If you want to be an entrepreneur you are going to experience failure. It doesn’t matter how great your idea is, how hardworking your are, how smart your are or how great your team is. You will experience failure in one way, shape, or form. Entrepreneurship itself is undertaking risk for the chance of success. This chance and risk brings opportunities to both win and lose, succeed and fail. And truthfully failure is not something that is easy to accept. In the United States, failure has such a negative connotation that people avoid it like the plague. They plan their life around taking the least amount of risk. And if you do fail it eats away at you day after day, creating doubt your business, your ideas, and yourself.
But that does not have to be true. While the path of entrepreneurship is filled with opportunities for failures, failure is not bad. In fact you entrepreneurs should fail often and fail early. It is cheaper to fail early in the business then it to fail years down the road. Failure creates experience, and having experience reduces risk. Great entrepreneurs know risk out there and the failures they have experienced have to lower the total amount of risk.
Finally do not let failure stop you from continuing your venture. The best entrepreneurs and inventors have experienced failure again and again. But they view them as learning experiences instead of failure. They keep their heads held high and work towards a that inevitable success. After creating the first lightbulb Thomas Edison was asked how it felt to succeed after failing so many times. He responded with the question by saying, “I have not failed. I’ve just found 10,000 ways that won’t work.” The best entrepreneurs are the ones that understand that failure is never truly avoidable. The best entrepreneurs are ones that have learned to fail with grace.
Check out 50 Lessons: Be a Student, Be an Entrepreneur for other great lessons about being a student of entrepreneurship.