Why Failure Is Important in Entrepreneurship?

Paul Bergsten talks about why failure is an important part of entrepreneurship.

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If becoming a successful business owner came easy, everyone would do it. But unfortunately, this path comes tainted with a world of bruises, obstacles, and above all, failures. For the uncommitted and easily deterred folk, one failure is enough to call it quits. However, those who know better understand that those moments are a necessary part of the game. Here is why.

They Are the Best Teachers
An ambitious entrepreneur can tune into every textbook, seminar, and university course, but they will still lack the indispensable knowledge that comes from taking hard knocks. When met with failure, it is a natural instinct to retrace each step to figure out what exactly went wrong. After a step-by-step playback, it will then become clear which tools and strategies are needed to make things work the next time around.

They Are Great For Personal Development
Even those with an undeniable list of talents and achievements will still have things that they could stand to improve on. However, if they weren’t to fail every now and then, they would never be aware of their shortcomings. For example, an entrepreneur may lose a top client due to their tactless communication skills. And while getting defensive may validate their own feelings, the more appropriate response would be to take that failure as a lesson to refrain from interrupting clients in the future, to use professional language, and to follow up as much as possible.

They Will Build Tough Skin
Mental and emotional strength are must-haves when it comes to earning success in such a competitive field. Only the resilient will survive, and resiliency can only be found and tested by a series of failed attempts. While failure will always manage to sting a bit, it also has a way of healing fragility and creating true warriors. After a while, rejection won’t feel like a dead opportunity; instead, it will be viewed as a source of fuel to open yet another door.

All in all, failure is just an inevitable piece of the puzzle. And while no one wants to be the one to bite the bullet, those who persevere after each failed attempt will always find a way to make their mark in the world of entrepreneurship.

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