The Many Benefits of Failure
Entrepreneurs are some of the most passionate, driven and hard-working people out there. Why? We’ve followed our hearts, we love what we do, and we’ve taken on the day-to-day grind of business ownership. We’ve taken a risk and are ready to give it our all. Although entrepreneurship is one of the most rewarding paths you can take, let’s face it: it’s a winding road of ups and downs, peaks and valleys, a win here and failure there.
Yes. We said it. The “F” word. Failure.
All of us are concerned that we might take a wrong turn along the way. But … stop and breathe a minute … is it really a wrong turn? That wrong turn might, in fact, be a very good thing. Consider this Harvard Commencement Speech from J.K. Rowling. In front of accomplished graduates, she focused not on success, but on the benefits of failure. Her message clearly conveyed how failure is a crucial part of any journey. Rowling shared, “some failure in life is inevitable, it is impossible to live without failing at something...failure taught things about myself that I could have learned no other way.”
How can we apply Rowling’s wisdom as entrepreneurs? Here are a few thoughts.
failure isn’t a bad word; IT’S OPPORTUNITY
Yes, mistakes will be made along your business path, but any mistake, any “failure,” results in growth. Reframe the experience - typically somewhere in any mistake a business opportunity is buried. Yes, absolutely any mistake.
everyone faces A hiccup at some point
For example, your marketing campaign may yield unexpected results. But then … the data you collected during the campaign is a goldmine. Dig that data for those valuable insights about customer behaviour, preferences, and engagement patterns. Here is your opportunity to change the quality of your business offerings.
Another example: A restaurant facing a set-back can transform the hiccup into a franchise opportunity. Brand, recipes, and operational knowledge can all be packaged into a franchise model. And that allows entrepreneurs in different locations to capitalize on an established brand and take advantage of a proven business model.
ACKNOWLEDGE the mistake and build trust
If the issue is a mistake, well, mistakes do happen and sometimes even when we have the best of intentions, we fall flat. One of the most important things we can do is own up and take action to set things straight. This is incredibly important if the mistake happened in public or if it affected a customer. Authenticity and honesty are appreciated by customers. Wouldn’t you rather engage with a company that owns up to a fault and goes out of their way to set it right? So would your customers.
ask for help
No one can be expert at everything. Bring in the pros when they’re needed. Chances are someone within your network can help you out, or they can refer you to someone who may have the answer. And perhaps think about using the mistake as an opportunity to expand your network.
Identify where change is needed
Take the time to analyze what happened and what part of your process ultimately led to the mistake. This will prevent you from repeating the same mistake in the future and set you up for success. Did you know that Guildstreet offers business mentoring services? We love questions and we love working with you through mistakes and challenges because we believe that “failure” feeds business improvements.
THEN Move Forward
Reframing failure into opportunity is not just an exercise in positive thinking; reframing is a solid strategy for long-term success. Turn the set-backs into stepping stones to innovation and growth, and turn challenges into unforeseen possibilities. Approach failures with a mindset of resilience, learning, and adaptability, and transform every stumble into a leap toward success.
Now because you stopped and looked around when you took that misstep down a different road, you have new tools in your kit, and a long list of strategies and opportunities, setting you back on your chosen path to success.
Think you’ve run into a roadblock and not sure how to move forward? We’d love to chat and help you and your business reach new heights. Contact our team today!