The Power of Failure: An Unexpected Teacher

By Mario Figlioli for MARKETING AND BUSINESS

I want to talk about a topic that scares many people: failure. Often, we see failure as an enemy, but it can actually be one of our best teachers. Failing doesn’t mean you are a failure; it means you have the courage to try and take risks, actions that many do not dare to do.

Failing Doesn’t Mean You Are a Failure

For example, think about Thomas Edison, who failed thousands of times before inventing the light bulb. Each failure was a valuable lesson for him. Edison didn’t see his failed attempts as failures, but as necessary steps to reach the right solution. “I have not failed. I’ve just found 10,000 ways that won’t work,” he once said. This resilient mindset is essential for any entrepreneur.

Analyzing Failure

When we face failure, it is crucial to analyze what went wrong. This allows us to learn and grow. For instance, if you launch a product and it doesn’t succeed, analyze customer feedback, understand what didn’t work, and improve your offer. This approach will give you insights that few people have and will enable you to start the next time with more in-depth knowledge.

For example, Airbnb, now a hospitality giant, had a rough start. After launching the website, the founders received very few bookings. By analyzing the feedback, they realized that the website design and property photos were subpar. They invested in professional photography and improved the user interface, leading to a significant increase in bookings.

Restructuring the Approach

After analyzing the failure, it is essential to restructure our approach. Change your strategy, your plan, or even the product if necessary. The key is not to stop but to adapt and continue.

Think of Howard Schultz, the founder of Starbucks: he initially faced difficulties but kept improving his concept until he succeeded. When Schultz bought Starbucks, it was a small chain of coffee shops in Seattle. He faced several challenges, including temporarily closing many stores and a complete menu overhaul. Thanks to these strategic changes, Starbucks became a global brand.

Sharing Lessons Learned

Do not fear sharing the lessons learned from your failures. Sharing your experiences will help you understand that you are not alone and that failure is part of every entrepreneur’s growth journey. Additionally, it can inspire and help others avoid the same mistakes.

An illuminating example is Sara Blakely, the founder of Spanx. Blakely often talks about how her idea to create a line of shaping underwear was initially rejected by several manufacturers. Instead of getting discouraged, she used these rejections as motivation to improve her product and marketing strategy, leading Spanx to become a multimillion-dollar company.

Success is a Continuous Process

Every great entrepreneur has faced failures, but what sets them apart is their ability to get back up and continue with more strength and wisdom. Do you know anyone who succeeded on their first try? Even if it seems like they did, ask them about their journey, and you will find that they also faced difficulties and problems. Success is a continuous process of refinement.

For example, J.K. Rowling, the author of the Harry Potter series, was rejected by twelve publishers before her book was finally published. Each rejection made her more determined to improve her manuscript and presentation. Today, the Harry Potter series is one of the best-selling franchises of all time.

Failure should not be feared but embraced as part of the growth and success process. Every failure brings with it valuable lessons that make us stronger and wiser. The next time you face a failure, remember that it is just a step towards your next success. Indeed, failure is a precious teacher that prepares us for the future and guides us toward success.

See you SOON,

Dr. Mario Giovanni Figlioli