3 Types of Failures that Helps You Get Better in Business

April 10, 2023

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.


Submit a Comment

Your email address will not be published. Required fields are marked *

Related Articles

Mental Health Stigma in the Workplace

More often than not, people with mental health conditions harbor a deep-seated fear that prevents them from seeking help and support when they need it the most, due to the fear of being stigmatized. Mental health stigma in the workplace involves negative attitudes,...

#Faceoftheweek – WURAOLA ONIGBOGI

Our face of the week, WURAOLA ONIGBOGI is a dedicated and accomplished professional whose journey has been marked by significant achievements and unwavering commitment to her goals. With a background in Economics and Public Health, Wuraola brings a unique blend of...

𝗔𝗳𝗳𝗶𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂 𝗴𝗮𝗶𝗻 𝗰𝗹𝗮𝗿𝗶𝘁𝘆 𝗮𝗻𝗱 𝗣𝗿𝗲𝗰𝗶𝘀𝗶𝗼𝗻 𝗶𝗻 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀

I trust myself to make sound decisions guided by my inner wisdom. Clarity flows to me effortlessly, bringing understanding and deep insight. I let go of doubts and fears, and clarity fills my thoughts and actions. I am open to receiving clarity from all sources, both...

#Faceoftheweek – STEVEN KORTAS

Our Face of the Week, STEVEN KORTAS is a driven individual who strives for perfection in all she does. He understands perfection is difficult to achieve but would be his greatest joy if he can get close to being perfect in his work.    Raised in Basingstoke UK by...