Why Entrepreneurs Ought to Intention to Fail — That is Proper. They Ought to Actively Search It.
Here’s one point of view that can lead you to take a double mindset: if you actively seek rejection, you learn, adapt, and get so much closer to your goal.
Related: 4 Ways To Succeed Adversity And Failure Without Ego
Before you click away, think about it for a moment: Entrepreneurs are innovators: they defy conventional wisdom to find ways to improve and question assumptions in order to approach a particular industry or need from a unique perspective. You live at the intersection of innovation and practicality. For them, failure is a necessity in order to be successful.
So, perhaps it is worth pursuing those “teachable moments” of failure because they will help you achieve this innovation.
Two Michigan entrepreneurs recently explored this idea. As a result, they have taken the embrace of failure to the next level: Jordan O’Neil and Jonathan Williams co-founded the Failure Lab, an event that actually encourages attendees to share stories about their greatest failures in their personal, academic, and professional lives . The two men emphasize that the event is not just about comparing mistakes – it is an exercise in learning from them and becoming more resilient after them.
Every mistake an entrepreneur encounters is a lesson. It’s a learning experience to grow and succeed on the next try – and the next try. Accepting mistakes as a critical element of doing business is vital for entrepreneurs on the path to success. Here are the steps you need to take along the way:
Actively look for rejection.
I am a consultant for multiple companies and co-entrepreneurs. Working with entrepreneurs is one of my passions, and as an active angel investor, I speak to start-up entrepreneurs and founders on a regular basis. In short, I have seen many people – including myself – fail.
But that’s not a bad thing: Getting rejected means we have taken action to get closer to our goal and learn and adapt. Consider this acronym “Fail”: frequent adaptation inspires learning. It’s about changing your perspective and how you see mistakes.
In his book Thinking, Fast and Slow, Daniel Kahneman, whose work in cognitive neuroscience and rationality earned him the Nobel Prize in Economics, unraveled human thinking. He described the many “cognitive prejudices” that people live with; He shed light on how our brain tries to reduce complexities into familiar, simplistic alternatives. While this thought pattern can be helpful to someone performing a daily routine, it can stifle innovation. When it comes to entrepreneurship, there must be a willingness to experiment.
In other words, failure helps inform the thought process behind the experimentation. Sometimes the only way to know how an idea works is to try it out. If it doesn’t work, that result signals that it is time for a fresh approach.
Approach failure like a lesson.
Success requires the ability to execute. In most cases, the actions required by an entrepreneur make rejection a clear possibility. There’s room for failure everywhere, from learning something new to selling products, to applying for venture capital, taking out a business loan – and even telling friends and family about a new idea. However, for the next meeting or experience that may be going downhill, keep in mind the following benefits that you can get from being rejected: