We're told that in order to succeed we must fail.
Failure is that inevitable thing you're just waiting for when you start a new business or venture.
Whatever you look at today, was the work of repeated failed attempts that all led to the grand breakthrough.
A very simple example is the thing attached to your ceiling right now.
It's said that Thomas Edison, the inventor behind many inventions including the lightbulb, failed over 1000 times before he finally got the first lightbulb to work.
But how did 1000 failed attempts lead to one massive success?
Another inventor, and one more popular in our day and age, Albert Einstein is famously quoted for saying, "Insanity is doing the same thing over and over again and expecting different results."
With this said, Thomas Edison would have never managed to create the lightbulb if he had tried the same thing 1000 times over.
The reason the lightbulb was successful is that for every failure, there was a lesson that helped Thomas Edison push through the next failure.
Each lesson compounded to form the, what seemed like magic, 'lightbulb.'
When we watch sports such as basketball, we see giant players, monstrously athletic, and think how one person can be this powerful and sharp at their craft.
But arguably one of the best basketball players in our current day and age, Giannis Antetokounmpo is said to rewatch every single game he plays to the second, looking for mistakes and flaws in his game.
He is not the only one who does this, other players are also known for rewatching their games to find the exact reason behind their failure in the previous game.
In my attempt to build Hawk, my most recent venture, I had no idea how to code and play with APIs.
I tried for a week, 10+ hours per day to make the API work with my use case, until it finally clicked.
If I had gone at every attempt doing the exact same thing as the previous one, I would have been a right fit for Einstein's famous quote.
But for every failed attempt, I assessed the plethora of reasons why it may not have worked and retried with a slightly different approach.
I've failed at many things, many businesses and it's a painful process to go through.
Some of my biggest mistakes and failures are summed up in this article here.
From every business failure, however, lessons are left from the aftermath that are important for our betterment.
In this article, we're going to be discussing exactly how you can learn from your failures and mistakes, pushing you closer to the pinnacle of success.
Re-live the failure
- where did you go wrong
- Why did you fail
- How you can avoid this same mistake next time.
Setting action steps
- Do the necessary market and competition research before choosing a product
- Look at the audience you're trying to serve and identify a problem to solve, don't look for a problem to fit your solution
- Negotiate better terms with suppliers - It's okay to sacrifice short-term profits to build a long-term business
- Build faster, fail fast, learn faster - it doesn't matter if you like the site, only your audience and the metrics that come back will depict this
- Don't be afraid to spend and fail. Allocate a budget to marketing and use it effectively