Nobody goes into a business to fail. In other words, nobody starts business with the plan to fail. And that can explain why many startups fold up in their first five years in business due to pressures, bad days in business, and unplanned failures.
Maybe entrepreneurs should begin to pay more attention to their learning experiences in business than successful experiences.
The learning experiences are what shape the future image of the business and create the story behind the success to come in later years.
Learning experiences helps you know your strength and weaknesses and what more to do to get better.
So you can imagine what happens when you avoid learning experiences or give up just because you had an unplanned learning experience.
Failures, as we call them, can be a great benefit in disguise and here are three types of failures that an entrepreneur can benefit from:
1. The intelligent failure: This type of failure is the easiest to learn from and get over because it’s only a trial and error approach, and so not many resources are involved. In this case, if an action you tried works out well, then do more of it. And if it goes otherwise, go back to the drawing board to revisit your WHY of wanting to take that attempt.
2. Unavoidable failures: These are failures that can not be found wanting in a business, especially in big energy firms.
In situations like this, the best approach is to create a system that will help spot the failures from afar before they become major problems and fix them right away.
3. Preventable failures happen when you’re not adequately prepared for the business. The lesson here is obvious.
While you cannot be 100% ready to start a business, you must ensure to have at least the basic principles of how things work in the industry and how to manage things when it seems beyond control.
Failures, whether big or small always contribute to the story behind the success.
As an entrepreneur, you must know that a business is not complete without having the failures which are experiences for you to learn from as you scale higher in your entrepreneurship journey.