How should I think about failure?

Dear Aunty B,

I am in the second year of business and I am absolutely terrified. Things have not gone according to plan and I stand to lose a lot if the business doesn’t work out. I have a good plan in place and good advisers so fingers crossed.

However, what I wanted to ask you Aunty is do you view failure? I have had advice that I should approach failure as a learning opportunity. That is all very well. Except it feels a lot bigger to me than the nice teacher at the front of the room giving me homework. How do I distance myself from this feeling of dread?

Robbie,
Tasmania

Dear Robbie,

You don’t. You are bang smack in the middle of it and the only way out is to fight. I was asked the other night at a panel session about failure. Failure? I said? It is not an option. I will not fail. Full stop. I think entrepreneurs rationalise failing as a lesson after the event. But when they are in the middle of a crisis, they fight tooth and nail to survive.

So Robbie, know this. You are in the first two years, which are the worst. If you have a good plan in place, the right advisers and there is demand for what you do and customers willing to pay and things are trending upwards, then go for it! Keep fighting! And let your fear of failure motivate you into year three – and to that magical point where you suddenly realise that you have made it!

Good luck,
Your Aunty B

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