Failure is a characteristic that is baked into the DNA of any business venture. I look forward to failing. I welcome it as a life long friend that I have not seen in over a decade. Why because failure, if you are paying attention, is a mentor.
Yes, failure is a defeat, and too many failures will force you, to prematurely give up on building a profitable business. Fortunately, there is an inoculation to failure, Norm Brodsky, the author of The Knack, explains:
”They often ask me what it takes to be a successful entrepreneur, and I tell them that the most important quality is resilience. I’m talking about the ability to bounce back from failure, to turn around a bad situation, to profit from your mistakes.”
I would also add that with resilience you must have an insatiable hunger to learn from your failures. They are a tag team:
- Failure stops you from making a bigger mistake.
- Learning shows you how to improve on that mistake.
- Resilience gives you the energy to start again.
Brodsky shares that experiencing failure forced him to develop a habit:
”You have to watch, listen, ask questions, experiment, make changes, refine your concept, and constantly develop your customer base.”
By taking the time to learn and be resilient, your failures will eventually build a strong business that will not only generate profit but help you live a better lifestyle.