A lot of businesspeople dread failure. Almost everyone, as a matter fact, fears to have or to experience failure. However, it has also been found by business expos and write-ups from reliable institutions, such as Norwich University, that nearly every successful businessman has once experienced failure in their life, and it is here that they found the strength and inspiration to jump back for success. After getting knocked down in business, they jumped right back up and gathered the strength to keep pushing forward.
Here are some other hidden or surprising advantages to failure:
Failure opens you up to your weaknesses and flaws.
No business organization is ever perfect. There are numerous flaws and weaknesses that you hold, some of which you may not even be aware of, at least until you experience failure firsthand. Often, an organization has to go through dark days for them to realize their weaknesses, such that they can work to transform these weaknesses into strengths. Instead of allowing these flaws to lead you into even deeper failure, you should be accepting of the same, for in the moment that you do, you begin to grow better as an organization.
Remember that failure, and these flaws and imperfections, should not be made to label your business. Do not allow disappointed clients to regularly see you as unfavorable and mark you as the same, but show them that you have worked hard to let go of these and, at the same time, you have outgrown these failures, too. Even more importantly, you can work to fix these flaws, as several well-known companies are also doing and have done, to turn them into wonderful opportunities for profit and growth.
Failure teaches you to be more grateful for the business that you have.
When you own and manage your business, on the days when things are bright and positive, you may feel like you are on top of the world. Failure may seem to you as something that is light years away. Hence, over time, you may begin to take for granted the success that you have and start living life differently.
When you do experience this negativity, however, failure gives you so many opportunities to grow and become better businesspeople. Most importantly, it humbles you and teaches you to be grateful for the company that you have, big or small. With this newfound sense of gratitude, you also begin to be more appreciative of the success that you have, and of the efforts of your employees and team.
Failure allows you to learn.
The old saying goes, the experience is the best teacher. And indeed, it is. You can never learn all the sides and the ins and outs of the trade if you only get to experience the good side of it. When you venture in the world of business, you have to experience it in its totality, so that you will learn as well. For example, you will begin to analyze the following:
- What were the choices and decisions that I made that led my business to fall downwards?
- What can I do to avoid these failures from happening again?
- What can I do to correct this failure?
Upon analyzing the three points mentioned above, you begin to learn valuable lessons that you wouldn’t have had you not gone through this pitfall. Hence, in a way, you become a better businessman, as you can hone and sharpen your skills, your trade, and your decisions.
Failure motivates you to work harder.
If your business is continuously on top of its game, you might have a tendency to slack off and take for granted the value of hard work. You may forget that no business will ever succeed if you want things to go the easy way. Hence, you will experience failure as a wake-up call for you to work harder than you used to.
Many horror stories of business failure occur when the owner starts to reap the income, spends it all, or goes way beyond their capacity to spend and no longer focuses on the upkeep and day-to-day operations of the business that they run. You must avoid this mistake altogether by continuously working hard.
Failure allows your company to form a new strength.
It is in the process of overcoming challenges together as a team that you begin to build a newfound strength. Because you are now aware of your flaws as a company, you will soon learn to turn these flaws into strengths for the betterment of the whole organization. This situation is the opposite of letting these flaws control you to turn your business into a negative endeavor.
Because you and your team share a unified goal of wanting to achieve success, you also form a stronger and more united bond.
A pessimist would think of business failure as an extremely negative thing, from which they no longer have the hope of rising back up. Think otherwise, however, and see these failures in a different light: embrace them all as part of your entrepreneurial journey. Who knows, after this setback may come the most significant success in your business that you’ve only been dreaming of.