Written by: Patrick Mensah, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
As an entrepreneur, you are likely to experience failures at some point in your journey. It could be a missed opportunity, a failed project, or even the collapse of your entire business. While it may seem like the end of the world, embracing your failures is crucial to your personal growth and future success.
The truth is, failures are inevitable. They are not a sign of weakness or incompetence, but rather an opportunity for learning and improvement. In fact, some of the world's most successful people have experienced multiple failures before achieving their ultimate success.
So, how do you embrace your failures and turn them into opportunities for growth? Here are some tips:
Accept Your Failures
The first step towards embracing your failures is to accept them. It’s alright to feel unhappy or disheartened when things don’t go according to plan. But failure does not reflect your worth or abilities. It simply means that you made a mistake, which is very human.
I accept my failures by practicing self-compassion. Be kind to yourself. Understand your emotions. Remember that all humans make mistakes. Even your role models have made tons of mistakes in their younger days. Some of them make mistakes even today. They just learned to accept them.
You can also talk to someone you trust about your feelings and experiences. When you share your thoughts with a person who supports you, you'll process your emotions better. You'll also gain a new perspective.
By accepting your failures, you’ll be able to move forward with confidence and resilience.
Learn from Your Failures
By thinking of failure as a learning experience, you’ll be able to turn setbacks into stepping stones. So don’t be afraid to fail – use it as a chance to grow and reach new heights. This is an opportunity to learn and improve for future endeavors. Here are some practical steps that I still use to learn from my failures:
1. Analyze the situation
I take an objective look at what happened and I identify the factors that contributed to the failure. Was it due to a lack of planning, poor execution, or external factors beyond your control?
2. Seek feedback
I always ask for feedback from others involved in the situation. They may be my team members, my employees, or friends in the same industry. They'll share valuable insights and perspectives that help me comprehend my failure.
3. Identify lessons learned
Once I have a better understanding of what happened, I note down the lessons I learned in my diary. This is very important because the next time, I'll come prepared.
Reframe Your Mindset
From a very young age, we thought of failure as an adverse situation. I know this is hard to believe, but failures are not negative experiences. Rewire your brain and view them as opportunities for growth and development.
I did this by practicing positive self-talk. Our brain treats negative thoughts as negative emotions. This convinces us to take a step backward. When in reality, we should move forward. This is why you should change your mindset of thinking of failure as negative.
Another way to shift your perspective is to challenge negative thoughts. When negative thoughts about failure arise, challenge them with evidence and logic. Ask yourself if the thought is really true and if there’s any evidence to support it. By questioning your negative thoughts, you’ll be able to see things in a more balanced and realistic way.
You can also try visualizing success. Take some time to imagine yourself succeeding in the future. Picture yourself overcoming challenges and achieving your goals. This helps you remain driven and focused on your long-term vision.
Take Responsibility
It’s important to take ownership of your failures and not blame others for the outcome. This shows your maturity and that you're willing to learn. When you take responsibility for what you do, you show that you are in control of your life. It means that you are ready to make things better by making changes.
Taking responsibility also means being honest with yourself about your mistakes. It can be tempting to make excuses or shift the blame, but this will only hold you back in the long run. Instead, try to be goal oriented and acknowledge where you went wrong. You'll be knowledgeable enough to make better decisions in the future.
You’ll also gain the respect of others, who will see that you are accountable and willing to grow.
Persevere
Success doesn't happen overnight. Having been in business for many years, I can vouch for that. But this doesn't mean that people are failures until they find success. It simply means that failure is the journey toward success. And perseverance is your companion in that journey.
One way to persevere through challenges is to set small, achievable goals for yourself. This will help you stay motivated and focused, even when the going gets tough. It’s also helpful to surround yourself with supportive people who believe in you and your abilities. Their encouragement can give you the boost you need to keep going.
Another way to persevere is to practice self-care. Whatever happens, I always make sure to eat well, get enough sleep, exercise, and engage in activities that bring me joy. This helps me stay resilient and focused, even in the face of adversity. You can do the same.
Remember, failure is not a dead-end. It's simply a detour that can lead to greater things if approached with the right mindset.
In my personal experience, I have faced numerous failures in my entrepreneurial journey. While they were difficult, they taught me valuable lessons about perseverance and resilience.
I used my failures as motivation to keep pushing forward and eventually went on to start multiple successful businesses. Looking back, I realize that without that initial failure, I may not have learned the lessons that have helped me achieve success today.
So don't be afraid to fail, embrace it and make the best of it.
Patrick Mensah, Executive Contributor Brainz Magazine
Meet Patrick, a visionary entrepreneur who has turned his dreams into reality. Growing up in a fishing community in Ghana, Patrick learned the value of hard work at a young age, washing cars for older members of the community. This early experience instilled in him the discipline and work ethic that would become the foundation of his success. With over a decade of experience in building and partnering with successful businesses across the globe, Patrick is now the CEO of Wallstreet Investment, one of the fastest-growing companies in the UAE. His ability to lead, inspire and grow his team has been a key factor in his success.
