Accepting failure in business is a key component to success



Most people have experienced some level of failure in their lives at one time or another. In any aspect of life, failure can be disappointing, hurtful, and could result in depression or a feeling of helplessness.

When a significant letdown occurs, it usually does not stimulate good feelings and, following a failure, a person may feel like simply giving up. However, this is not the time to give up because opportunity could be lost.

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If you have experienced failure in business, before tossing your hands in the air and giving up, it is a good idea to consider the benefits of experiencing this type of letdown. There are many degrees of failure, and people who face failure head on and learn from it might just find a successful future as a result of the benefits attained from the failed venture.

Benefits of failure

In order to discover how to succeed, it is important to experience some level of failure along the journey. Failure is generally associated with a negative connotation, however, there is a distinctive value that can be aligned with failure.

To fail is to learn, and the benefit of this knowledge can lead to great things down the proverbial road. However, this is only true if the individual is willing to view failure as potential for improvement, as Shikhar Ghosh, Senior Lecturer of Business Administration at Harvard Business School, notes in an article written by Carmen Nobel in 2011.

Experiencing an unsuccessful venture can be thought of as being a part of the learning process. Failure can guide a person to evaluate and self-reflect on what went right, but ultimately identify what went wrong and, more importantly—why. This, in turn, helps the individual learn from these prior mistakes and see errors. Errors which likely will not be made again in future ventures.

Personal and professional growth

Failure can also provide opportunity for personal and professional growth. If an individual doesn't initially thrive, he or she might be inclined to have more perseverance and be more determined. People who possess this type of resilience often find themselves succeeding in various areas of their lives including business, relationships, education and other kinds of aspirations.

This strength and determination can pay off, but those who have not had to work under these circumstances often may not experience this type of growth and wisdom that accompanies the trials of failure.

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Appreciate value of success

After a failure has been experienced, the value of success is typically more appreciated because the individual has learned how to cope with failure and, when eventually successful, knows how hard work pays off.

Problems with ongoing success

Success in business is a good thing right? In general, yes. However, if an person consistently succeeds, he or she may not effectively learn how to cope with disappointment. It is rare any individual is 100 percent successful all of the time. Down the road, this can lead to difficulties when coping with various situations, either professionally or personally.

In the end, accepting failure is a key part of experiencing success. By accepting failure, and subsequently doing your best to try again to succeed illuminates a strong spirit and level of commitment. In the long run, these are valuable business attributes to possess. Eventually achieving that goal and reaching the finish line will be that much sweeter.

While dejection may be an initial response to failure, later on, by viewing the cup as half full, you might just find you have learned a valuable lesson, attained good information or learned a road to improvement. Many of life's most important lessons and innovations have been derived from the experience of failure. With failure comes knowledge and wisdom. Looking at it from this perspective, failure has value.

Failure is but a small step backwards. When traveling along the longer road to reach your goals, it is just a minute step in your total journey. But you have to be willing to embrace and learn from it in order to move forward.

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