Are you meant to be an Entrepreneur? How do you know, if you have it in you?

Failure is often seen as something awful. Right from our childhood, we are taught to work for success; success in academics, success in relationships, in work, etc. However, in pursuit of success, we overlook the importance of failure. What is success without failure? How do we enjoy success, if we don’t know what is failure? Do achievement and triumphs mean anything if we did not taste failure? We forget that failure is an integral part of our journey in life, especially in the world of our work environment and business. Failure offers experience and lessons that can be harnessed as a powerful catalyst for learning, growth, innovation, and improvement.

Let us understand the importance of embracing failure and using it as a stepping stone on the path to success in business.

Using Failure as a Catalyst for Growth:

Failure is not a seal put on the stamp paper. Your knowledge, business acumen, and abilities are not determined by the times you failed. Take it as a learning. Make a thorough examination of the root causes that led to the failure. If your marketing strategy did not result in the sales you expected, analyze why it did not. Is it that the market research was inadequate or your business lacked operational efficiency? If examined carefully, the failure in one aspect of your business will give valuable insights to rectify the mistakes and come back stronger. You may also find some crucial information about other related aspects of your business while you do the research and fix them as well for long-term success. Hence, reuse failure as fuel to ignite your resilience and passion for growth and success in business.

Use failure to pivot and change course:

The lessons that failure teach have a powerful impact on the future course of our actions. It influences the path we choose. Many entrepreneurs come up with products that they think would otherwise do well in the market. For example, Airbnb in its early days, rented air mattresses but they soon realized that the demand is too low to thrive. Instead of giving up, the founder took a recourse and found that renting out an entire home with the air mattress would be much more well-received than simply renting a mattress. This led to a pivotal shift in their business and we know what Airbnb is today.

Using failure as a fuel for innovation:

It will not be wrong to say that failure is the stepping stone for innovation and success. Success might give entrepreneurs the adrenaline rush to succeed further in business. But success might also bring complacency in the way one works. Failure is demoralizing, but if taken up on a positive note, offers much to learn. Fail fast, learn faster. Encouraging a culture of failing fast and learning from mistakes faster can help you grow. Motivate your team to try out new ways not to fail. Experiment with different techniques, different strategies, and ways. Use failure as fuel to drive innovation and increase creativity in your business. Edison after all failed hundreds of times before he invested the bulb. Remember what he said, "I have not failed. I've just found 10,000 ways that won't work." It highlights that failure ignites the passion for persistent experimentation and continuous improvements for great innovations.

Failure is thus a power in disguise. Failing fast and learning quickly from failures can help you improve your business and grow. Failure is not a dead-end but the beginning of a successful journey. Success arises from the lessons applied well in business. So never fear failure a thousand times, but fear not utilizing the lessons learned through failure to succeed in life. Dare to fail, if you want to succeed.