How Successful Entrepreneurs Handle Failure
Failure is a part of every entrepreneur's life, but that doesn't mean they're crushed when it happens. In fact, most entrepreneurs welcome failure as an opportunity to grow and learn from their mistakes.
Having constructive criticism from another professional or having the resources to pivot a direction are two ways that entrepreneurs seek after and find success in failure. For example, if you fail at your business idea, you might consider shifting to a different market or taking the product online instead of in-person business. You have an enormous opportunity for growth available each time you fail.
Regardless of what you do, this article will give great inspiration to continually learn more and grow your business. I've interviewed successful entrepreneurs who share very interesting stories of what they learned from the most brutal failures they've encountered. I'll also provide a few action items to get you on your way to success.
Failure doesn't have to be painful; in fact, it can be viewed as an opportunity for growth, not a reason for defeat or failure. Let's take a look at what the world's most successful entrepreneurs have done with failure and how they persevered through the toughest times.
The Difference Between Failure and Defeat
Failure is not defeat, nor is it the end. It's simply a temporary stop on the journey to success. In fact, failure can be viewed as an opportunity to learn and grow. Let's take a look at two entrepreneurs who were business partners during their early years in New York City. Their story can be found in Michael Eisner's book, Work in Progress .
Famous film producer Jeffrey Katzenberg and entrepreneur Steven Spielberg were business partners for more than 11 years before breaking up their partnership as amicably as possible. When you hear about celebrities like Katzenberg or Spielberg, you're always hearing about how much money they make and how successful they are.
But those are stories we tell ourselves to make us feel better about the real reason we admire them: They're good people and amazing artists. Their careers are still going strong, but I'd like to focus on the story of their partnership and how they collaborated with each other over a long period of time.
It's as though you can see the two men sitting down together in a corner at a party, just talking and brainstorming ideas with each other. You see them laughing together as they recall similar experiences in different settings that had brought them both to tears one year later. You can see their fingertips touch when they talk about the way they've worked together, even if it's just for six months before breaking up.
This story proves that failure is not the end, and it should never be viewed as something to be feared. The two men did their best, they saw each other at a low point, and they came back even stronger than before.
Entrepreneurs: When Failure Isn't a Defeat (or Not Even a Failure)
I'm sure you've heard about some of the most famous entrepreneurs in the world -- Bill Gates or Larry Ellison. But I'm going to reveal a bigger picture of who these people are by focusing on legendary entrepreneur Thomas Edison.
Edison failed a lot. In fact, he never turned a profit for his businesses, but that's not what made him such a successful man. He was searching for the right ideas and business plans, just as today's entrepreneurs must do to find their own success.
Just like in our previous examples, Edison always found success in failure when he took the time to restructure his work and make better decisions going forward. By taking time to reflect on what happened in the past, Edison was able to learn from his failures and use them as opportunities for growth.
Some of his failures include the electric pen, an unsuccessful attempt at providing a smooth writing experience for people who worked at desks. We use pens today, but they're not like Edison's pen. Another one of his failures included his project to develop alphabetic telegraphy, which is the transmission of text rather than images, commonly referred to as a text message.
The good news: Edison never let anything stop him from moving forward and trying again. Believe it or not, he did all of this before there was even really a concept for entrepreneurship! He was simply an inventor -- someone who creates new ways we might be able to use everyday objects in our lives.
There were a lot of failures during Edison's lifetime, but he always had the opportunity to learn from his mistakes. He searched for new ways to improve his inventions, but he never let that stop him from moving forward with his ideas. It's safe to say Edison was one of the most successful men in history by learning from failure and using it as an opportunity for growth.
What Can You Do With Failure?
How can you use failure as an opportunity for growth? First, try not to let your failures defeat you or make you feel hopeless in any way. If you fail at something, be sure to stay positive. You see the most successful people doing it, so you can do it too. You just have to keep looking for ways to make yourself better.
You can always learn from your mistakes and try again. By doing so, you'll use failure as an opportunity to learn something new in this field of work. We're all making our first (and second and third) mistakes in every industry we find ourselves in, whether we're trying something new or pursuing a career within a company that already has a name.
Think of Bill Gates: He started Microsoft at 21 years old. When he turned 25, the value of his company was $1 billion; by 2004, the value had gone up to $120 billion. At that point, he'd already sold his company.
What can you do with failure? You can use it as an opportunity to learn how not to do something in the future. You can restructure your work and ensure that you're making the right moves with your strategies. By doing this, you'll avoid making the same mistakes and experience failure as an opportunity to grow as a person, a professional and a leader.
Successful People Use Failure as an Opportunity for Growth
Here are three examples of people who succeeded in their fields without letting failure get them down. They didn't rely on the mistakes they made to keep them down. Instead, they used it as an opportunity for growth.
Here are three examples of people who succeeded in their fields without letting failure get them down. They didn't rely on the mistakes they made to keep them down. Instead, they used it as an opportunity for growth.
Michael Eisner: The Most Successful Person You've Never Heard Of
One of the most successful people in the media industry today is named Michael Eisner. It's no surprise that many people know about him because he founded one of the most famous entertainment companies in the world: Disney .
Conclusion
When it comes to success, we all have our ups and downs. But being positive, positive in your dark times, is a key part of reaching the top. It's when you learn from failure that you can reach the top.
Failure is something no one wants to experience -- let alone someone who wants to be considered successful. But successful people know that what they do in their field affects others and has the potential to make a change in their lives and those around them through their work. Why wouldn't they want to work hard? To use failure as an opportunity for growth, simply look at your situation objectively and think of how you could get better and how your actions can impact others.