Do you remember when you launched your business? How often did you think about failing? For most entrepreneurs, the answer is “hardly ever”. Sure, the thought creeps into the back of your mind, yet the excitement and anticipation make it easy to forget. All you want to do is crack on with your dream career.
Overanalyzing failure should be avoided at all costs since it will only cause you to fear everything. And when you’re scared, you don’t make informed decisions. On the flip side, there is a place for failure in every business, so much so that you might want to think about it more often.
This is why.
Fear Is Healthy
Like all potential drawbacks, the key is to strike a healthy balance between too much fear and too little fear. You already know what being too scared will do to you, but not being scared enough can make you reckless. Leaders require that element of doubt because it has a positive side-effect - it makes you think. You will probably still make the same decision. However, you’ll do it with the potential failures in mind. As a result, it encourages you to evaluate the possible pitfalls, which in turn should negate them.
People Learn From Mistakes
Yes, it’s the biggest cliche in the history of cliches. But, cliche alert, it comes from a foundation of truth. As Dr. Sam Collins points out in a Forbes interview, the process is so potent that they don’t have to be your errors. You can learn how not to act by watching people, including “bosses”, fall into traps before your eyes. However, the way you react to your failures is imperative. Without acknowledgement, there can’t be growth, and many people are happy to bottle up their failures and never speak of them again.
It Highlight Safety Nets
Consider this scenario. Your company fails and is about to go under. With the fear of failing and losing your assets at the forefront of your mind, you panic. What do you do? Most people contact a law firm, such as Canyon Legal Group, to speak to experts who can guide them out of their mess. This is essential because bankruptcy law is complicated and convoluted. Therefore, a lack of fear could lead you to make a schoolboy error and take your chances. The fear of bankruptcy is so intense that savvy entrepreneurs create a plan from the outset to act as a safety net.
The Fear Of Failing Is Relief
Imagine dealing with Covid-19 if you weren’t scared to fail. You wouldn’t do what is necessary to boost your business after lockdown. However, there is another consequence of embracing failure, which is that you understand your limits. Knowing that you can’t do anymore is almost sweet relief for bosses who gave it their all during the pandemic and tried every avenue. This provides a new perspective and a healthier attitude as sometimes you have to admit that success is down to the flip of a coin.
What do you think? Is failing the key to success?