Failure – Get Used To It

Sir Philip Green is a billionaire and owner of one of the world’s largest retailing chain but what many people do not know is that he went through four business failures before making his first million at the age of 33.

Think about that for a second. Four businesses. Sometimes the number is three, sometimes it’s 20, but the important point is that most entrepreneurs don’t strike gold with their first company. It really is amazing how many people have the ability to fail five times and still start a sixth business? You have to be supremely confident and treat those previous five times as a learning experience for the sixth. And if number six fails, you have to do the same and move on to number seven.

The most important thing is how you deal with failure. Once you accept that it’s inevitable, you are able to learn from your mistakes and move on. It’s easy to let the failure consume you – not so much because you are pessimistic, but more so because it is hard to see something that you poured your heart and soul into be ignored or rejected. As soon as possible you need to come to the realization that your business is what they are ignoring or rejecting, NOT you. The sooner you do that, the sooner you can objectively analyze why you failed and learn the things necessary for improvement in the future.

Failure isn’t easy and is extremely frustrating, but it’s a necessary part of success.

Don’t believe me? Ask Thomas Edison, Bill Gates or Michael Jordan! Ok, asking Thomas Edison might be a little tough, but you get the idea