As businesspeople, and as individuals, we are constantly being told to reach for the stars in all we do. In fact, if you pick up any self-help book, or any business book, there will undoubtedly be a chapter focusing on the importance of emulating successful individuals. What these books leave out of the equation for success, however, is that it’s often our biggest failures that lead to the greatest successes of our careers. Here are just a few reasons why failure is actually more important than success.
Failure Helps Us Learn And Grow
One of the most important things we can gain from failing is learning experience. When we fail, we recognize the mistakes we have made through the process of trying, and as we learn from those mistakes, we can improve our ventures in the future.
According to Business Insider, some of the best business lessons we can learn from falling flat on our face include the following:
- Knowing when to quit
- How to say no to a quick buck in exchange for a bigger goal
- Not to define a business in comparison to another
- How to not try to be everything at once
- How to delegate
These are all valuable lessons and sometimes they only come through failure.
Failure Helps Us Think Outside The Box And Encourages Lateral Thinking
When we start a business venture and it ends up failing, it teaches us that there may be other possible ways to attack a business venture than the way we originally thought. This helps us develop more acute problem solving skills, and also helps us learn how to think outside of the box to create new solutions.
For example, when the company 3M was trying to make a strong adhesive, it ended up failing miserably. Instead of giving up on the venture, and throwing in the towel, they put their creative heads together and thought of a new way to use what they had created. That failure lead to the creation of one of their most popular products and largest successes—post-it notes. Where would we be today without post-it notes?
Failure Builds Character And Turns Weaknesses Into Strengths
Another way failure helps us in the long run is by helping us build character. When we have failed, we can either choose to run away and quit, or we can use the experience to try again, which will help us grow as individuals. Think of tackling any project as learning how to ride a bike. You will certainly fall, scrape your knees, and even want to give up, but eventually you will find yourself soaring, and the tasks that once seemed so impossible are easy as pie. With every difficult venture we undertake, if we think of it in the context of learning to riding a bike, it gives us perspective. We will fail, fall, and even get hurt sometimes, but eventually we will learn and accomplish our goals.
What Do You Think?
Do you think failure is more important than success? The team here at Shield Funding would love to hear your opinions in the comments.