A tough economic climate may be changing our attitudes towards failure. Historically there has been a stigma around business failure however it seems that attitudes may be changing. Many entrepreneurs bounce back after failure according to Deniz Ucbasaran*, professor of entrepreneurship at Warwick Business School, and see the failure as something you can learn from.
Why don’t all entrepreneurs bounce back? Ucbasaran suggests that “Some people are hit too hard to try again, while others brush off the failure – perhaps blaming outside circumstances or other people – without taking responsibility for their part in it, reducing the chance that they will have learnt anything from the experience.”
We would suggest it isn’t just down to learning from the experience; our ability to bounce back is strongly influenced by our personal perceptions of failure, our personal drive & general attitude to life. Very few successful entrepreneurs achieve immediate success so resilience, determination & staying power are critical.
Sport is often used to provide analogies for business; we think this quote from Michael Jordan sums up the power of a positive approach to failure “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” Jordan kept learning from his failures but it was his positive attitude & determination drove him to ultimately succeed.