Coping with Failure

I'm not going to lie, I am terrified of failure. I do not take risks, I make overly calculated decisions and the possibility of failing is something that oftentimes holds me back from choices that I otherwise would be gung-ho about. However, through this class and reading online, it is clear that entrepreneurs do the exact opposite of what I just described. Entrepreneurs must be equipped to deal with the probability of failure, and instead of being held back, must push forward and take what they have learned and apply it to their next venture. I know it sounds cheesy, but the phrase "Learn from your mistakes" is entirely applicable to the world of being an entrepreneur. Very few get it right on their first try; fewer still get great amounts of success.

What I have learned from the process of taking this class is that there are many things I do not know nor understand regarding the business world, and I'm sure many people who go out on their own and try to create a company or a product feel the same way. Trial and error is necessary, and accepting the fact that there is a (large) possibility that your idea will not play out like you planned, whether conceptually or financially, is vital. Entrepreneurs should be afraid of failure — obviously everyone is — but failure should not be something that is going to keep them knocked down. Maybe a better way to word it is to be "wary" of failure; you are not impervious to it, but it is not something that will end you either. If you make every decision based on your inherent drive NOT to fail, those kinds of safe decisions might be what eventually leads to your downfall anyway.