Why Failure is Not the End of the World for Entrepreneurs

 I mention how important it is to embrace struggle. The same can be said about failure. Most entrepreneurs and successful people have failed at least once or more. In fact, odds are stacked against Entrepreneurs. Only 10% succeed. The significance does not correlate to frequency of failure but what can be learned as a result. Any wise person will take the time to assess what went wrong and be sure it doesn't happen the same way more than once. They would admit that it has greatly improved the rate of success.

Aaron Schildkrout, Cofounder and Co-CEO of howaboutwe.com shared in Fast Company, that "The odds were against us resoundingly. But the idea of creating something out of nothing, something millions of people could use to find love, was worth facing failure for. So we learned to fail more quickly, pushing through bad ideas to arrive at great ideas. That’s ultimately what propelled us forward (and continues to do so): learning and failing quickly, and never making the same mistake twice."

Common struggles that may lead to failure are when business and personal intersect. Whether flaws are present in product design, execution, or personality of leadership, all effect the rate of success for an organization and the individual.

Top Reasons Why Start-ups Fail

  • Poor management
  • No demand
  • Lack of funding
  • Inability to compete
  • Pricing Issues

When referring to management, flaws are personal or attitudinal.

Common Struggles for Entrepreneurs Include the Following Mental Blocks

  • Pessimism - fear of failure or they are afraid to make the journey due to false beliefs or feelings that arise from the core personality.
  • Loss of focus - having too much freedom can lead to a lack of discipline. Most entrepreneurs enjoy being their own boss and not having a set schedule, but another loss of focus is getting caught up in the lifestyle and losing motivation on building the business.
  • Pursuing desire - there's nothing wrong with reaping the prosperity of hard work, but as humans, we want things now! Money and time are spent frivolously, chasing material possessions or social status has replaced focus.
  • Lack of priorities - Learning how to say "no" is a gift. Time management is a skill. As entrepreneurs, we want to serve and help many people improve through products and services. We also need to convert new leads into clients and not miss out which leads to difficulty setting boundaries. Time management is the key to establishing predominance.

What Does it Mean to Have Flaws?

The solution to these problems and other mental blocks is to clean your lenses because they are dirty. It is imperative to dissolve these false beliefs about ourselves. Lenses include the way we view the external and internal. Our perceptions about the world around us and internal thoughts lead to assumptions which often take the form of false beliefs.

 

Take Action

  • I'd encourage everyone reading this to take an inventory, and list 3 mental blocks that are holding you back.
  • Identify any struggles in your life that are sapping your productivity and creativity which are directly affecting your performance as a leader.
  • Take advantage of the resources available.

Thanks for reading!!