5 Reasons Failing is Good for Your Entrepreneurial Career

I failed. A lot. In fact, I failed many times – usually at the planning stage – too many times in such a way that I started to think that entrepreneurship is not for me.

You see, I know that I have dreams. I know that I am more than just some else’s ‘minion’ who works in a cubicle, 9 to 5, for 30 years. That’d kill me – literally, most likely due to depression.

But getting there is darn tough. My failures cost me so much. Too much.

Living a lackluster career life

My time. I spend 5 to 6 years of my time struggling with my business, seemingly yielding nothing – only to go back to square one.

Money? I didn’t have money. Career? What career? I couldn’t get a proper job even though I hold an MBA degree; I failed at job interviews as I don’t share their vision – and vice versa.

I partnered with my cousin to start a business – that failed even before it started. Then using my parents’ money, I bought a franchise. It was good – until the global recession in 2007/2008 devours my business – and my parents’ money.

I was near bankrupt, and although I hate this thought of going back to the 9-to-5 job, I still believe that entrepreneurship is for me.

Second chance

So I clawed back to entrepreneurship, and I took the online route because I am amazed how people can make thousands of dollar working from home with their computer.

So I, again, borrowed $1,000 from my parents – shamelessly – and put that into my online business education and investment (mainly in websites and domain names.)

I was lucky, that one of my domain names was bought for $1,000. So, I can return the investment, and starting to build my business using the other websites and domain names.

During the first 3 years of online entrepreneurship, I failed numerous times. And on top of that, I failed even more often than before: It took me 5 years to fail my previous business. Online, it took me months – even weeks – to fail.

My biggest project – even bigger than what I am working on right now – was a failure 3 months after it’s launched. It’s an info hub and ecommerce store for natural remedy products. I closed it down because I only make $20 from working 12 hours a day on it – in addition to the hours I use to work on my other websites, including my Noobpreneur.com.

To cut long story short, let’s just say that failure is my friend.

But don’t get me wrong. This blog post is not about me ranting about life; about my failure; about the agony of failing. Instead, I want to show you that failing changes your life – for the better, if you know how to deal with it.

Due to my failures, I can now enjoy the lifestyle of an online entrepreneur. My business is not big – yet, but I’m free to do whatever I want with my personal and business time. Meaning, I can go on a leisure trip at this very minute easily without worrying about my business and personal finances.

I can just bring my business with me and potentially do my work on tourist spots – if I wanted to.

Again, all thanks to the numerous failures I have experienced in the past – and the second chance I receive.

5 reasons failing is good for us

So, the big question is: Why failing is good for your personal development and entrepreneurial career? Here are 5 answers to the question…

1. Failures keep your feet grounded

Failing a lot humbled you. You are becoming a better person when you fail – if you have the right mindset in dealing with it.

Even when you achieve success, your past failures will keep both of your feet to the ground, ‘whispering’ to you that things can go suddenly wrong, and telling you to focus on what’s important.

2. Failures teach you about perseverance and resilience

Failures are two-edged swords: They can kill your dreams, but on the other end, they can also teach you how to achieve your dreams. Depending on your decision, failures can teach you about perseverance and resilience.

The more you fail, the more mentally strong you are.

3. Failures force you to trust the Greater Being

I don’t know who is your Greater Being, but as a Christian, I trust in Jesus. Through my failures, my faith and belief are constantly tested. As I’m overcoming obstacles, my spiritual well-being is improved and – believe it or not – you are becoming better at handling life’s and business’ challenges, knowing that you are not in it alone.

4. A failure teaches you more than years of study in business schools

I took an MBA degree, studying for 2 years – yet, – with all due respect – it was nothing compared to what I learned hands-on through my failures.

The emotional and physical challenges in falling, getting up, picking up the pieces and move on are life-changing. I know much more that what’s taught in formal education – something that you need to pay the price to acquire, e.g. via your costly failures.

5. Failures open up doors of opportunity

Last but not least, my failures are actually opening up new doors of opportunity for me. As weird as it sounds, my failures help me escape bad businesses and move on to new, potentially better business ventures.

Did you know that I make much more today – after the disruptions and changes in the market (and Google algorithm!) – than when my online business was running like a well-oiled machine?

The changes – which include losing 80-90 percent of Google traffic on 90 percent of my sites – have actually liberated me from my years of reliance on Google – and find new income streams and possibilities other than Google AdSense and other typical monetization ways.

Takeaway

Failures are only as good as your willingness to learn from them – and take action. Without positive responses, your failures are just, well, failures.

Remember, fail fast, learn from it, and try again. You’ll be amazed how failures have the ability to turn you into an expert, especially in dealing with tough times and thrive.

Have a great day and enjoy your journey!