Failures are good when you learn lessons from them. But when failing becomes a habit, you know that you are in trouble. Like they say, anything in moderation is fine, anything in excess is dangerous. Entrepreneurs look for success, but when they face failure more often than success, things tend to get a little difficult.
Failure is often said to be the stepping-stone for success. The most common lesson we are taught is to try and try till we succeed, which essentially means keep at it even if we are failing, because eventually we might succeed. Entrepreneurs also keep hearing stories of how successful entrepreneurs first failed repeatedly and ultimately succeeded.
All this is well and good, but repeated failures that lead to no visible success in the future might get a little too much for an entrepreneur to handle.
Doing something wrong
Too many failures ultimately mean you are doing something wrong. Do you analyze mistakes to see where you went wrong? Are you learning lessons from those mistakes? If your answers are no and no, you are losing focus of your ultimate goal, which is to succeed.
An entrepreneur starts playing the game of startups with one goal in mind, success. Success can be in the form of app downloads, customer retention or revenue, but that is the end goal. Granted that each of those end goals is achieved at the end of a road filled with hurdles. But the moment you start obsessing about the hurdles more than the goals, you need to reassess your priorities.
It is hard to not get disheartened by repeated failures. But the worst thing you can do is to become complacent. When you don’t really care about whether you succeed or fail, you might as well quit right now. If all you see is negativity, then that will adversely affect company morale.
Blinded by the negativity, you might not be able to see the small progress that your company might be making. An alternative would be to look at where you are failing as a company and to try and amend those particular things.
Setting yourself up to fail
Sometimes your expectations are too high. Sometimes entrepreneurs are too ambitious and subsequently, unrealistic. When you set your goals too high and try to reach for the stars before reaching for the moon first, you are setting yourself up to fail.
Overpromising clients, investors and employees is just another reason everything might come crashing down. When your strategy is flawed from the beginning, failure is inevitable. If you refuse to amend your strategy, what follows is a domino effect causing repeated failures.
Getting used to failures
No one said the path of entrepreneurship was easy. The mental and emotional costs associated with entrepreneurship are very high. Failure affects everyone differently. Some seem to take it in their stride, while some feel defeated when faced with a single failure.
But when you let repeated failures get to you, the effects can be devastating. You might lose focus or become so used to failure, success doesn’t even seem like an option anymore. One way to shake out of this state is to remind yourself or get someone to remind of why you become an entrepreneur in the first place.