Business moguls across the world have one thing in common. And they don’t miss an opportunity to share it with newcomers. It’s the string of failures they went through before establishing themselves. Success and failure are innate to business and it’s just like a snake and ladder game. But those who learn from failures will later rewrite history. Let’s see how some of world’s iconic entrepreneurs overcame the fear of failure.
Elon Musk, when founded SpaceX in a bid to colonize Mars, had told his employees: “Failure is an option before us. If you do not fail, it means you are not innovative enough.”
‘Crazy’ Musk may seem to be fearless but it’s otherwise. In many interviews he has spoken about fear. He overcame this weakness not by positive thinking, but by an approach from opposite side.
Muskian philosophy teaches that if one is accepting the possibility of failure beforehand, it will reduce fear.
When SpaceX was launched, he was convinced that chances of success were less than 10 per cent and he would eventually lose everything. Maybe, he could make some progress. It was this approach that helped Musk succeed in space launch industry despite a series of setbacks.
Visualizing failure will prepare oneself and it will eventually enable the mind to face it in reality. This should not be dismissed as one of Musk’s weird ideas. It is the truth.
Methods of Virgin founder Richard Branson are different. He was a man who feared hot air balloon flights. Branson suggests seeing failure as greatest learning tool. This way one can escape the short-term unease that failures create and make them a bridge to long-term gains.
Failure is terrible and no one becomes an entrepreneur just to lose. Next time when you encounter a setback, take a pen and paper and try to write down all your positives. This will be a step towards your future success.
In the startup world, there is an oft-quoted statement. It tells you ‘Don’t fear failures’.
There is a classic quote by Thomas Alva Edison. It goes like this, “I have not failed. I have just found 10,000 ways that won’t work.” This should be the attitude of every entrepreneur.
