Fear is an interesting thing. It prevents us from doing something completely stupid, but at the same time, it can also hold us back from realizing our full potential. This can be the case in all parts of our lives, but it is especially true in the field of business.
Would we have been able to create wonderful inventions like electronic payment machines and credit cards had we stayed afraid of what people might think about these things? Of course not! Abandoning a business idea just because you are afraid of the risks involved or what might happen next is the worst possible decision that you can make as a business leader, executive, or entrepreneur.
On that note, let’s take a look at 6 important reasons why, as a business leader, you shouldn’t be afraid of failure. Let’s jump in!
1. Fear Will Stop You From Achieving More
This is the first thing you need to consider when you’re nervous about failure. Imagine that you keep rolling back your business plans and holding off on pursuing your big ideas because you’re afraid that you may fail. Your irrational fear may very well hold you back from the success you truly deserve.
History is filled with examples of people who quit just as they were on the cusp of big success in the business world. You need to keep giving your best till the very end. This is the only mantra for achieving success in business.
2. Even If You Fail, You Will Learn Something
Failure isn’t the worst possible thing that can happen to you. Failure can, in fact, be your best friend. Failure can be useful because it almost always teaches you something. Considering exactly what went wrong and what could have been done differently will teach you to handle situations better in the future and become a better version of yourself.
By using this knowledge, you can build better business models that are more resistant to similar failures. Having this kind of attitude will also help you to become a better person and succeed in other parts of your life. This, in turn, is vital for becoming a better business leader.
3. Failure Is The First Step To Success
You may be surprised to know that a significant number of successful entrepreneurs which you see today once faced failures in their earliest ventures. Failure doesn’t only mean failing as a business, it also sometimes means failing to attract investors for your venture. This happened in the case of Howard Schultz.
Shultz’s idea for establishing Starbucks was rejected by a large number of potential investors. Today, we all know the success of the company, as one of the world’s most recognizable brands. So, fear not, failure isn’t the end of your journey, it is merely a stop along the way. Rather than trying to avoid failure, you need to accept that it exists and continue to work hard even in the face of it!
4. You Will Regret Your Decision Later
Yes, this will happen someday when you grow old and start thinking, “What if I had done that…” or, “What if I had taken the plunge…” Nobody wants to be in this position. Regret is one of the worst feelings to have to live with and can consume you.
Taking a chance and then failing is a far better option than doing nothing at all. This doesn’t mean you should be reckless. Do your research, plan ahead and make considered decisions that are not limited by fear. Doing so will at least perform a litmus check on your idea and this will make sure that you are at peace with your decisions later in life.
5. Pulling Back Suddenly Will Greatly Damage Your Reputation
Imagine if your company was planning something for an upcoming product launch and you as the boss come out and say, “I am afraid that this might not work.” Imagine the negative publicity which your company will get.
Your brand’s image is everything and you deciding to pull back at the very last minute will shake the confidence of your shareholders as well as that of your customers. Therefore, pulling back or cancelling your plans without a valid reason, but instead out of fear, is very bad for business.
6. Your Life will Stagnate
People who are driven by irrational fear generally display this trait in all parts of their life. While your business will surely suffer because of this trait, other parts of your life will suffer too. You may stay inside your comfort zone and reassure yourself that everything is fine.
What you are actually doing is pulling yourself back. You need to attack your fears head-on if you want to achieve great success in the business world, as well as your personal life.