As Thomas Edison said I have not failed, I’ve just found 10,000 times that don’t work. Failures are a pathway to success, they say. It is true. To learn from failure, means you grow. The more you fail, the more you grow. Imagine failing 10,000 times and not giving up. If Mr. Edison would’ve given up, we would still be studying under the candle. Not giving up requires more courage and dedication, than anyone can ever imagine. To grow, we need failures. Failing gives you a chance to improve. You must be able to differentiate the difference between failing and losing.
Failing gives you another attempt unlike losing. Losing is in a race that takes place. Not that losing doesn’t allow you another chance, but it comes quite later. Failing gives you a chance right then and there. When it comes to business, failures are bound to happen. Success isn’t a cakewalk. Nobody gets success overnight. It is a long journey with ups and downs. You must learn the basics in order to not get demoralized in the startup culture.
Here are some pointers on why it is important to learn from failure in your startup;
1. Failure isn’t forever
Failure is inevitable. Use this failure as an opportunity. How? By taking risks, that too calculated ones. See the logic behind the level of risk you take. Consult seniors or some experts in your field, in order to commit fewer mistakes. But, do not forget to make mistakes. They will help you grow and understand the market in which your startup is.
2. Helps build resilience
You need to learn from failure and not keep dwelling on it. Resilience is what you need to practice. Come out of the phase of shock, and build a new strategy. Study your old plan and analyze where it went wrong, and how to face the situation instead. This will build resilience and you will not keep wasting time on being negative.
3. Seek guidance
Gain valuable insights. Take the help of organizations for your startup product. Every field of work has a higher association of network who provides guidance, and help when in need. These are your pillars of strength. They help you in your journey and are a guiding light for you. Explain your situation to them, and seek relevant solutions for the same.
4. Have a workout routine
Yes, it will help you learn from failure. Did you ask how? So, imagine you started jogging from your home and are wanting to reach a pole at quite a distance from your place, but you don’t make it. After every morning of deciding, you only manage to reach half of the distance. After some time, you start covering more than half of the distance. Similarly, gradually you cross the pole one day while jogging and are extremely happy about it. The same is with a workout routine.
5. Take that negativity
It may occur to you in a social setting that people mock your vision of the business. First, find clearly if your plan is going to work or not. If yes, take all the negativity in and find the logic in the mockery, as they are more experienced than you. If no logic exists, do not get demoralized, instead celebrate. Celebrate because you have a vision of your own more than the other experienced fellas, and you have a unique solution and idea to go about your startup.
6. Learn to solve anything
To solve anything, you need adequate knowledge. That knowledge comes from experience and being open to learning new things and staying updated in the field of work. When in a startup, you will be surrounded by problems and situations that act as obstacles in your pathway to success. These obstacles should be found solutions to, via experience and guidance from experts in the field. Through the obstacles you face you learn from failure. You come to know what is right and wrong that you’re doing.
7. Implement the valuable insights
As you approach experts and fined knowledgeable people in your industry, they will give you some inputs that have immense value. Jot down the points if needed and cross-check at regular intervals, whether you are able to do so. If not, due to any reasons, seek guidance from more sources or the same source and find ways to come out of it. Each startup has its own hardships and experiences. Be in line with the prevailing market trends, analyze the competitors’ actions, and carry on research on a constant basis to stay updated with the latest trends.
Benefits of learning from failure when you own a startup;
- Innovation
As you learn from failure, you notice your old methods aren’t working. You start your research again and bring in new methods to innovate the operations of each day. You try to transform and integrate the entire working process in the startup.
- Customer insights
As the end goal is the customer must be happy, you try to interact with the existing customer base, as to what changes can be brought about. To learn from failure, this is the best strategy. Even if you keep yourself in their shoes, you may not always be able to come up with the points and suggestions the customers actually can.
- Treat failure as wealth
When you learn from failure, the actual scenario is you have a lot of experience. People forget this thought and keep on dwelling on getting failed. That failure is your teacher and the quantity of failure is your knowledge on how to modify your process. Think of it this way to learn from failure, you will realize the importance of this point.
Conclusion
It’s important to note that learning from failure is not automatic; it requires a deliberate effort to analyze mistakes and extract lessons. Research plays an important role over here. You need to be in constant contact of your relevant market and know the updates. Entrepreneurs who actively engage in this process are more likely to benefit from failure and use it as a stepping stone to success. Getting up and showing up is more important than getting demoralized, especially in this competitive world.
You cannot be demotivated for a long time, as people will go ahead of you in no time. The startup culture is growing and how these days. It is a vibrant and exciting space to be in as technology has taken over drastically. Be known of these facts and formulate your strategies along these lines. All the best! Give it your all.
