How to Turn Failures into Wins as an Entrepreneur

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“Most people give up only when they are about to succeed. They give up at the one-yard line. They give up in the final minute of the game with a win touchdown a foot away,” claims Is Ross Perotto, The former Texarkana, Texas paperboy founded one of the most valuable technology companies in history at the age of 32 (EDS) and ran for President of the United States in 1992 and 1996. The idea of ​​computer usability was so new that potential customers declined EDS offers 77 times. Before signing your first contract.

Perot’s entrepreneurial experience was not unique. Most people who pursue dreams run into obstacles (ie failures) along the way:

  • dave ramseyThe best-selling financial advice author and television star went bankrupt in 1988 after the failure of his real estate company.

  • daymond john Experienced 27 bank loan rejections to finance his company FUBU. He spent his family’s last savings on an advertisement new York TimesLeading to a deal with Samsung Textiles.

  • jack mae, the founder of Alibaba and one of the richest people in the world today, needed three years to pass his college entrance exam. After college, his search for employment was equally hopeless, being rejected by the Kentucky Fire Chicken and the local police force.

Successful entrepreneurs often claim that the motivation for their success was their mistakes as they struggled to reach the end goal. He claims that he would never have learned the integral part of his success without making mistakes, whether in business, financials, athleticism or life in general.

connect failure to fault

From an early age we learn to think negatively about failure. Failure is often judged by one’s ability, energy, or hard work and is always (or so we think) avoidable. When failure happens, the tendency is to find fault, to blame someone. Think of the kid who didn’t study for the exam, failed for lack of preparation, yet blamed his partner sitting next to him because he coughed once or twice, causing a brief distraction. As children, we learn that accepting failure means taking the blame. In cases where the cause of failure is unknown, “scapegoat”—a person or group designed to bear responsibility for others or suffer in their place—has been used for thousands of years, We often fail to realize that “blaming” is a substitute for learning, avoiding analysis to understand true cause and effect.

according to Harvard Business ReviewFailure is not always bad. Sometimes it’s unavoidable, and sometimes it’s good. Failure is bad only when its result is giving up. Success rarely comes from the first attempts. Children learn to walk after hundreds of falls.

Great musicians spend thousands of hours rehearsing complex passages before rehearsing them. Great writers like Stephen King and JK Rowling get hundreds of rejection letters from publishers before their first books. Henry Ford’s first auto company – the Detroit Automotive Company – failed and was dissolved before the Ford Motor Company was founded. Short of cash before regaining control in 1916, his rival, Henry C. Durant was forced out of the company he founded (General Motors). Stories of people who faced catastrophic failure before achieving great success fill the history books.

Perseverance – what many refer to as “resilience” – is a powerful force and is within everyone’s capacity with determination and effort. The origin of the phrase “Keep On Keeping On” is unknown, but has been the anthem of people battling adversity since the Civil War. Its message is as valid today as it was then.

Accepting failure can be difficult, but it is essential to growth and progress. Practice these five steps to get over failure and get back in the game:

1. Accept that failure is part of progress

The future is unknown, and setbacks are inevitable. No one likes to fail, because we often judge ourselves when it happens. Failure can be very personal if we fix the consequence rather than the likely cause. Failure is often the result of routine events outside one’s control, omissions and unintended mistakes of commission, and assumptions are often superficial and misleading. Avoid the temptation to self-blame, recognizing that failure is only one step in the journey to success.

RELATED: Why Entrepreneurs Need to Embrace Their Failures

2. Recognize and recharge despair

Failure usually leads to frustration and self-doubt. Failure hurts because we take it as our decision. It is a mistake to ignore such feelings. When you care about an outcome, failure naturally leads to feelings of regret, sadness, and even anger. When negative emotions take over you, give yourself a break. Failure is a situation, not a decision. This is a new beginning and a chance to take another path.

3. Analyze Cause and Effect Without Blame

Watch the event to see what happened. What work did you do? what did not work? Delve into each of the possible causes and their effect on the outcome. Go beyond obvious and superficial reasons to understand the root causes of failure, avoiding the temptation of easy answers or blame. Some factors will be insignificant, while others can have a huge impact. What are the underlying factors influencing the causes of failure? If the failure is due to someone’s fault, what was the reason for the error? Mistakes by an individual can be caused by a number of reasons, including poor training, poor delegation or direction, insufficient equipment or equipment, or incorrect incentives. Acting without understanding the underlying cause and effect is likely to end in a second failure.

RELATED: Here’s Why Failure Is a Better Teacher Than Success

4. Revise and Revise Your Plan

By understanding the cause of failure, you can create an action plan that minimizes, avoids, or overcomes known obstacles to success. In life, what you do after a setback is more important than what you originally did. In your plan, recognize your weaknesses and acknowledge your strengths. Look at your options, and redirect new decisions to better results. The opportunity to make new choices has the power to change your future for the better.

5. Proceed with a Positive Thinking

Henry Ford reputedly said, “Failure is simply an opportunity to start all over again. [second] Time more wisely.” The past is over, and no one can do anything to change it. If you continue to look in the rear mirror, you will undoubtedly crash. Focus on the future (in which We only control what we do today – here and now – and hope that the future works out as planned. Professor of Harvard Business School, Amy Edmondson, recommends a new paradigm for success-seekers: failure is inevitable in today’s complex work and social environment. “Those who catch failure before others, improve and learn, will succeed. Those who indulge in the blame game will not succeed.”

RELATED: How to Develop a Positive Relationship With Failure