While we “know” that failure is part of life, we too often don’t want to accept it in those moments when it happens to us. That’s when advice from a younger perspective comes in handy. Enjoy this refreshing view of how failure is key to your success from these young executives. —InPower Editors
Question: What’s one piece of advice you have for other entrepreneurs struggling with the fear of failure?
Know That You Can Bounce Back
“Donald Trump famously filed for bankruptcy four separate times. By no means am I saying this should be part of your business plan, but as a worst-case scenario, it’s affirming to know that you can bounce back. In any business venture, the key is to ensure the business is structured such that your personal assets are insulated from the company so that you can always live to fight another day.”—Matt Ehrlichman Porch
Don’t Be Afraid to Reach out for Help
“Entrepreneurship can be a struggle, but you don’t have to go through it alone. Knowing who to turn to when you need advice will help make the lows more bearable. When co-founders and investors may be unable to help, try to seek out an experienced entrepreneur distant enough from the business to offer the advice you need (whether it’s personal or professional). “—Tyler Arnold SimplySocial Inc.
Consider the Worst-Case Scenario
“When I left my job to start my company, I evaluated the absolute worst-case scenario that could result from making this move. When you stop and think about the worst that could happen, it’s usually much less scary than when it was unknown. The fear of a business failing is an issue for your ego, but failing as a person can only happen if you don’t try in the first place.”—Chris Hunter Phusion Projects
Get Comfortable Being Uncomfortable
“Being an entrepreneur is all about feeling uncomfortable but moving forward anyway. Learn to appreciate your discomfort, and wear it like a badge of courage. Celebrate your fear of failure, and you will eventually disempower it.”—Corey Blake Round Table Companies
Learn From Your Mistakes to Prevent Failure
“The only time you fail is when you don’t learn from your mistake. If you’ve learned a lesson in defeat, then go back out and apply your new knowledge. I’ve made tons of mistakes, but I’ve had very few “failures” because I make those missteps valuable experiences. “—Nick Friedman College Hunks Hauling Junk
Be Afraid
“If you aren’t afraid anymore, then you aren’t pushing your boundaries anymore either. That little twinge of fear of failure means you just might be onto something, or you’re at least heading in the right direction. Embrace that fear, and use it as fuel to take the next big steps.”—James Simpson GoldFire Studios
Fail Fast
“There are two big benefits from trying and failing quickly. Number one is that you can quickly figure out what isn’t working and iterate to find a new solution that is better. Number two is that each failure lessens the sting a bit, so the quicker you can get acclimated to the idea that not everything will work, the better.”—Patrick Conley Automation Heroes
Talk About It
“Too often, entrepreneurs feel they must be eternally optimistic, particularly in front of employees, customers and investors. It’s essential to have trusted confidantes with whom you can be completely honest — for better or worst — and talk through some of your biggest challenges and deepest fears. “—Martina Welke Zealyst
Don’t Waste Your Energy
“Let’s be straight: nobody wants to fail. But not wanting to fail and fearing failure are not the same. One is an attitude, the other is a mindset. If you are truly fearful of failure, you are wasting needed energy on something that has no benefit. Take that energy and redirect it toward iterating your current processes or diversifying your revenue stream so that failure is less of an option. “—Adam Callinan Beachwood Ventures
Don’t Allow It to Stop You
“It’s been said that success is only a few steps after failure, but most people give up after they “fail” and never get there. If you can see failure through that lens and not allow the judgment of others or yourself to stop you, then you can make it to success!”—Darrah Brustein Network Under 40 / Finance Whiz Kids
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.
Originally posted on The Young Entrepreneur Council (YEC)
