“Remember the two benefits of failure. First, if you do fail, you learn
what doesn't work; and second, the failure gives you the opportunity to
try a new approach.”
― Roger Von Oech
― Roger Von Oech
Some of my favorite lessons over the past over 10 years in business for myself have been learned through failures. Failure can be a blessing in disguise. A dying business can bring new ideas, innovation, that wouldn't have happened otherwise. Failure forces you to reassess your skills, knowledge, and goals, which most don't revisit often enough. By failing, you learn better how not to fail in the future.
Once upon a time
I was wading through a vast pool of government bids and start-up businesses. This time was about 2007. Connections were easy to make in the military contractor business, and I found myself in a position to sell some of the most innovative, useful, and life-saving products to the government. It was nice work if you could get it. 2007 was a good time for start-ups, and I worked to build businesses all over the United States and Europe, taking ideas and pushing them through the grueling process on business planning and investor meetings, grant proposals and lead generating. Then something happened. The bottom fell out. The stock market crashed. The government contracts froze immediately. The start-up businesses dried right up. And I was not prepared.
I was wading through a vast pool of government bids and start-up businesses. This time was about 2007. Connections were easy to make in the military contractor business, and I found myself in a position to sell some of the most innovative, useful, and life-saving products to the government. It was nice work if you could get it. 2007 was a good time for start-ups, and I worked to build businesses all over the United States and Europe, taking ideas and pushing them through the grueling process on business planning and investor meetings, grant proposals and lead generating. Then something happened. The bottom fell out. The stock market crashed. The government contracts froze immediately. The start-up businesses dried right up. And I was not prepared.
The biggest failure I had in my business was not preparing for the uncertain future. Being successful so quickly in business clouded my better judgement and left me in a tough spot when I woke up one day and didn't have a back up plan to save my business. So what was one to do in the face of a failed business? Innovate, of course.
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| http://www.chcp.edu/blog/sharing-your-failures |
I didn't immediately seek out more work. I took time to reassess. I thought about the needs in the region. I thought about my strengths, weaknesses, and knowledge. I thought about applying to every job available in a quick moment of panic, but then I relaxed and decided that was the worst idea of the bunch. I came to a conclusion: I needed to find a line of income that would cover me until I came up with a better plan. That was it - I needed a bandaid.
2 days later I had ordered a home-study kit from the top fitness training company, chock full of books on becoming a personal trainer. I also ordered a home-study kit from a yoga teacher training company. And lastly, I started taking classes to become a nutrition coach. Within a week, I had my bandaid - I was going to become a personal trainer, yoga teacher, and nutrition coach. I was not going to build a business for someone else. I was not going to take a low-level office job to tide me over. I was going to learn new skills that matched my interests to "re-brand" myself so that I could control my income.
The band-aid lasted me a few years. In the time where I was learning and testing, I put 100% effort into my new materials. As soon as I had passed my tests, I got to work. I took on clients and started making money. And in my free time, I read everything that I could about starting a business. Wait...why would a start-up business professional read about how to start a business? I decided to literally start from scratch. I decided to reforge my business in the heart of the dying economy. I decided to try to get ahead of the next unseen entities that would interrupt my plans. I met with mentors. I read books and blogs and magazine articles. I listened to podcasts and radio shows.
How did this help me?
It taught me that failure wasn't an option. It taught me that while failure can be scary, it's the perfect time for learning, reassessing, and building new skills. It taught me that failure doesn't mean failure - failure now affords us the chance to do it better next time. And more than anything, failure taught me to be innovative. Six years after running my own business into the ground because I wasn't prepared, I am better than ever.
Nicole
The Restless Entrepreneur
It taught me that failure wasn't an option. It taught me that while failure can be scary, it's the perfect time for learning, reassessing, and building new skills. It taught me that failure doesn't mean failure - failure now affords us the chance to do it better next time. And more than anything, failure taught me to be innovative. Six years after running my own business into the ground because I wasn't prepared, I am better than ever.
Nicole
The Restless Entrepreneur
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