Successful Entrepreneurs Know That Failure Is Rarely Permanent

If you do something that carries more risk, you are more likely to fail. That’s one reason so many people fear failure. But if you risk nothing, you risk everything. The most successful entrepreneurs take calculated risks and are always willing to fail.

The question isn’t whether you will fail – everyone fails at something. The question is what you do after you fail.

I’m not suggesting – as some do – that failure is good. After all, not every failure is a learning experience. Success is often a better teacher. As I wrote previously:

Knowing what not to do helps you focus and avoid setbacks, but doesn’t help you adapt to changes. You know what didn’t work — does that help you next time when you need to figure out what will work? If you ask successful entrepreneurs whether they would rather hire someone who has failed or someone who has succeeded, I suspect most would prefer to hire the person who has succeeded. This is not surprising — scientific research shows that we learn more from success than from failure.

Here’s a wonderful short video showing why failure is rarely permanent. Michal Marosi was racing in a mountain bike race. He was in the lead and made a risky move on an aerial descent that got him into trouble. He could have easily stopped racing. Instead, despite the big setback, Michal got back on his bike and executed an absolutely incredible passing move that was even more risky than the one that caused him to fall.

It’s a great reminder that failure is rarely permanent. Your attitude can turn even catastrophic failure into success.