It may be cliché to say that we learn from our failures, but in business, failure is nearly inevitable. Whether you fail to get a job offer after an interview, fail to land a customer after a business pitch, or not meet manufacturing specifications on a production run, failure is not necessarily the end. Thomas Edison famously needed 10,000 attempts to refine the lightbulb before it worked properly. He is quoted as saying, “I have not failed. I have just found 9,999 ways that don’t work.” This attitude prevented Edison from becoming a failure and gave light to the Progressive Era.
Countless other business leaders have not succeeded on their first try, only to learn and have wild success later. Henry Ford created faulty, expensive cars before producing the Model T. Steve Jobs was forced out of Apple before being hired back and then producing the iPod and iPad. Walt Disney was on the verge of bankruptcy before releasing Snow White and the Seven Dwarves, which saved the company. Bill Gates produced software that became obsolete before founding Microsoft. These are just a few entrepreneurs who did not succeed in their first business venture. However, each of them continued to refine their business to build a better, more affordable vehicle, develop cutting-edge computer platforms, produce blockbusting films, and develop a world-leading software platform.
Your ability to not only survive a failure but thrive from it depends on your attitude and your effort. Can you look at the setback and differentiate the act of failing from being a failure? This ability allows you to see the possibility of future success. You are still capable of succeeding even in the midst of one failing endeavor. Then, the effort is needed to supersede failure. Go back to the drawing board, hire new staff, and begin again.
What is better than learning from your failure? Learning from someone else’s failure. The business team at the Law Offices of Barton Morris has represented hundreds of businesses with over 50 years of experience. We have seen many of them succeed and know of many failures. We have formed corporations and limited liability companies, as well as represented owners in shareholder disputes. Let our attorneys help guide your business through a failing undertaking toward a triumph.