Fear of Failing – Why it’s best to fail fast
“I have not failed. I’ve just found 10,000 ways that won’t work.”
‘Failing Fast’ is something many successful serial entrepreneurs recommend but it’s not frequently made clear why failure of any kind is good for a business or a business owner.
Many people don’t even step into the business word due to fear of failure, as for Failing Fast, if there’s one way to fail this is definitely the way to do it. Many entrepreneurs endorse this, but few share why. While some people use the word failing others rephrase this learning fast, after all we learn from our mistakes. In our minds Prolific inventor Thomas Edison’s above famous quote said it best, finding 10,000 ways that won’t work just brings you one step closer to finding a way that will.
The key insight to take from this is it is critical to understand the difference between total failure and a wrong direction which can be corrected to put you on the right path to success. Using the right methodology when putting an idea into practice can make all the difference.
Innovative and persistent entrepreneurs trial new ideas early on before heavily financially committing to them. Testing the water so to speak, can considerably lower risk and allows us to discard ideas that don’t work. Although a hypothesis might not meet our criteria to pursue it, the test itself remains successful if the outcome from failed ventures leaves us with valuable data.
Developing an idea is all about discovery and what better way is there than trial and error along with market research.
We all take a few wrong turns from time to time while searching for the path to success. Fear of failure can easily stop some of us in our tracks, but the trick is to continue going forward, and the only way to do that is to keep on moving. Figuring out what works includes identifying what doesn’t. with an attitude for curious exploration.
We encourage you to test the boundaries and press the limits, today’s entrepreneurs are more innovative and creative than ever but failure in one form or another is practically inevitable. You may face hurdles, problems and challenges along the way, but failing fast means adapting to these situations and strategically using information to our advantage.
If you didn’t know, some of the world’s best inventions including Chocolate chip cookies, The Microwave and even Penicillin were born out of mistakes. Instead of fear of failure we would much rather reassure you to embrace it.
My Little Web Designers on Fear of Failing.