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Failure is a part of life and small business owners are no exception. Some of the greatest success stories emerged from spectacular failures. It is astonishing how many notable individuals and organizations have endured severe setbacks but remained positive.

Risk taking is a good thing

Most people are too cautious and don’t like taking risks. Only if you take risks can you be different and realize a greater degree of success. Both success and failure are a part of life. No one succeeds all the time or fails all the time. Not everyone is lucky enough to have a good mentor and guide. Many entrepreneurs learn first handedly what works and what doesn’t.

Former US President Abraham Lincoln and prolific inventor Thomas Alva Edison conquered several setbacks to eventually succeed.  There are countless examples like them. Do not get demoralized by failures and look at failures as the stepping stones to success.

What Failure Teaches You

It’s better to have tried and failed than not having tried at all. Failure teaches you many more lessons than success does. It helps you avoid previous mistakes. Many inventions are the results of trial and error. You should not be discouraged by failures and stop trying. If you do not try how will you succeed?

Many people are conditioned to avoid making mistakes and failing.  Very few people succeed in the first attempt. Look at failures as valuable feedback to incorporate in your successive attempts. The more the risk you take, the greater the chance of failure but so is the chance of big success. Failure gives you a new perspective of the whole situation.

Treat Success and Failure equally

Success is sweeter when it comes after many failures. You realize the amount of effort that went into accomplishing your success, whether it may have been big or small. Perseverance in spite of failure is the key to true success. Learn to embrace failure with the same fervor as you do with success.

Failure makes you wiser and mentally tougher. You can mentor others so they can avoid the mistakes you made. This will give goodwill which cannot be bought and will be with you when you are not doing well.

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