Some of the most successful startup founders and angel investors overcame significant career challenges to become the well-known entrepreneurs they are today. Ask famous founders and investors on Twitter what their greatest failures were early in their careers and you'll hear an array of stories. From investments they didn't make to challenges they encountered while building a business early in their careers, failure tends to be a common obstacle many of today's most successful entrepreneurs overcame.
Unfortunately, new entrepreneurs often have an overwhelming fear of failure. They think one business mistake is enough to derail their entire career as an entrepreneur. There are ways to learn how to overcome failure as an entrepreneur, but you must be willing to do the tough mental work to change your way of thinking.
Joel Devidal, a veteran entrepreneur who overcame several failures on the path to success, believes there are five essential ways you can learn to lose your fear of failure. Regardless of whether you're a wantrepreneur, a solo-entrepreneur, or a mega success story in the making.
1. Failure is a Growth Opportunity
Learn to start looking at failure as an opportunity to grow instead of a shortcoming. Entrepreneurs who welcome the learning opportunities failure brings aren't afraid of not succeeding. They know they'll become stronger business builders in spite of their growth setbacks and can pass on the valuable lessons they learn to other entrepreneurs.
2. Failure is a Confidence Booster
Entrepreneurs who overcome their failures tend to be stronger and more confident than those who have never encountered career stumbles. When you realize that failures are just stepping stones on your path to increased confidence, you willingly look for the life lessons in your missteps. Start asking yourself, 'what lesson is this challenge meant to teach me,' and you'll be surprised at how quickly fear of failure starts to lose its power over you.
3. Entrepreneurial Failures are Teachable Moments
Another way to overcome failure as an entrepreneur is to look at your troubles as an opportunity to teach others. Some business leaders write books about their struggles, while others start podcasts or create blog posts. If you have a distinct fear of failing, start thinking about failures as an opportunity to build a second career or even side income. For example, create a product for other entrepreneurs based on overcoming defeat and then monetize that product to increase your annual income.
4. Failures Can Be Forks in the Road on Your Journey to Success
Did you know that powerful online platforms like YouTube and Twitter didn't start out to be the social networking superstars they are today? It can help you overcome your fear of failure as an entrepreneur if you start looking at business growth challenges as doorways to new possibilities. Maybe your current failure isn't a real misstep after all, but instead, a door leading you to a unique business opportunity.
5. Entrepreneurial Failure Isn't a Permanent State of Being
Accept that entrepreneurial failure isn't a permanent state of being. You won't always be a failure in the eyes of others (or in your mind). Business or career missteps are only challenges as long as you let them overwhelm your thinking. Once you start thinking of failure as a temporary problem, you will regain control of your self-confidence.
If you want to overcome the fear of failure as an entrepreneur, remember the above-listed tips. You can still build a successful business even when you encounter the occasional crash; you just have to adjust your mindset.
About Joel Devidal:
Joel Devidal is an entrepreneur with a sharp business mind and a keen ability for helping companies navigate changing times and move toward successful futures. Beyond business, Joel is an active part of his community supporting local organizations and helping young entrepreneurs get their start.