The Most Successful Entrepreneurs Fail But Learn From Their Failures
Most every entrepreneur can provide a litany of errors and miscalculations. Failing is just about inevitable, but the most successful entrepreneurs actually benefit from their failures. It is their ability to learn from their mistakes and move forwards that significantly contributes to their professional and financial accomplishments.
According to the world renowned personal development coach Steve Sims, author of Bluefishing: The Art of Making Things Happen, “People don’t drown from falling in water; they drown from staying there. Entrepreneurs who are able to learn from their experiences and move on when something has cratered or isn’t working are going to be much more likely to achieve great things.”
For many entrepreneurs, setbacks – which are pretty much unavoidable – can become debilitating. But that need not be the case. For example…
- Henry Ford went broke five times and was advised to stay away from the automobile industry
- Walt Disney when looking to finance Walt Disney World was turned down about 300 times
- Five record companies chose not to sign the Beatles
“We should find an alternative word for the word fail. When people try, fail, and learn, the word should be discover. When entrepreneurs change their perspective for failing to discovering they are better able to move onto the next leg of their business building journey, “says Sims. “It can be very useful for entrepreneurs to take pride in their scars provided they take away useful lessons from their errors. This combination of failures and lessons learned are a way of paying for a great business education.”
With failure being just about a given, the most successful entrepreneurs are the ones who become smarter from these experiences.