Learn to love failure

People fear failure and that’s perfectly understandable. What stops people going into business for themselves? Most commonly, it’s the risk of not having a steady income which to them is a bi-product of failing. So it’s safe to assume that there is always an element of fear of failure which turns people off chasing their dream.

I like failure and I get excited about big flops. I love set backs and obstacles that present themselves and really enjoy losing a lot of money.

Well the previous sentence may not be entirely true but there is an element of truth to it. Every entrepreneur tackles a certain business or project with the aim of succeeding and inevitably if you don’t succeed you may get a bit bummed out. However what you also must (try to) remember is that to every action there is an equal and opposite reaction (Newton’s law). Even better, when applied to the business world it should read “for every action there is an equal or greater reaction”. If you take one step backwards it will usually be superseded by 1, possibly 2 or 3 steps forward. The key is to embrace this powerful concept. When something goes wrong sit back and think about what this failure is trying to tell you. Remember that with your failure there will come a greater benefit in the future.

This brings me to my next question: why would you want small failures? What’s the point of thinking small and losing small? The key is to think BIG. Put yourself out there and if your going to fail, make sure it is BIG. With BIG (preferably Public!) failures will come even BIGGER rewards. The best businessmen understand how to think big and many along the way have also lost big. During these tough times they have been able to bounce back, not just breaking even but launching themselves into their next level of business success.

The problem with small successes and small failures is that they keep you complacent. Limiting yourself to making small gains is the catalyst to settling with what you have. You have not lost much so who cares? Big failures force you to learn, understand and analyse to ensuring your next move is wiser, better and more effective. If your stuck with insignificant small gains and small losses then that will define your business life and it will be just that, insignificant. No one will really notice your losses and no one is going to notice your gains. I know your not this type of person, why else would you be reading this?

The aim here is not to get you to go out and try to fail or lose a lot of money but rather to help you understand that failing is something that should be embraced rather than frowned upon. It makes you stronger and wiser. Take sport as a great example. If you play a sport the only way you’ll improve is to play people better than you and who will beat you. Your failures and losses will point out the areas where you need to improve so you can come back better and stronger until you eventually can win. The you go up another level and start the process again. Playing people far lesser skilled than you does nothing for your skills and you will miss out on the chance to improve your abilities. This is no different in your business life. Set yourself up to play with the big boys and play tough but fair. You will lose and fail along the way, but it will make you stronger and the rewards will be greater.

Looking back at my own experiences I am always been able to find a positive to come out of every negative. Each of these positives have far outweighed any losses initially incurred. In my mobile business I initially paid upwards of $10,000 per mobile application and this left me and my company financially debilitated. Now I manage to get it done for under $1000 which is a massive saving. It enables me to create 10 applications for the cost it used to cost me to make just 1. This was mainly due to being forced back and challenged to find opportunities which provided greater value. This was done without me even acknowledging it and it was only in hindsight that I realised that I overcome that obstacle, ten-fold. I learnt from my negative experiences in outsourcing which cost me many thousands of dollars in programming as well as cost in time. What I learned from these failures has enabled me to increase efficiency far beyond any monetary loss that I once thought was wasted.

What to take note in these examples is that if I didn’t lose I’d still be in the same situation.If I had won a little then why would I change? What would tell me there was a much better way to do things? Nothing. Use your failures to your advantage and remind yourself that big failures manifest into even bigger returns, you only just need to embrace it.