Why we finally have to see failure as an opportunity
This article was published first in German language on the blog BASIC thinking.
Many changes in our entrepreneurial life are of dynamic nature. With many decisions, however, we cannot always fully assess the consequences. This is why bad and wrong decisions are made. But is this a problem? How about if we see failure as an opportunity?
Decisions have consequences
Decisions mean choosing between several options. The decisions should lead to concrete results. However, we often do not know which result will actually be achieved.
As a consequence, one can say that if success is the achievement of goals, then failure is the non-achievement of goals.
However, in our society it is now the case that nobody likes to fail. However, in everything we do to achieve something, something can interfere.
These can be random changes, new business models and technologies or even new social movements. So you can say that decisions are always made with uncertainty.
Missing culture of failure
Still, we have our problems with failure. This applies both personally and socially as well as in relation to start-ups. Failed companies and founders, whose business idea did not reach the market, or managing directors who had to deal with a bankrupt company, are often stigmatized. Failure is a taboo subject for us.
However, success and failure are two sides of the same coin. Success always includes the possibility of failure. But failure also offers the opportunity to have new experiences that can lead to new successes.
But our society is so success-oriented that it has forgotten how to deal with failures. Many people fall into a hole after a moment of failure and don’t know how to deal with it.
Three tips for dealing better with failure
To help you I would like to give you a few tips on how to better deal with failures:
1. We should recognize that failure is not only negative, but that one can learn from it. The decision to learn should be a conscious one and takes time. We should give this decision the needed time.
2. We should learn to talk about failures. It is helpful if there are special meetings for founders where failures can be discussed. An example of this are the so-called “Fuck-up Nights”. There, founders can tell what went wrong with their companies.
3. We should understand that failure hurts. Expressing this should be a goal to deal with the emotions that come with failure. Many young entrepreneurs believe that these emotions need to be suppressed. Rather, you have to present yourself as the “though guy”. However, suppressed emotions tend to break out later.
What I like you to do
Let’s try to see failure as an opportunity to learn. Let us try to create a culture of dealing with failure in a positive way. If we succeed, life not only will be better, but I am sure we can convince more people to become founders.
Thanks for reading! :)
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I am the co-founder of “Gründen@Würzburg”, the startup initiative of the German city of Würzburg. I had the honor to be the President of the G20 Young Entrepreneurs´ Alliance (YEA) Germany and the Chairman of the Steering Committee of the G20 YEA, an organisation that is the voice of more than 500.000 young entrepreneurs in the G20 countries (www.g20yea.com) .
A corporate lawyer by profession and equipped with my own law firm, I advises German and international clients (who want to do business in Germany) in corporate and commercial legal matters. By invitation of the European Commission, I had the pleasure to participate three times in a row in the annual SME Assembly, the most important event for small and medium-size enterprises in Europe. Additionally, I am a member of the B20 Task Forces and was from 2014 to 2017 the General Legal Counsel and also a member of the national board of JCI Germany (WJD — Wirtschaftsjunioren Deutschland), the biggest organization for young leaders and entrepreneurs in Germany. Last but not least I am one of the ambassadors for the “Großer Preis des Mittelstands”, the biggest and most prominent German award for companies of the German Mittelstand.
