Why we need to see failure as feedback

Is it just me or do we hate failing? We fear failure ourselves and pity those who have failed, especially those who have failed publicly.
A start-up that was part of one of our programmes recently filed for liquidation. They were classed as a success story raising over £6m just a couple of months ago. We don’t yet know the reason behind this failure but already the autopsy stories have started, the condolences shared amongst startup groups and shock and grief that a rising star has failed.
However no one has said about what an amazing experience these founders have been on. Yes their company failed but the wealth of knowledge and experiences they have gained from taking the brave leap to start up a company is immense. Not only will they be able to take those learnings into whatever they decide to do now, whether that be starting a new company or going back into industry, but they have experienced something that probably 99% of the population will never do.
When my company failed and I put it into administration, I was gutted. But looking back I feel extremely privileged that I had the opportunity to do it and meet the people that I did. I look back on that time with fondness and wouldn’t give it up for the world. Even if I could have back the money I lost, I wouldn’t because it was an incredibly valuable and character building experience. I always say that I got a practical MBA from setting up, running and failing a company and it has opened up so many opportunities for me both personally and professionally.
It made me realise that failure isn’t something to be scared of. Its not something to fear or avoid at all costs because learning to embrace failure opens you up to more opportunities, to ways to improve your skills, to experience things that most people could only dream of. It is the perfect feedback machine and each time you fail it teaches you persistence and perseverance. Its just showing you that it didn’t work this way but that’s not to say it won’t work another. Without sounding too cliche, my favourite quote on feedback and failure is the one by Thomas Edison;
“I have not failed. I’ve just found 10,000 ways that won’t work.”
I can empathise with the founders whose company went under this week but I don’t offer them sympathy. Instead I wish them luck and to appreciate the practical MBA they have duly earned from their startup journey. I have no doubt that they will go on to do amazing things and be successful because they have a blueprint on how not to do it in future.
And how many of us wish we had that?
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