We are taught from birth that failure is negative and that the thought process is usually followed by civilians. But smart entrepreneurs know that failure is a part of becoming a successful entrepreneur.
On today’s Black Entrepreneur Blueprint podcast episode # 439, we’re going to explore failure as it pertains to entrepreneurship and I’m going to give you some tips on how to deal with failure and leverage it for success.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 439
We are taught from birth that failure is negative, but that thought process is usually followed by civilians. Smart entrepreneurs know that failure is a part of becoming a successful entrepreneur. Today we’re going to explore failure as it pertains to entrepreneurship and I’m going to give you some tips on how to deal with it.
IF YOU’RE NOT FAILINGYOU’RE NOT TRYING
Here are TWO foundational principles you need to understand first
- Learn how to embrace the process of becoming a successful entrepreneur – if you embrace the process of becoming a successful entrepreneur, everything else will fall into place.
- There are levels of failure, each failure does not have to be catastrophic – when people think about failure, they think of losing it all and going bankrupt. Understand that there are levels of failure.
- know that failure will happen because it’s part of the process
- Understand that all failure isn’t catastrophic. It could be as simple as nobody buying your new product
- Understand that you may have to try several different businesses ideas before you hit one
- Examine why you failed and learn from those mistakes and don’t make them again. This builds your entrepreneur IQ. Like weightlifting, resistance builds muscle
- If done correctly, your failures will lead you to success. Listen to what your failures tell you. What messages did failure give you, and what new opportunities were uncovered by your failures?
- Set realistic expectations for yourself and others – Let your spouse, partner, and loved ones know that there will be failures and setbacks during this process, and let them know what that means in terms of income and lifestyle
- Fail fast – failing faster moves you closer to success than failing slowly
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