Eesti
There are statistics showing that 90% of startups fail. The top reason for that is the lack of a market need for the product. So, if you’re going to spend your time making a product, then spend your time making sure it’s the right product for the right market.
But, even though you should develop your product wisely, here are some reasons why every person, and every business, needs to fail at some point:
First of all, failure creates change. There are basically two things that can happen: one being the despair and loss of hope, the other one growth. It’s easy to lose motivation when things don’t work out, but instead, one should use the failure as a mechanism to reset the perspective.
Failure also builds tough skin. A person who has failed before can take a few bumps easily, while a person who has been left soft and unprotected, becomes easily injured.
Additionally, failure keeps the ego in check. Remaining down to earth and honest is a challenge in today’s business world. Failure humbles us when we so desperately need to be humbled. It helps us remember where we came from and keeps us grounded.
And finally, Failure propels growth as an entrepreneur. Entrepreneurs come across things they didn’t know they needed to know almost every day. How else do we learn? It’s never something that can be planned.
Just remember – nothing is wasted if you learned something from it. Also, if plan A didn’t work, the alphabet has 25 more letters! Insist on wrestling with the question until there is one thing that will increase the likelihood of a positive outcome. Then do that.
To sum up, you usually have to fail to succeed. No one emerges at the top. Even those born lucky eventually get a turn on the wheel of misfortune. Anyone with a résumé of accomplishments also has a résumé of failures, humiliations and setbacks.
Author: Ingrid Jakobson
Editor: Katharina Binder
