NIIC Navigator® – Handling Failure
Larry Rottmeyer, PhD, Director of Innovation Education, The NIIC
Everyone makes mistakes. Everyone fails sometime. Business builders often must overcome mistakes and failures on their journeys to creating successful new ventures. Failures are inevitable and reality in life and in new businesses.
There are many common reasons why entrepreneurs may fail, including:
- Lack of vision and focus,
- Selecting the wrong venture or product,
- Lack of proper planning or execution,
- Insufficient or unbalanced resources,
- Expanding too early,
- Underestimating competition,
- Lack of balanced experience,
- Giving up too early.
Hard, thoughtful work can help us overcome failure, but not all failures will be avoided. Research shows that many entrepreneurs have and will encounter failure in their journeys to success. Experienced entrepreneurs understand failure. They even expect it. It’s part of the entrepreneurial life.
Also, failure in business building is not all bad. Our business failures build character. Failure helps us develop compassion, understanding, and resilience. It keeps us humble and hungry. The way we handle failure adds to our experiences and helps us help others in the future. Many of our most important lessons learned come from our failures.
Failure is a part of life – especially the life of a business builder. It comes with the territory. Sometimes the feelings that come with failure seem monumental. Yes, some failures are more extreme than others. However, a healthy perspective on failure is important. Failure is a part of living and doing. It is a part of the entrepreneur’s life.
Looking to strengthen your character, experiences and lessons learned? Include our NIIC Navigator® in your business builder journey. NIIC Navigator offers a learning management system and an academy. Learn more by visiting our website or contact us at firstname.lastname@example.org.