Entrepreneurs do not fear failure.
The typical stereotype we carry about most successful entrepreneurs is
that they approach business with the fearless enthusiasm of an extreme
sports athlete.
Recently, however, I had the opportunity to meet a successful founder
and CEO of a billion-dollar hedge fund, who when asked about his
biggest fear stated that he feared failure above all.
Now maybe failure is a valid fear for a hedge fund manager, someone
responsible for managing billions of dollars in assets, but I found
his reply nonetheless honest and refreshing, especially as an
entrepreneur who has long battled with the fear of failure myself.
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Personalize Your Failure' (VIDEO)
His comments also validated something I have long believed, that the
fear of failure is not something that should be shamed but rather
embraced and leveraged as a motivator for success.
Accepting fear is not easy, and indeed it can be a significant
obstacle for many when considering the pursuit of new and unfamiliar
opportunities. With the right expectations and an understanding of a
few truths, however, the fear of failure can be a powerful weapon in
your entrepreneurial arsenal.
1. Success can only come from failure.
Much as heartbreak teaches us to better appreciate love, failures set
our expectations of success. It is through failure that we come to
better understand that everybody's definition of success is different
and will evolve over the course of our careers.
2. Curiosity naturally leads to failures.
Entrepreneurs are by nature curious. We pursue our interests and
passions through entrepreneurship because we cannot find the answers
we seek through ordinary means of employment or training. This
insatiable curiosity often leads us to pursue a number of
opportunities, many of which will be ill-advised or against the advice
of others.
It is this curious personality that motivates entrepreneurs, after the
continuous warnings of others, to touch the handle of the frying pan
to see for ourselves that it is hot. It means all entrepreneurs get
burned from time to time.
3. Failure is an asset.
Because of their curiosity, one of the biggest regrets entrepreneurs
will have is not trying and hence wondering "what if." This longing
for knowledge and answers provides us with the tools to not only
understand how to run businesses better, but also what to avoid. As
long as we are learning, entrepreneurs become more valuable with each
and every failure.
Related: Why You Should Wear Your Mistakes Proudly
4. Nobody wants you to fail.
While entrepreneurs may fear failure, your stakeholders fear your
failure far more. Lenders, vendors and customers all have a vested
interest in your success, and working with you through rough times as
much as good times means mutual success for everyone.
This relationship requires your mutual respect, however, and being
open and transparent about your goals and challenges assures you do
not burn bridges with your failures that could ultimately come back to
haunt you in the future.
5. Failure should not be confused with quitting.
For many entrepreneurs, the fear of failure is rooted in a fear of
being perceived as a quitter. The truth is that if you have poured
your energy selflessly into an endeavor, only to walk away after
extinguishing all options available to you, you will have earned
infinitely more respect than those who have never tried.
6. Each failure gets progressively easier.
Without a doubt, your first entrepreneurial failure will always be the
most painful and regretful. Much like heartbreak, however, the process
of recovering from failure gets easier with each subsequent failure
and each teaches you something new as you evolve as an entrepreneur.
While nobody should aspire to fail continually, understanding that you
can and will survive only makes you a more effective and confidence
entrepreneur.
If fear of failure is a concern of yours and has kept you from pursing
your entrepreneurial dreams, feel confident that it is a valid fear
and, for the most part, shared by many entrepreneurs. If you embrace
it, understand it, and allow it to motivate you, you will find that
fear of failure is something that will make you a better entrepreneur.
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