Here’s a professional tip you’ve probably never heard before. Are you ready? Failure is good for your career as an entrepreneur. Why? The simplest answer is we learn the most through our mistakes. Consider these 6 ways failing may be good for your business.
1. You Learn Realistic Expectations
You might take on an order that is too large, underestimate a quote or over estimate your timetable. These failures help you understand your limits and the limits of your enterprise.
2. Curiosity killed the…Entrepreneur?
Curiosity is a natural part of being an entrepreneur and you might find yourself trying something a few times before giving up. While this will serve you well in many cases, sometimes you’ll miss the mark.
3. You Know What Won’t Work
One frequently overlooked step to solving a problem is understanding what won’t work. However, this typically involves testing the wrong solution several times.
4. You Build Safety Nets
Bad days will happen and hopefully you’ve set up a strong support system of investors and other stakeholders who’ll have your back. In the future, you’ll tackle issues like a well-coordinated team.
5. You Understand the Difference Between Failure and Quitting
Sometimes you’ll take advantage of every resource available to you and it just won’t work out. Many professionals don’t want to be labeled a quitter, but just like in poker, you have need to know when to fold and try a different table.
6. You’ll Learn to Recover Quickly
Failure gets easier, especially when you understand what went wrong. Eventually, you’ll learn to remain confident and composed even in defeat.
Especially in entrepreneurship, you’ll end up relying on yourself more often than not to fix a problem or take your business to the next step. As always, try to avoid silly or careless mistakes, but don’t be afraid to fail. It may be key to your success.