16 September 2015

As an entrepreneur, you have to embrace risk, and be willing to fail and fall flat on your face a good couple of times in order to reach your goals. With every potential opportunity comes a potential risk, and those that understand this will succeed.

There is no fail-safe method or specific formula to guarantee entrepreneurial success. Some of the most successful entrepreneurs got knocked down several times before eventually becoming successful. Why? Because they got back up every single time.

Calculated Risks Grow Businesses

The best entrepreneurs know that calculated risks can help you grow your business. True success won’t come unless you put yourself out there. While you might do “just fine” without taking any risks, you won’t shine unless you are willing to get out there and face uncertainty — and embrace failure as a possibility.

In many cases, it’s the risk that pays off. But you’ll never know if you don’t take that leap. If you settle for mediocrity and safety, you’ll never know what could have been.

Whenever you take a risk, you run into the chance of failure. Be willing to accept that. Even if you do fail, if you’ve taken the risk, you now know what works and what doesn’t — and at the very least you’ve stretched yourself in a new direction. 

Personal Growth from Failure

Not only can risks — and the possible failure — lead to better results when something falls into place and works out, but you also experience personal growth.

Someone who has never had opposition, and who has never experienced the challenges that come with failure, doesn’t have the opportunity for growth. Failure builds character, and it shows you what you’re made of. The way you embrace failure and deal with disappointment determines the way you achieve success, as well as how well you grow as a person.

Great entrepreneurs have personal growth stories. They’ve been through difficult times, and they understand how to overcome adversity. Giving up at the first sign of trouble will never allow you to develop strength as a person, and it certainly won’t provide you with the stamina to make it as an entrepreneur. Failure tests you and strengthens you and turns you into the person and the entrepreneur you want to be.

People who don’t fail on a daily basis are not innovating

While you don’t want to intentionally fail at something, you do need to embrace the reality of failure. Don’t dwell on your disappointments. Instead, learn from them, grow and move forward as a stronger entrepreneur with a stronger business.

In my speaking engagements and consulting, I urge clients to look for the positive even when disastrous situations occur. I ask them to identify the lesson/s learned from the failure and to point out the value gained from the risks taken. Yes, failures happen every day and it does hurt. Through my observations and personal experiences it is just when you are feeling at your lowest that you need to remember a new opportunity or something really exciting is just around the corner. You need to dig deep and stay positive . It will take courage to understand why you failed and also some solid thinking to make sure the same failure does not happen again.

the simple truth is – no great success was ever achieved without failure. It may be one epic failure. Or a series of failures – such as Edison’s 10,000 attempts to create a light bulb. But, whether we like it or not, failure is a necessary stepping stone to achieving our dreams.

Remember that failure is not the opposite of success, it is a part of success!

Join the conversation! I always love to hear from you:)

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