Nowadays, it is not unusual to hear people say “I want to start my own business”, yet how many of them actually do so? Why is it that many choose not to take the leap?
Starting up is surely not easy, it takes a lot of work, effort, and passion to pull your idea down to the ground. And even then, it takes a while before your business starts running on its own, which may sound tempting and also discouraging for some, resulting in not pursuing the dream further. Several reasons can be identified in regards to this matter, such as, questioning “what if I fail”, being afraid of the unknown, not wanting to leave a stable job, not knowing where to start, amongst many other doubts.
In this article, I would like to focus on the first doubt mentioned above regarding failure. Failure is a scary word in all aspects of our lives, not only entrepreneurship. The fear of failing is in most of us and it is normal in human beings. It is important to note that even though the fear is there, we can’t let it decide whether or not we will take a new opportunity to do something big, like starting a business. Better yet, we should be doing quite the opposite: we should start giving the word failure a positive connotation.
Failure as a positive concept
Failure is necessary for entrepreneurship and everyone should know that, as a matter of fact, you will fail at some point. Failure is there for us to get great future insights and learnings. The most successful entrepreneurs out there have failed somewhere along the road. In fact, in many cases failure will actually give you what you need to grow.
Failure will have a different impact depending on both the stage of the business as well as its nature. While it is true that failing may kill a business, there are ways to use it for our benefit if we learn how to navigate the failure process.
Navigating the failure process
Failing should happen in the early stages and it should also happen quickly, regularly, and in tiny tasks. This way, failure will have an impact but not to the extent of killing the business. On the contrary, failure must happen this way to come up with better improvements and growth. When we fail, we learn, and when we learn, we can find new ideas and solutions to grow faster, better and stronger. If you are thinking of having your own business, you should know failure will happen. You should also know that there will be many fears, but failure shouldn’t be one. Counterintuitively, failure can turn out to be a very positive thing.