The dictionary defines failure as the lack of success. But that is a very restricted view of failure. Life will teach you that failure is actually a part of success, an integral part. Every failure teaches you to re-evaluate yourself, your goals, your ambition, your dreams, your challenges so that you can find a new route in life.
Failure changes your perspective and your thinking on everything that matters. In today’s materialistic world, everything is measured by financial success, by profits, by how much money you have earned and saved and spent – failure teaches you to look at money in a new light, in a different way such that it helps you move forward.
Look at money in a different light
Everyone fails in life – sometime or the other. That is the nature of life. And every failure teaches you and makes you better person, a better entrepreneur. Failure forces you to look at money in a different light. It makes you think how you can utilize your money in a more efficient and productive way. Failure leads you to make new connections, cross new bridges, and even change your perspective on life, love, business, money, relationships, and people.
When you fail in business, you will lose money. It will make you feel that everything you hoped for and desired is now completely out of your reach. It tires you out physically, mentally, and spiritually. But when you realize that it is not an end but a beginning, you start to think again about where you went wrong. Did you run out of cash because of bad planning, bad advice, poor workmanship, lack of focus or something else. Or is it because you did not have enough cash flow to start off?
Failure teaches you to redefine your priorities
This failure will make you stop and think how you can utilize your funds better. It will teach you where you can take risks the next time and where you need to be careful. It will tell you where you should put your money and where you should not.
Failure teaches you to redefine your priorities – in life, in business, in your finances. You start to re-organise things that are important. Maybe the money you spent on advertising did not get a good return but if you spent the same money on motivating your employees – giving them cash incentives, rewarding them for good performance, instituting a scholarship for their children’s education etc – then they will go out and push your products more than the advertising. So you shuffle around the various things to be done and concentrate your money on what is more important.
Failure makes you re-order your thinking
Failure makes you re-order your thinking about how and where to save and invest. If your investments fail, then you start exploring other areas for putting your money into, you study these options and choose some that are safer. It might change you from a high risk taker to one less so. On the other hand if you have been too cautious and not taken any risks at all with your money, you might find that you have missed the bus totally, made poor returns when others were reaping the benefits of the market – re-evaluating your situation after a failure because of this may well induce you to take somewhat bigger risks that can get you a better return on your money. Either way, it is the failure that will teach you to look at your money from a different angle and try and do better the next time.
Having more money or less is not the issue. It is changing your perspective about money that will help you recover and get back on top again.