As entrepreneurs, one of our greatest struggles is the fear of being wrong, making mistakes, and failing.
To deal with our natural aversion for making mistakes, we need to reframe our thoughts about success and failure.
If there was a way to attach an economic indicator to all of the businesses and business ideas that do not exist due to this fear, it would astound us.
This fear of failure is a self-fulfilling prophecy – when we think of failure, we begin to question our own self-worth and ability to succeed.
New business ideas are left to die for fear of trying and failing, and therefore, reducing the number of ideas that we ever put out into the world.
We need to do the exact opposite in order to find success – in our new side hustle or online business venture.
More ideas (and more ideas that fail) is how we find the diamonds in the rough.
Reasons for business failure
Here's the business hack: You cannot wait until that ‘million-dollar idea’ (or is it billion-dollar now?!) comes and then act.
You need to act and implement your ideas constantly — this is where your greatest ideas lie.
It is hard to have your ideas destroyed. It’s hard to not take personal offense when having your ideas torn apart, but you must — we all must.
This is not about whether or not you will succeed or fail. It is a fact that you will fail many more times than you will succeed — you must come to terms with this.
This is not meant to destroy your ambition; quite opposite in fact. This should empower you and reframe how you think about failure.
Failure is not the end of an idea or business venture, but the starting point of the next one.
Your failures and successes brought you here
Think about it this way: everything you have done (successes and failures) has led you to exactly where you are today.
When you start a new idea and it fails, you can take a step back and learn from this failure. You now possess a new baseline for ideas and implementing them in the market because you have learned what does not work.
Having an idea, implementing, and having the market tell you your idea was no good is not limited to those of us getting started in business.
But it is a mindset that we need to adopt from the start of our entrepreneurial journeys if we are going to find and enjoy the successes that we desire.
How to reframe your thoughts on failure (moving forward)
Think about Google for a moment, a massive company that has obviously had a lot of successes. But what about their failures?
Google Reader, Google Glass, Google Notebook, Google Wave, and the soon-to-be Google Plus.
Are these product failures the sign of a business struggling to survive? No, the exact opposite, in fact.
These are clear signs as to why Google is such an impressive company. They understand very clearly that you have to continuously try new ideas in order to find the ideas that will succeed.
And the same goes for each of us.
To change your thoughts, you need to transform your thinking. You need to start thinking like an entrepreneur, and mastering your entrepreneurial mindset.