We have been conditioned to believe that failure is such a bad thing. Right from primary school we have been rewarded for reciting the “correct” answers. Failure to meet the grade was punished through public display of exam results and repetition of classes.
This conditioning has made us very afraid of failure. We often fear to step out and be different and yet failure is our best teacher. If something doesn’t work out it simply means that we made some wrong assumptions which need to be changed.
If a business venture “fails” it means you were possibly in the wrong market, at the wrong time, with a wrong service offering. Maybe your costs of production were too high. Maybe your people are not motivated enough. Maybe you didn’t accurately assess the client’s needs. Maybe your marketing didn’t reach the right audience. Maybe you were targeting the wrong audience.
Being broke doesn’t mean you are a failure. It is a temporary state for us to learn something. Maybe you need to learn a little about savings and investments. Maybe you need to acquire new skills. Maybe you need to negotiate for better pay. Maybe you are in the wrong business and you need to get into the right one. Maybe you need to develop better money habits. Maybe your mindset needs a revamp. Being broke is a necessary journey and experience to wealth creation.
Treat failure as feedback to change something and you will begin to appreciate the valuable lessons from failing often.