Written by: Brendan Beeken
Anyone who has been in business for a while has failed. Some fail big, some fail small, but they have all experienced failure. What matters is how you respond.
Is failed a dirty word?
We all try to avoid failure at all costs, in our professional and personal lives. The fear of being labelled 'failed' terrifies us, making us indecisive and nervous. But what if we reframed our perception of failure What if we understood that failure is an inevitable and essential part of the journey to success? I have failed, and I know that failure can be your greatest teacher.
Here, I explain the importance of embracing failure, understanding its role in personal growth and development, and how it can be harnessed as a powerful catalyst for success.
The nature of failure
Seeing something that has failed is a consequence of moving outside our comfort zones and taking risks. Failure happens when our actions do not yield the desired results, and despite our best efforts, things do not go as planned. While it may bring disappointment, it also offers an opportunity for introspection and self-improvement.
I failed. What next?
Every failed mission carries a lesson that can be invaluable in our journey toward success. It provides us with an opportunity to analyse our actions, identify weaknesses, and recognise areas for improvement. By reflecting on the causes of failure, we learn lessons to apply to future endeavours, ensuring more informed decisions and refined approaches.
Building resilience
Embracing failure is a fundamental aspect of developing resilience. I defined resilience as the ability to bounce back from setbacks, failed projects, hardships, and disappointments. By encountering failure, we learn to adapt, persevere, and maintain a positive attitude despite the challenges we face.
This resilience is invaluable in navigating life's journey's ups and downs.
Overcoming fear
Fear of being among the 'failed' often holds us back from pursuing our aspirations. By accepting that failure is an inherent part of the process, we can alleviate this fear and liberate ourselves to take bolder risks. When we realise that failure does not define our worth, we become more willing to try new things and embrace uncertainty.
Growth mindset
A growth mindset is essential in viewing failure as part of the process. A growth mindset recognises that abilities and intelligence can be developed through dedication and hard work. By adopting this mindset, we shift our focus from seeking validation through success to valuing the learning and growth that come from successful and failed experiences.
Success through failure
Many groundbreaking discoveries and achievements have been born out of failure. Renowned inventors, entrepreneurs, and artists have encountered numerous setbacks before achieving greatness. Thomas Edison famously quipped, "I have not failed. I've just found 10,000 ways that won't work." These individuals turned failure into an opportunity to refine their ideas and approach, ultimately leading to extraordinary success.
Cultivating a healthy relationship with failure
To harness the power of failure, we must cultivate a healthy relationship with it. Instead of fearing failure, we can embrace it as a stepping stone towards personal development. Celebrating small wins along the way can also help us stay motivated, even amid failed attempts. Moreover, seeking support from mentors, friends, or a community can provide valuable perspectives and encouragement during challenging times.
You failed? So what?
Failure is not the opposite of success; instead, it is an indispensable part of the journey towards it. Embracing failure as part of the process enables us to grow, build resilience, and develop a growth mindset. When we accept failure as a natural and necessary part of life, we open ourselves to a world of possibilities and become better equipped to achieve our goals and aspirations.
So, let us embrace failure with open arms, for it is a powerful catalyst that propels us towards success.
About the author:
Brendan Beeken is an entrepreneur, commercial strategist, investor, philanthropist, and the Founder and Chairman of cryptocurrency social platform and crypto exchange Moni Talks. His success has been many years of hard work in the making, but it was after life-threatening heart failure that he crystallised his experiences, good and bad, into a culture, ethos, vision, and set of values. It was a catalyst to understand what he does and exactly why he does it. His approach allows Brendan to identify what matters in how you behave, and what you hope to see in others. A focus on ethics and clear goals has allowed him to achieve success in multiple sectors and become a respected voice in the business community.
