Valuable Lessons Business Owners Can Learn from Failure

There goes an old saying “Failures are pillars of success.” Therefore, one must fight another round to be successful, which is more valid for business owners. Success never comes overnight, but to people who take lessons from their failures and try again and again. Remember the story of the Scottish hero Robert the Bruce? Success only comes to those who try and never tire. 

Similarly, failing at a business does not mean the end of the world. On the contrary, it could be the beginning of a successful new business. Below are a few things that business owners can learn from their failures. 

Learn to be Humble 

Instead of seeing failure as the end of the road, learn lessons from your failures – as Thomas Edison did. After his multiple failures, Edison did not stop working on inventing light but said, “I have learned a thousand ways that don’t work.” He was humble, and this ensured his success. Learning to be humble eases your discomfort and embarrassment. It helps you look at things from a different perspective and sometimes even encourages you to seek help. People who are humble are more effective because people like them genuinely. Being liked isn’t always crucial for production, but it is vital for engagement. Engaging your workforce is key to improving performance. So, acknowledge your mistakes, be open, and demonstrate your employees’ strengths to contribute to the growth of your organization. 

Mistakes are Expensive Lessons 

While failures don’t mean you will never be successful, they certainly are expensive mistakes. They cost you your efforts, money, resources, and, most importantly, time. Like failing an examination, when you fail in a business, you have to pay for the mistakes – maybe due to inexperience, wrong decisions, wrong team, and several other possible reasons. However, the bright side of failure is that it gives you a narrative to inspire change in groups. At the same time, they set examples that encourage employees to be resilient and accountable for mistakes> In fact, they show your workforce that you are also human. 

Don’t Play the Blame Game 

Failures are hard to digest, but you need to embrace a cruel truth before you move ahead. You need to acknowledge that you failed because of your shortcoming and not because of the economy, your partner’s fault, your city, your lack of money, the people, the product, or family issues. Don’t play the blame game or make someone the scapegoat. It is your fault because you were the leader. Every successful business overcame the same issues that brought you down. When you can say that you were the main reason for the failure of the business, your mind is genuinely open to change. 

Don’t Be Hard on Yourself  

Just because it was your fault doesn’t mean you are terrible. Think about Apple co-founder Steve Jobs. After Jobs was forced to leave Apple, Steve Jobs founded NeXT Computer in 1985, but the company was far from triumphant. Later, Apple purchased NeXT Computer and brought Jobs back. Jobs was fired from the company he founded despite being one of the most brilliant business minds in recent history. This series of failures didn’t derail Jobs; instead, they propelled him further to greatness. He faced the same decisions any business owners face, but he chose to turn them into positives. 

Bring in Experts 

If you failed, it doesn’t mean everything was wrong. Perhaps you thought you could do it alone. But remember that you are not an expert at everything; no one is. In this highly competitive world, trying to be an expert marketer, web designer, manufacturer, manager, sales associate, and accountant isn’t going to work. Build a team of experts that will improve your execution the next time.  

Raise Enough Money 

Some businesses require very little financial investment. If you are in a consulting company, you might invest less than $1,000 in startup costs. But that’s not true of most businesses. Did you have a great idea but simply run out of money? Next time, slow down and raise enough money to buy the right equipment, rent space in a better location, and hire the right experts. When you appropriately invest in your startup, the chances of success are much higher. 

You Weren’t Passionate 

There are plenty of business opportunities with the potential of making you a lot of money, but if you aren’t passionate about it, there’s little chance of success. Cuban says, “Love what you do or don’t do it.” It doesn’t matter if home automation is where the money is right now if you don’t care about it and have no experience. Follow what you know and love.” Moreover, you’re competing against people working on their business non-stop. If you don’t have that kind of time, you might need to see your business more as a hobby than a full-time endeavor. 

Whatever happened, simply don’t give up. As somebody who failed, you join the ranks of the most successful business leaders in history. The question becomes, how will you respond? Will you learn from failure or give up?