Books about success, seminar leminars can tell that failure is a step towards success. And they are indeed right about it. But this simple information will not help you. Because knowledge only brings power to you when applied in real life. In this case, it means being able to see what the failure really is: that is feedback.
You then learn different lessons from this feedback and go on your way to success. This sounds like easier than it actually is. Like everyone else, daily work, family or friend drama; It's easy to feel like you're failing when you forget the basic rules and something goes wrong, especially in business.
Failure Hurts You
It is the usual first instinct to invest so much in yourself and feel disappointed when you fail. After such a defeat, you no longer care about the "failure equals feedback" mantra that success gurus keep saying. This is an understandable reaction. But let's show you real-life examples that will prove that this mantra is true.
Here is the story of 5 giant entrepreneur figures who did not give up in the face of the failures they experienced at the beginning of their careers, and were even satisfied with the remarkable lessons they gained here and were not afraid to admit it.
FunBug - Nick Woodman (founder of GoPro)
Assets: $ 1.7 billion
During college, Nick was an intermediate student and an avid surfer, and this was a hobby that often hampered his studies. He was not born a billionaire. It failed perfectly with two online companies during the crazy dotcom bubble of the 2000s, before creating GoPro, which is now an extremely successful wearable camera brand.
Failures: First, he launched EmpowerAll.com, an e-commerce site that sells very cheap electronics and targets young demographics. The company closed quickly as it was not making any profit. This did not distract our future billionaire from doing new business; He even forced him to try harder, so he founded FunBug, an online marketing company, in 1999.
The site was giving users the chance to earn cash in exchange for participating in sweepstakes. He was marketing his site through games and even managed to get $ 3.9 million in funding from different investors. The company took off, but in 2001 Nick had to admit the failure once again. It could not build a sustainable user base that would be sufficient to generate profits through the companies it markets.
Here's what he told Forbes magazine when he failed for the second time and lost about $ 4 million: “So nobody likes to fail, but the worst thing was that I lost the money of my investors, people who believed in this young man who was passionate about an idea… Now you start to question: are my ideas really good?”
The Lessons: After losing the second company, Nick cleared his head by taking a long surfing trip. When he returned, he started working on a camera prototype that could be used by athletes: the GoPro.
“I was afraid the GoPro would be like the Funbug that slipped out of my hands even though I worked until I broke myself apart. Because that was my first explosion and my first fiasco. I was so afraid of failing again that I was committed to success. "
But this time there was no fiasco, just an explosion. GoPro made him one of the youngest billionaires in the world and the fastest growing camera company in America.
Traf-O-Data - Bill Gates
Wealth: $ 107 billion
Before becoming the richest person in the world and owning Xanadu 2.0 ("Bill Gates House"), a computerized residence where temperature, music and light can be adjusted in real time for each guest, Bill Gates was a failed entrepreneur.
Failures: Purpose of Traf-O-Data, its first company; reading raw data from road traffic meters and creating reports for traffic engineers. In this way, the company aimed to optimize traffic and end congestion on the road.
The company's product was Traf-O-Data 8008, a device that can read traffic bands and process data. First they tried to sell the rendering service in local districts, but the first demo failed because the machine was not working.
The Lessons: His partner, Paull Allen, sums up what exactly this experience is like: "Traf-O-Data helped us create Microsoft's first product a few years later, even though it was not a scrambling success."
And fortunately they did so. They kept doing it, and Microsoft became the world's largest personal computer software company. But it's still good to know that even the wealthiest entrepreneurs in the world can make mistakes in their businesses.
Dyson - James Dyson
Wealth of $ 13.9 billion
Most people think that inventors were born with some special talent or gift. Their genetic makeup must be different from us, mortals. But actually, the opposite is true.
Sir James Dyson's company was a worldwide success, now selling bagless vacuum cleaners in more than 50 countries, making him a billionaire. But he failed many times before finding the winning formula.
Failures: In fact, he created 5127 vacuum prototypes, all of which can be considered "failed attempts." It took 15 years to perfect its product before launching the DCO1 at 93. This invention required a lot of dedication: “There are countless times when an inventor could abandon his idea. When I made my 15th prototype, my third child was born. Until the 2627th, we had been calculating three cents of money. Until the 3727th, my wife was giving art classes for extra money. These were tough times, but each failure brought me closer to solving the problem. "
With such unwavering faith despite the failures and hardships, how could Dyson not be a billionaire? Such dedication can bring you success in any business.
The Lessons: True inventors are the greatest monument of failure you will ever encounter, and I say this as a compliment. Failure is the only method that will lead to creating something new. Real inventors wouldn't even call it 'failure'. As Thomas Edison put it: “I haven't failed. I just found 10,000 ways that won't work. Sir James Dyson, founder of the Dyson Company, truly embraced this principle.
So if you want to create something, take a look at your failed attempts; It will determine whether you will be successful or not.
Apple - Steve Jobs
We all know Steve Jobs as the "Guru" entrepreneur and the genius behind top selling products such as iPod, iPad, iPhone or MacBook. He is the most influential business figure of our time and will forever be reminded as the Da Vinci of the Renaissance in our technology world.
Failures: What we know less about Steve is his trivial works. Believe it or not, Apple was once producing unnecessary things. Do you remember Lisa? Of course you didn't. Steve managed to spend millions of dollars on creating a massive memory loss. It would have been cheaper for him to hypnotize every customer out there.
Considering that in the previous Apple initiative, he and his partner Steve Wozniak invested all of their savings and time in being so impressive and selling only 175 units; He had a bad track record. However, what caused Steve Jobs to be expelled from the company he founded; Lisa was a development fiasco.
Applying the "failure is just a feedback" principle, Jobs went on to found another company: NeXT. This company brought its own demise due to hardware problems in the product. Eventually, the software division was sold to Apple and Steve returned to his starting point.
The Lessons: Now armed with many failures, Jobs was more determined than ever to succeed. Like Walt Disney, Hewlett and Packard, and those who built Intel, the dream of building a "company that would survive a generation or two from now" was born.
Ask yourself this: What if Steve had stopped? How would the world be different from what it is now?
Virgin's- Richard Branson
Wealth: 4 billion dollars
Richard Branson really cashed out the "failure principle". He worked until he became one of the most recognized entrepreneurs in the world. The Virgin Brand is one of the most recognizable brands, carrying a lot of weight, especially thanks to Richard's charming personality and his adventures on television. But this 59-year-old man with perfect blonde hair and glamorous charm did not always have an empire of 400 companies.
Failures: If you were to meet him in his youth, you wouldn't want to bet much on his success later on. Branson had poor reading and math skills, dropped out of high school and proudly admitted that he had dyslexia all his life.
Student Magazine, which he started when he was 16 and was his first business effort, was having problems with the UK's legal issues. Richard nearly went to prison for publishing treatments for sexually transmitted diseases in the magazine.
Not only that. Virgin record stores were almost causing him to go back to jail amid cash flow problems. This time it was for something more serious: tax evasion. He came out after spending a night in prison, paying £ 60,000 in compensation.
This experience had a huge impact on what he called it: "I promised myself that I would never again do something that would cause me to be imprisoned, or indeed any business deal that would embarrass me."
But the trend of failure persisted for her almost her entire life: Virgin Cola (she used a tank in Times Square for this), Virgin Vodka, Virgin Vie, Virgin Brides (dressed as a bride for her), Virgin Clothing, Virgin Automobile, Virgin Digital all failed. And the list could go on for a long time.
The Lessons: According to his definition, we can say that Branson is the king of the entrepreneurship club: “Learn from failure. If you are an entrepreneur and your first attempt was not successful, welcome to the club! ”
So, Failure is Feedback!
The gist of the matter is that most of the people you see on the list of richest people in the world must take enormous risks to get there. This almost always means too many failures. Putting labels on the rich; It is very simple to say that they own everything easily, are lucky with family, or owe their wealth to secret societies.
You can find a dozen reasons to absorb someone else's success as 'luck' or 'exclusive access to information'. The truth is that 73 of the top 100 billionaires in the world have gotten rich by their own efforts. This is a striking statistic. There is no secret. They just work harder than you do.
These self-made billionaires actually applied a basic knowledge accessible to everyone and did what everyone reads. But knowing and doing are very different things. Failure and success are very similar in that they are both spiral staircases. Once you jump in, inertia keeps you going and adds a little dizziness to the process. See failure as feedback, stop the spiral and make a new exit!
So what will you do next time you fail? Will you give up or will you be the next billionaire?More Business Posts: Business ideas