The Value of Failure

Have you tried something new, found it didn’t work, and feel horrible that you failed? You are not alone. However, it’s important that you change how you feel about it. Don’t look at it as becoming an expert at failure. Change your thought about the outcome.

 

Trying something and not succeeding is much more beneficial than doing nothing. If your fear of failure keeps you from doing new things within your business, you will certainly fail. Not trying will only result in not succeeding.

 

One of my favorite quotes that I feel really illustrates my point is by Michael Jordan. He said, “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”

 

When starting a business as well as building¬†a business, failure is part of the experience of business ownership. There are many things I tried that didn’t work out. For instance, I invested in a marketing campaign that cost thousands of dollars and netted zero dollars. Failure? No! I learned not to use that method of advertising ever again. Another success was when I adjusted our inventory service process and found the “old way” was the best way. Failure? No! I learned that what I had was simpler, easier, and better for the client and for me. These failures now benefit our home inventory Licensees, as I share our mistakes and failures through mentoring. Without having learned these lessons myself, each of these independent business owners would probably make the same mistakes that I did. What a great opportunity for me to help others avoid these mistakes!

 

There are many examples of what one would consider failures. Instead, each time you find something that didn’t work, consider it a success in learning. New efforts also result in successes. You don’t know which it will be until you try it, and either way you’ve achieved success.

 

There is value in learning what doesn’t work as well as what does work. Constantly finding new ways will keep moving your business to greater success.