How successful entrepreneurs address failure

You need to learn how successful entrepreneurs address failure. You will be feeling pressure all of the time and failing more than you like.  So, on your path to being successful, you will fail a lot along the way.

How successful entrepreneurs address failure

Successful entrepreneurs cope with failure better than those who do not succeed. The successful ones:

  • Think positively, even when they fail. Sure they need a few minutes to recover. But one of the characteristics of successful entrepreneurs is their resilience
  • They look at what happened, learn and move on
  • They understand that every successful achievement was preceded by multiple failures. For example, Thomas Edison created 1000 failures before he created a successful light bulb
  • As an entrepreneur; if you are not experiencing failure you are not pushing hard enough. You are staying in your comfort zone
  • Each failure is a learning opportunity. After a failure; think differently; act differently; get different advisers
  • Understand if fear of failure is holding you back
  • Successful entrepreneurs vent after a failure. Then they think through the lessons they learned. Then they move on. They change thinking patterns. They see failure as a stepping stone to success
  • They learn to have all of their stakeholders walking down the same path
  • They learn to move quickly or slowly depending on the need
  • They get used to feeling pressure all the time

I focused on what I gained instead of what I lost, because that’s what really matters in the end.”  Benny Luo, serial entrepreneur

 

Conclusion

A successful entrepreneur experiences failure, stops, thinks, resets and moves on.  One Silicon Valley VC said that you only need to be right for 51% of your decisions.

References

 

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