It is an extremely rare person who has never experienced Failure

For the purpose of this blog, failure is defined as not achieving expectations.

For example, if an elite athlete finishes third in a competition when expected to win that could be considered failure. By contrast, a less accomplished athlete finishing third in the same competition could be considered a success. Both finished third, what is the difference? Expectation! 

What is the impact of fearing failure?

Simply, stopping us from trying and potentially not realising significant opportunities. This could apply to our personal life as well as in business.

What might stop us from trying?

Perhaps it is those negative voices in our head, crying out “Humiliation! Embarrassment! Ridicule!”
Are we too risk averse, always anticipating success? The potential impact on our or our business’s reputation.

How should we deal with the emotions associated with failure?

By being honest and having the confidence to admit to failing. Be courageous, face up to the fear and be prepared for the feelings of guilt, resentment, blame, disappointment. Being accountable and building emotional resilience will develop the inner strength to deal with the repercussions of failing.

How do we do this?

Transform negative experiences into positive opportunities. I am confident we can all think of enterprises who have had to deal with difficult situations and consequently have become even more successful.
Avoid the temptation to cover up failure and “reward” yourself by awarding points for trying.

Prepare for failure by minimising the risk, identify and mitigate the potential impact of failing. This may involve additional cost and time but consider it an insurance policy.

Finally, consider failure an opportunity, relish the challenge, it encourages innovation, learn from the experience, be resilient and try again.  Thomas Edison is the perfect example, it is claimed he made 1000 attempts before creating a successful light bulb!