Embrace a healthy fear of failure

There is much talk about the need for entrepreneurs to understand that failure is often part of the journey, and that success doesn’t come easy or necessarily the first time around. Understanding that a business venture might fail, and that this reality doesn’t worsen your prospect of succeeding in the larger scheme of things, gives you perspective. Most successful entrepreneurs around the world will tell you that they have experienced failure at some point in their lives, and many have failed multiple times before getting it right. The trick is to have the right attitude to thoughts of failure. There is a great quote by the hugely successful Debbi Fields, founder of Mrs. Fields Bakeries in the US. She began her business in 1977 in Palo Alto, California, and since it has grown into over 650 retail bakeries in the U.S., yet she faced a barrage of sceptics in the early days who warned her of impending failure. She famously said: “The greatest failure is not to try. Had I listened to all the people during the course of my life who said, “You can’t. You’ll fail. It won’t work. You don’t have…,” I wouldn’t be here today.” Acknowledging the fact that failure is a natural part of the entrepreneurial journey means you are less likely to see setbacks as insurmountable, or to view any isolated failure as catastrophic, or to let a failure get you down.