5 Ways Successful Business Owners Turn Failure into Lessons

As a small business owner, success isn’t a sure thing — but facing setbacks along the path to success is practically guaranteed. The difference between prosperous entrepreneurs and those who quit is often the way they handle failure. Here are five Staples® SUCCEED: Small Business Network on LinkedIn community members who learned to turn their failures into lessons when others might have given up — and how you can, too.

01. Fail Forward

Lesson:

Often, we fail due to being too timid and inflexible rather than being too bold. Be assertive and risk a little to gain a lot — the dividends could be well worth it.

“For me, after failing time and time again, the

lesson was to become more assertive and flexible

in finding ways to generate more revenue without

spending more.”

MJ K., Vice President at Vantium Capital/SRG,

SUCCEED Member

02. Have a Plan BLesson:

It’s not the most exciting part of running a business, but you really should consider creating one or more contingency plans. Thinking ahead doesn’t mean admitting the possibility of defeat. It’s about providing yourself with multiple avenues to success.

“So far, I’ve been able to survive losing one job and becoming an

independent contractor three months before the onset of a major

recession. I learned to always prepare for the worst and ALWAYS

have a plan B.”

Jean Fritz, Editor/Ghostwriter/Writing Coach, SUCCEED Member

03. Learn from Others’ MistakesLesson:

It’s usually what you don’t know that hurts you. Do the smart thing and learn from the errors of others instead of making the same mistakes yourself. Keep up to date on industry news and innovations from your peers. By watching for stories of failure in addition to stories of success, you’ll have a better idea of what to do — and what not to do — in your own company.

“I did not know how to run a business until I failed two times and ended up in

bankruptcy court. Today, we buy distressed small companies. I’ve noticed that

not one of our acquisitions got into trouble because the owner knew they were

doing something wrong.”

KC Truby, Small Business Buyer/Investor, SUCCEED Member

04.Define Success

Lesson:

Barely succeeding is better than failing by an inch — and the difference between the two may just be a matter of perspective. Take a “glass half full” approach to business to keep from getting discouraged.

“One thing I’ve learned is that 51 percent is good

and 49 percent is bad.”

Steve Dow, Consultant, SUCCEED Member

05. Know the CostLesson:

If fear of failure is turning you into a monster, it’s time to figure out what success would really look like for you. Is it just not failing? Or is it about quality of life? You may need to redefine success for yourself and your business to keep your quality of life high.

“I learned that it’s okay for me to make mistakes even though they cost

money. I hate to waste, but the more I try to be perfect and prevent failure,

the more unpleasant I become to the people who count the most: my

husband and daughter. That’s counterproductive. Yes, failure is unpleasant,

but what’s worse is losing out on enjoying life and my loved ones because

I’m so obsessed with avoiding it.”

Hope Mucklow, Author/Children’s Song Writer/Teacher/Coach, SUCCEED Member

Make a list of your

most recent failures

in your business and

write down at least

one lesson you learned

from each experience.

Advice InspirationActionEven if you have to start

over in business, you’re

never starting from the

same place if you are

willing to learn from

the past.

“A man must be big

enough to admit his

mistakes, smart enough

to profit from them

and strong enough to

correct them.”

– John C. Maxwell,

Author of Failing Forward:

Turning Mistakes into Stepping

Stones for Success

What’s one lesson you’ve learned from failure? Share your words of wisdom in our SUCCEED: Small Business Network.

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