking and so on. Then it progresses into our childhood years; failing to make the football team, failing in maths, failing to win the heart of our school crush. So why, as we get older, do we frown so much upon failure when it was so constant (and good for us) in our younger years?

Those of you who follow our Unstoppables Facebook page will recognise this Napoleon Hill quote which we posted last week:

MOST GREAT PEOPLE HAVE ATTAINED THEIR GREATEST SUCCESS, JUST ONE STEP BEYOND THEIR GREATEST FAILURE

And you don’t have to search far to hear the success stories of those who have experienced failure before huge success.

At 65 years of age, Harland Sanders, the white-suit wearing colonel of Kentucky was rejected more than 1,000 times in an attempt to franchise his secret chicken recipe. Now, there are more than 18,000 KFC outlets across the world, making it one of the most recognised fast food chicken franchises on the planet.

Our ability to bounce back after a great defeat is one thing that defines us as entrepreneurs. The recovery process can be challenging, and everyone has a different process, but there are a few things that are the same among those who are successful. Here are some common traits and tips for those who do it well.

Unstoppable businessmen are undaunted, even with the prospect of failure

Unstoppable businessmen are undaunted, even with the prospect of failure

The value of persistence

Sometimes failure is just a way of resetting the compass back to north and finding another way to get things done or across the line. Persistence is key. It’s the one trait which all entrepreneurs share – the willingness to achieve and the confidence and motivation to persist.

Draw motivation and inspiration from the best sources

Surround yourself with the right people after the fall. Keep motivated and inspired by these people who emulate exceptional ethic and passion. If your idea is great, or the product or service you have created is great it doesn’t necessarily mean it will be a huge success. Great ideas fail, and great people fail too. But this failure can be a springboard to heightened success, you just have to make sure you get back up again.

So it got us thinking, is there such a thing as a failed entrepreneur? Or is the word ‘entrepreneur’ synonymous with success? Tell us what you think by commenting below.

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