Successful Entrepreneurs Crave Failure

Successful Entrepreneurs Crave Failure

The Young Wealth ShowIf it’s true that the majority of people who attempt to find success at an endeavor are doing it wrong, it stands to reason that truly successful entrepreneurs should spend their time doing what everyone else avoids. So it is with the concept of failure. Too many of us spend our lives doing everything under the sun seeking to avoid ever facing the verdict that we failed at anything. We either become masters at self delusion or suffer the stagnancy of chronic risk avoidance.

The problem is that failure has gotten a bad rap and needs to be re-framed or redefined. Let’s make failure the goal rather than an inadvertent result. What does failure mean? In essence, it shows we challenged ourselves, pushed beyond the boundaries of the comfortable and safe, and aspired to go where we hadn’t gone before. Failure means you put yourself in a situation where the opportunity to grow and achieve was ripe. The fact that you didn’t accomplish the desired goal right then and right there is irrelevant.

Failure isn’t a bad thing for successful entrepreneurs; it’s merely one stage of the journey. More important is how you reacted to it. Did you take a step back, think about what went wrong and plunge forward again or did you get mad and quit? A temporary failure is just that – temporary.

Here are a few great failures in history you might have heard about.

Bill Gates – dropped out of Harvard to tinker with computers. He ended up creating a company you might have heard about. Microsoft.

Michael Jordan – this eventual greatest basketball player in history was removed from his high school team due to “lack of skill.”

Walt Disney – this man’s first cartoon production company went bankrupt and he suffered ridicule at the hands of the local press for his lack of ideas.

Marilyn Monroe – this legendary sex symbol was dropped from her contract at 20th Century Fox after one year. They claimed she was unattractive and couldn’t act. Like the Energizer Bunny, she kept going and going and going…

This sampling of various highly successful people have one thing in common and it’s something successful entrepreneurs could learn from. They failed utterly at one point in their life. If this is what failure gets you, where can we sign up?

The Young Wealth Team

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