Here is one of the hardest mindsets that non-entrepreneurs struggle with; and that is that failure is bad. WRONG! Failure is part of the process. You see we are taught in school from an early age that if you get a failing grade that it is bad and we are encouraged to do things (like study) to make sure we don’t fail again. Well in school that line of thinking is okay, but if you desire to become an entrepreneur, failure is a must, and you must recognize that it is one of the most important parts of the process. How do we learn how to ride a bike, by falling down right? Now the difference is that nobody is going to get mad at you if you fail by falling down because in the context of things it is expected. What I don’t understand is why so many people think that if I start my own business and it fails, or if I have to take it in a new direction; that that was not to be expected. If major companies with hundreds of millions of dollars and thousands of geniuses on their payroll fail, why can’t I? Why can’t I learn how to become successful by failing? Now let me redefine “failing”; failing is when you fall down on your bike and decide never to get back on it and master it. That’s the same thing when you are an entrepreneur; if you have a setback (I’m not going to call it failing) and decide to give up your entrepreneurial dreams, then and only then do you fail. Understand. During my coaching; I teach my clients that there is a difference between “knowledge” and” know-how”. Knowledge is having an understanding about how to do something or an understanding how something works versus know-how, which means you actually know how something works or you know how to do it. Let me give you an example; if I gave a twelve year old boy a book about how to drive a car that described how you use the gas pedal, the brakes, the steering wheel and the turning signals; he may be able to pass a written test on driving a car. But if I ask him does he “know how” to drive a car the answer is a resounding NO! You only learn the “know how” by doing, not by theory or sitting in a classroom. Now theory definitely has its place in entrepreneurship, but the real learning starts when you finally venture out on your own. That’s why my coaching and teaching is so effective for my students because they are working with me and my team of entrepreneurs who have been through the trenches and failed on more occasions than we wish to remember; but now we have the “know how”.
Remember that your mindset is critical in becoming a successful entrepreneur. I recommend that you continue to further your entrepreneurial learning and associate and network with other entrepreneurs who understand what you are going through.
How important do you think the mindset of an entrepreneur is?