Failing isn’t as bad as it sounds. Sometimes you have to look on the bright side of things and consider it a learning experience. After all some of the most famous people in the world have been failures before achieving their astounding successes.
90% of business startups generally fails. 42% of those startups fail due to a lack of market for their product. Construction companies have the lowest 5-year survival rate at a mere 36.4%.
Famous failures are always interesting to look at and often offer inspiration. Looking at them now, nobody would ever call them a failure.
- J.K. Rowling herself claims to have “failed on an epic scale” and was “as poor as it is possible to be in modern Britain, without being homeless”. Of course, once she introduced the world to Harry Potter, now a $15 million brand of her creation, things changed for her. Her estimated worth is now $910 million.
- Steve Jobs was fired from Apple and later realized it “was the best thing that could have ever happened to me”. He went on to build an empire that led him back to his own tech start-up and became a billionaire. 4,000 people now work for Apple.
- Bill Gates knows that, “It’s fine to celebrate success, but it is more important to heed the lessons of failure.” Gates dropped out of Harvard and his first start-up, Traf-O-Data went under, making him no stranger to failure. However, he went on to become the billionaire owner of Microsoft and is well known for being an extremely charitable philanthropist. He was 31 years old when he started Microsoft, and became the world’s youngest self made billionaire at the time.
- Michael Jordan is a man who knows that failures are necessary for success. In his younger years he did not meet the minimum height standard and was passed over by coaches. Now, he has a championship record and an apparel line with Nike. He is currently estimated to be worth $1 billion.
- “Success is failure in progress.” This is a famous quote from none other than Albert Einstein. He was once expelled from school, then refused entrance to the Zurich Polytechnic School. However in 1921, Albert Einstein won the Nobel Prize in Physics for his work in theoretical physics.
- Abraham Lincoln went on to become one of the most influential Presidents of the United States, but only after failing in business and suffering a nervous breakdown. He also lost 5 elections before he was elected to office. One of his best quotes on the matter of failure, “My great concern is not whether you have failed, but whether you are content with your failure.”
The last part of the graphic illustrates 5 key steps for turning failure into success.
Firstly is to investigate what went wrong, then learn from your failure. Realizing you have nothing left to fear after failing is important, because you’ve got nowhere to go but up. Recognizing accountability is a very important part of turning things around. If you are the reason you failed, own it and move on. Lastly find innovation. Trying new things can often lead to failure, but at least now you are more apt to take risks.
This Infograhic was developed by Online MBA Today