Never failed? You haven't tried hard enough

We often hear that failure is not an option, that we should avoid it at all costs, and that it is a sign of weakness or incompetence. But what if I told you that failure is actually the best thing that can happen to you? That it is the secret ingredient for growth, innovation, and success?

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Failure is essential good for your personal and professional development, and how you can leverage it to achieve your goals. There is also the difference between shrewd risks and careless ones, and how to balance them for optimal results.

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Failure is essential for growth and innovation

One of the main benefits of failure is that it forces you to think differently and drives creative solutions. When you fail, you realise that your current approach is not working, and you have to find a new way to overcome the challenge. This stimulates your brain to generate new ideas, explore new possibilities, and experiment with different methods. Failure is the mother of invention, as they say.

Some of the most disruptive and successful companies in history were born out of failure.

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For example, Airbnb was founded by two broke guys who rented out air mattresses in their apartment to make some money. They faced rejection from investors, customers, and competitors, but they persisted and eventually created a global platform for home-sharing. Similarly, Netflix started as a DVD rental service that almost went bankrupt, but then pivoted to online streaming and became the leader in the entertainment industry. These companies took big risks that led to initial failures, but they also learned from them and used them as opportunities to innovate and grow.

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On the other hand, fear of failure destroys innovation. If you are too afraid to fail, you will never try anything new or different. You will stick to the safe and familiar and miss out on the potential rewards of taking risks. You will also limit your creativity and curiosity and settle for mediocrity. To be innovative, you have to feel safe to try new things, even if they might fail. You have to embrace failure as a part of the process, not as the end result.

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Failure teaches resilience and adaptability

Another benefit of failure is that it builds mental toughness and resilience. When you fail, you face disappointment, frustration, and criticism. You might feel like giving up or quitting. But if you overcome these negative emotions and keep going, you develop a stronger mindset and character. You learn to cope with adversity, bounce back from setbacks, and persevere in the face of difficulties. Failure teaches you that you are capable of more than you think, and that you can overcome any obstacle with determination and grit.

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Failure also forces you to develop critical skills to pivot and problem-solve. When you fail, you have to analyse what went wrong, what you can do better, and how you can improve your situation. You have to be flexible and adaptable, and willing to change your course of action if needed. You have to be resourceful and find new ways to use your existing resources or acquire new ones. Failure builds your ability to thrive in uncertainty and complexity, which are essential skills in today’s fast-changing and unpredictable world.

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Failure allows for course correction

A third benefit of failure is that it allows for course correction. When you fail, you get immediate feedback that your current path is not working, and that you need to adjust your strategy and assumptions. Failure helps you avoid wasting time and resources on ineffective or inefficient methods and focus on what works and what matters. Failure also helps you discover new opportunities and directions that you might have overlooked or ignored otherwise.

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However, to make the most of failure, you have to build feedback loops that identify failures early and often. You have to monitor your progress, measure your results, and evaluate your performance. You have to be honest and objective about your strengths and weaknesses and seek feedback from others. You have to be open to learning and improving and not take failure personally or defensively. You have to view failure as a valuable source of information and guidance, not as a judgment or punishment.

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Clever risks vs careless ones

Now, you might be wondering: does this mean that I should fail as much as possible, and that any failure is good? Of course not. There is a difference between clever risks and careless ones, and you have to know how to balance them for optimal results.

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Clever risks are calculated and have mitigation plans. They are based on research, analysis, and planning. They have clear goals, criteria, and indicators. They have potential benefits that outweigh the costs and risks. They have backup plans and exit strategies in case things go wrong.

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Careless risks are based on impulse and emotion. They are influenced by biases and assumptions. They are disconnected from your purpose and principles. They have vague expectations and standards. They have no contingency plans or alternatives.

The difference between smart risks and careless risks is the difference between success and failure. Smart risks lead to learning and improvement. Careless risks lead to loss and regret.

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Conclusion

Working hard is not enough for success. You also need to work smart. And working smart means taking smart risks and embracing failure.

Failure is not something to be avoided or feared. It is something to be embraced and learned from. Failure is essential for growth and innovation. Failure teaches resilience and adaptability. Failure allows for course correction.

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So, don’t be afraid to fail. Fail fast, fail often, and fail forward. Fail better.