Why Entrepreneurs Should Embrace Making Mistakes
Every mistake is an opportunity to reflect, learn, and try something different.
"Fail fast, fail often" is a frequently quoted phrase in Silicon Valley. It suggests that startups should embrace failing faster and more often to speed up the discovery of the most promising innovations.
The reason is quite simple: since countless failures usually precede each successful innovation, the idea is that the sooner startups figure out what doesn't work, the quicker they can find what does.
I'm not advocating making simple mistakes, like failing to pay taxes or disrespecting employees. These mistakes can usually be avoided with professional help, training, or even a quick internet search.
Instead, I suggest embracing the possibility of making a mistake when working hard to find a solution to a complex problem where the answer is unclear.
Managing a Business Is Managing The Unknowns
When managing a business, entrepreneurs face many situations where the best solution isn't straightforward, regardless of the time spent finding answers. Here are a couple of examples:
Should a business invest in pay-per-click advertising on social media?
Should a business invest in a new software package to digitize its workflow?
Should a business take out a loan to expand its operation?
Should a business hire additional staff?
The answer to many of these questions is often a resounding "It depends."
Indeed, the answers depend on many factors, like a business's brand, ideal customers, goals, competitors' actions, the overall economy, and financial budgets. Still, the answer isn't always obvious, even after considering these factors.
What's left are the unknowns, which are impossible to figure out unless you give your idea a try and embrace making a mistake.
“I have not failed. I have just found 10,000 ways that won’t work.”
Whether you decide to pursue an idea or an opportunity despite the possibility of making a mistake or choose to pass on it depends on how much money you are willing to spend without achieving your goals.
Even for the most seasoned business owner, it can be heartbreaking to admit that a supposedly great idea didn't live up to its expectations and was a mistake.
Encouragingly, Thomas Edison once said: "I have not failed. I have just found 10,000 ways that won't work."
Every mistake is an opportunity to reflect, learn, and try something different.
In my experience, the biggest mistake entrepreneurs can make is giving in to the fear of making mistakes and, as a result, not trying at all.
The Roman poet Virgil wisely observed, "Fortune sides with those who dare." Entrepreneurs should dare at least a little.
Business Ownership Is an Opportunity, Not a Guarantee! 45% of businesses fail during the first five years. Avoiding these 7 common mistakes can help companies stay on the path to success.
