What Successful Entrepreneurs Know About Failure

Posted on July 10, 2019  in  [ Business & Management ]

More people than ever before are launching their own businesses. It has never been easier to become an entrepreneur than it is right now. Especially because of programs like the Master of Science in Entrepreneurship and Organizational Leadership at Grand Canyon University. This degree program provides entrepreneurs with business understanding including finance, accounting, marketing and organizational growth and infrastructure curriculum. Graduates of the Masters in Entrepreneurship at GCU focus on motivation, vision and effective leadership.

Part of being an effective entrepreneur is understanding that your ideas will not always take off. Failure is a real part of being an entrepreneur. It is an experience that entrepreneurs can either grow from or one that can deter them. Those entrepreneurs who choose to grow and learn from failure may eventually be successful. Those who do not embrace failure may give up and find themselves working for someone else in the future.

5 Things Successful Entrepreneurs Do to Embrace Failure

Fail Fast

Entrepreneurs who stay true to their ideas and vision will find out where those things are lacking quickly. As long as they stay the course and remember their goals, entrepreneurs can work through failure and come out more successful on the other side. An entrepreneur who fails fast tests their ideas and products and gets the right feedback in order to overcome hurdles.

Trust Yourself

Many entrepreneurs get into business partnerships or take on the ideas of others while they are working toward their own visions. When something goes wrong, the entrepreneur can be stuck in a relationship or working on a project they are not passionate about. Entrepreneurs who trust themselves and know exactly what they want out of life overcome failures by facing them head-on. Instead of trying to avoid them by getting into partnerships or projects that aren’t ideal, an entrepreneur who trust themselves will keep moving in the direction of their own goals.

Manage Emotions

When failure is looming, entrepreneurs have two choices. They can use their emotion about the failure as a springboard for growth or they can spiral into a destructive state of mind. Failures are never easy but how they are framed is what makes an entrepreneur successful or not. An entrepreneur who can rise above failure is able to observe and recognize their emotions but not allow those emotions to cloud their decisions or judgment.

Accept That It Is Coming

Starting a business for yourself can be an exciting time. It is important for entrepreneurs to know, though, that failure is generally inevitable. The goals that you set for your business are still attainable but you may need to find new ways of achieving them once you get started. It is okay to make mistakes and to ask for help to avoid catastrophic failures. However, small failures along the way are really just part of the design process. An entrepreneur who understands that some of the best ideas and innovations come from failure will never see that as a negative.

Know That You’re Not Alone

Entrepreneurs who are able to get over failed attempts at businesses or product ideas do so with the help of their teams and their stakeholders. When you are in the thick of testing and potential failure, it is possible to feel like the world is against you. But entrepreneurs who can successfully overcome failure are those who understand that others have a vested interest in their success. Embracing those relationships and leaning on people in times of failure can help an entrepreneur remember what their goals were in the first place.

If you are ready to take your business ideas to the next level, it may be time to earn your Master of Science in Entrepreneurship and Organizational Leadership at Grand Canyon University. Check out what the program has to offer today.

About Colangelo College of Business

Business Buzz is a blog that features content written by faculty, staff and students from Grand Canyon University’s Colangelo College of Business. In addition to profiles about events, students and faculty on campus, you’ll also find insight and perspective on the ever-changing business discipline and current global business topics. Learn about the modern business landscape, and how business today continues to grow and evolve to meet the needs of organizations and consumers in the 21st century. Check in every week for the latest news from the business community and around GCU.


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