If you want to be a successful entrepreneur you will have to learn how to deal with failure. It can not be avoided. In 1879, Thomas Edison demonstrated the first incandescent light bulb after performing over a thousand experiments. Traf -O- Data, Bill Gates first company was a failure. Michael Jordan missed more than 9000 shots during his 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 again in my life. And that is why I succeed,” said Michael Jordan.
It has been a long road as an entrepreneur for me and I've failed more times than I can recall. Although I have achieved a lot of success, it is not even close to equal. The failures outnumber the successes and I'm certain I will fail a great deal more in the future.
It doesn't bother me because I know that the moment I stop failing, I have stopped trying to innovate. Entrepreneurship and success, in general, require this approach.
Everyone would do it if it were easy. You should not assume that every good idea will eventually lead to a successful business endeavour. A successful entrepreneur won't say "all my ideas seem to work." More likely you hear "my first five businesses failed before this one took off."
Try to picture that in your mind. Five businesses. Sometimes the number is three, sometimes it's 20, but what's important is that most entrepreneurs don't hit the jackpot with their first business. It truly amazes me how many people can start a fifth business after failing four times? As you prepare for the fifth time, be supremely confident and treat the four previous occasions as a lesson. Should number five be unsuccessful, you must do the same for number six.
It is how you respond to failure that is most important. If you accept that it's inevitable, then you can learn from your mistakes and move forward. Failure is easy to consume you - not because you are pessimistic, but because it is difficult to see something that you poured your heart and soul into ignored or rejected. Eventually, you need to realize that what they are rejecting or ignoring is not you, but your business. As soon as you do that, you will be able to objectively analyze why you failed and learn the things that will allow you to improve in the future. While failure can be extremely frustrating, it is an important part of success.
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