Have you heard……. failure is one of the biggest indicators of future success in an entrepreneur. Many venture capitalists won’t invest in a new enterprise if the founder has never undergone failure – why?
From failed efforts it is proven that we have our best learning experiences, we grow, and we gain the experiences necessary for future significant successes. The fact is that businesses will not assume the risks necessary for innovation and developments if they’re not ok with the idea of failing on some level.
There are those who are so afraid of failing they will do anything to avoid it. The problem with fearing failure is that you ultimately avoid risk, and this can stunt your richest experiences. Apparently those who have never faced a failure in a product, division or business don’t have the experience that is valued in business. However, no-one wants to fail!
The key is to manage for failures. Be prepared to share what went wrong and dissect it. Another strategy is to create a “disengagement process” for getting out of a project that is showing triggering signs of failure.
It could be assumed that it is simply less disappointing and easier to not work that hard and not reach success. The excuse is built in to the equation already. What would happen if you tried your hardest and it didn’t work out? The real question is – what if you didn’t? What could you be losing out on by never trying at all?
What are you doing to minimise the risk of failure? We might be able to help.
Source: “Venture Capitalists Are Looking for Failures“, News from WomenOnBusiness.com, 30 March 2011,