Why it’s ok to fail, and how to prepare an exit strategy

Many people are afraid of failure, especially in business. They think failure means ending their dreams, reputation, and income. But failure is not always a bad thing. Sometimes, failure can be a valuable learning experience that teaches you things you would never learn otherwise. Failure can also help you discover new opportunities, ideas, and passions.

In this blog post, I will share with you why it's ok to fail in business, and sometimes it's even good to fail. I will also explain why having an exit strategy is important, not just during failure but also during success. I hope that by reading this, you will feel more confident and optimistic about your business journey and be ready to face any challenges that may come your way.

Why it's ok to fail in business.

Failure is inevitable in business. No matter how hard you work, how smart you are, and how much research you do, there is always a chance that your business idea will not succeed. Many factors can affect your business success, such as market demand, competition, customer feedback, regulations, technology changes, etc. You cannot control everything; sometimes, things don't go your way.

But failure is not the end of the world. Failure is an opportunity to learn from your mistakes, improve your skills, test your assumptions, gain new insights, and grow as a person and an entrepreneur. Failure can also help you discover what you are truly passionate about, what you are good at, and what you enjoy doing. Failure can help you pivot to a new direction, niche, or product or service.

Some of the most successful entrepreneurs in the world have experienced failure before they achieved success. For example:

- Steve Jobs was fired from Apple in 1985 after launching the unsuccessful Macintosh computer. He then founded NeXT and Pixar, which became part of Apple again. He returned to Apple in 1997 and led the company to create iconic products such as the iPod, iPhone and iPad.

- Oprah Winfrey was fired from her first TV job as a co-anchor in Baltimore. She then moved to Chicago and became the host of a low-rated morning talk show. She turned the show into a national phenomenon and became one of the most influential media personalities in the world.

- J.K. Rowling was rejected by 12 publishers before she found one that agreed to publish her first Harry Potter book. She was also a single mother living on welfare at the time. She wrote seven more Harry Potter books and became one of the best-selling authors of all time.

- Walt Disney was fired from a newspaper for lacking imagination and creativity. He also went bankrupt several times before founding Disney Studios and creating some of history's most beloved animated characters and movies.

These examples show that failure is not a permanent state but a temporary setback. Failure is not something to be ashamed of but something to be proud of. Failure is not something to avoid but something to embrace.

Why it's sometimes good to fail.

Failure can also have some positive effects on your business and your mindset. Here are some reasons why it's sometimes good to fail:

- Failure can make you more resilient. Resilience is the ability to bounce back from adversity and overcome challenges. Resilience is essential for entrepreneurs who face many uncertainties and difficulties in their business journey. Failure can help you develop resilience by teaching you how to cope with stress, deal with disappointment, adapt to change, and persevere despite obstacles.

- Failure can make you more creative. Creativity is generating new and original ideas that solve problems or create value. Creativity is crucial for entrepreneurs who must innovate and differentiate themselves from their competitors. Failure can help you boost your creativity by forcing you to think outside the box, explore new possibilities, experiment with different approaches, and learn from feedback.

- Failure can make you more humble. Humility is the quality of being modest and respectful of others. Humility is important for entrepreneurs, who need to collaborate with others and listen to their customers. Failure can help you cultivate humility by showing you your limitations, weaknesses, and blind spots. Failure can help you appreciate your strengths, opportunities, and resources.

Failure is not the end of the story, and why exit strategies are for good and bad times.

It's just one step to success if you plan for different scenarios and have an exit strategy. An exit strategy is not just for when things go wrong but also for when things go right. You need to know how to exit a failing business with minimal impact on your finances, reputation, and mental health. You also need to know how to exit a successful business by potentially selling it to start another passion project you may have.

An exit strategy helps you avoid getting stuck in a business that does not fulfil your goals, vision, or passion. It also helps you avoid getting complacent in a business doing well but not challenging or growing you. An exit strategy gives you the freedom and flexibility to pursue new opportunities, ideas, and dreams.

So don't be afraid of failure in business. Embrace it as a learning opportunity, a growth opportunity, and a stepping stone to success. And don't forget to have an exit strategy, not just from failure, but also from success. Because at the end of the day, failure is just one step to success.