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.

0 Comments

Submit a Comment

Your email address will not be published.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

Related Articles

#WCW – Mrs. TOLULOPE ONALAJA

Our Woman Crush Wednesday, Mrs. TOLULOPE ONALAJA epitomizes the essence of compassionate leadership, blending her remarkable achievements as a successful businesswoman with an unwavering commitment to philanthropy. As the Group Executive Director of RevolutionPlus...

#WCW – Dr. ANINO EMUWA

Our Woman Crush Wednesday, Dr. ANINO EMUWA  is an inspirational and accomplished leader who has left an indelible mark on a global scale. Born and raised in Lagos, Nigeria, she began her journey as an exceptional student, earning a scholarship to attend Queens...

Morning motivation

You've got this! Every step you take towards your goals, no matter how small, is progress. Believe in yourself, stay focused, and keep moving forward. Remember, every successful person was once where you are now, facing challenges and doubts. Keep pushing, and you'll...

MCM – Dr. Sijibomi Ogundele

Dr. Sijibomi Ogundele, the Chief Executive Officer of Sujimoto Construction, epitomizes the essence of ambition, vision, and resilience. Hailing from the streets of Agege in Lagos, his journey from humble beginnings to pioneering achievements in the real estate...

Morning Motivation

● I am constantly learning and evolving, becoming better every day ● I believe in myself, and I will not let anyone dim my light. ● I learn from my mistakes and keep moving forward ● I visualize success and attract positive energy into my life. ● I am worthy of...

WCW – DR. GLORY ENYINNAYA

DR. GLORY ENYINNAYA epitomizes the essence of accomplishment, vision, and influence. Recognized as one of the top 6 Best MBA Students globally by the prestigious Association of MBAs, she proudly holds the distinction of being the first African to grace the Governing...

Morning Affirmations

● I am worthy of abundance and prosperity. ● I am a magnet for opportunities that create wealth. ● I make wise financial decisions with confidence. ● My income grows steadily and consistently. ● Challenges are stepping stones to greater financial success for me. ● I...