Failure is Part of Success

Issue # 7

👋🏽 Hi friends, I hope you are all enjoying the holidays even if they look different this year. There is so much to look forward to and I hope 2021 will bring hope and love for everyone.

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In business, any type of failure is hard to swallow. The work we dedicate to our business(s) is more often our way out of the current work life we lead. In most cases, this looks like working 9-5 and no satisfaction in our experience at work. We dream of our own business and a way to accomplish working for ourselves.

In my personal experience, money is a major factor. Both in terms of the barrier to entry, and the reason some can or cannot leave their full-time job. For example, it would very difficult to leave a job providing income when you have bills to pay and children to provide for. But money alone shouldn't be the reason to start a business. In the sense of 'getting rich quick'. Instead, the business should mean something to you, a problem you would love to solve, and something that has a deeper meaning to you.

That being said, no matter which route we choose, failure will most likely occur, but failure is a guide to experience and builds our resolve. Failure shouldn't be something we are afraid of instead is something we can leverage to build on.

Let’s look at a few ways that failure can teach us so we can leverage that to reach success.

1. Write the reasons you failed

Failure can lead to insights and uncover reasons the business failed. Think hard about the business and decisions you made along the way. I encourage you to think about the purpose of the business and why you choose to start it.

2. Acknowledge Mistakes

Mistakes are painful when we realize we made them, however acknowledging the mistakes ensures we are aware of them and won't repeat them in the future. It's important to understand mistakes are a consequence of a choice, and that doesn't define who we are.

3. Learn from your mistakes

Once we acknowledged the mistakes we've made, that's when we can take those experiences and dissect them enough to understand what lead to them and how to ensure we don't repeat them in the future. Remember not to blame yourself mistakes happen to everyone.

“Failure should be our teacher, not our undertaker. Failure is delay, not defeat. It is a temporary detour, not a dead end. Failure is something we can avoid only by saying nothing, doing nothing, and being nothing.” - Denis Waitley.

4. Be Consistent

Being consistent leads to consistent actions and events. Establishing a routine to help ensure a habit is created can be useful to ensure we do things in a timely and predictable manner. By having habits time-blocked in your calendar throughout the day helps maximize our time. Consistency breeds results.

5. Don't lose confidence

Anyone who fails in business can react to the failure in various ways, emotional, physical or mental. The most important thing is to not lose confidence in trying to achieve your dreams and remember confidence is an asset you can leverage. It's okay to feel defeated, but I encourage you to chat with someone when you feel this way. Sometimes just chatting about our experiences clears our minds, or writing our experiences down can also be a relief and a point of inflection. However you deal with failure just remember to remain confident and try it again once you have the ability to do so.

“Success is not final, failure is not fatal: it is the courage to continue that counts.”  - Winston Churchill

Remember, failure is a sure way to grow, to be resilient, and to test our resolve. It's how we learn to develop both individually and as a business. We don’t have to go through this journey alone, having a mentor or coach can work wonders when we feel stuck or need help. I have failed in various businesses and although it was hard to overcome initially, I genuinely feel like I have grown positively and I am sure you will too!


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Cheers,

Paolo