Of course, you never are really done succeeding. There is still so much more to do.
In the same way, you do not really fail. You learn. Sometimes this learning costs a lot. But invariably in such cases, it also teaches a lot.
Failure is an Option
Take for example my earlier foray into franchising. Start a franchise, I thought, and you are following a template for success. As it turns out, it is not true. You end up doing the things, at times, not knowing why.
You can of course make a comfortable living if you do well with a franchise. But as I realized, I do not want all the responsibility with no say in the important decisions in how to run my business. Was the cost of failure worth this realization? At that time, it did not seem so, but now I can say absolutely.
More so when I think I did well to cut my losses early, rather than limp along for a few years before dropping out. Cheaper that way, and I got more time to do the next thing.
Which brings me to my key learning.
If You Fail, Fail Fast
Slow failure costs time. Extricate yourself from the sinking boat. If you do it quick, maybe you can escape with your wits around you (and some rations). Do not hope you can fix things unless you have a definite plan to do that and you are certain that everything will work the way you planned. Not hopeful, but certain.
If you are not, get out and move on. There are a lot of other things you can do, and now maybe do them better. Within a few years, this will be history. Failure is forgotten, but successes are not.
You Never Truly Succeed Unless You Fail
If you have never failed, you are just not trying hard enough or aiming high enough. Push the boundaries, see what works and what doesn’t. Explore new ideas. If you falter, pick yourself up and keep moving.
That is how it all works. Entrepreneurship is no different. Great successes are preceded by great failures. Or in other words, failures inspire new successes.
