Importance of Failure…

Every CA Story starts with CPT and ends with Membership of ICAI. Chartered accountancy is one of the best professional courses in India & it’s a great honour to be a Chartered Accountant. The dawn of the New Year, the month of results has also come. I can easily understand the importance of the results of the examinations. The result will let us know where we stand and what adjustments are required in the overall strategy. I hope your hard work and labour will achieve your dreams, with beautiful smiles on your faces and a feeling of accomplishment in your eyes. But the bitter truth is, not everyone can get the taste of success. Some of us will clear the exams; but others will have to wait for atleast next 6 months. Failure is equally important is our life.

Have all successful people reached their pinnacle only through success? Or was it the failures along the way that motivated them to excel in their chosen field? The answer is simple as it is a well known fact that failure is an inevitable part of success.

There are two sides to failure. One group would view failure as just a stumbling block, learn from the mistakes and move forward with vigour to achieve the goal. The other group would, however, look at it as a setback and out of fear never attempt to change considering themselves as failures in life! It is how you handle failure that determines the success rate of your endeavours.

Be Positive

A positive approach is the only way to rise above failures, accept that it is human to fail, learn from the experience, circumnavigate to the road to success.

1. It is alright to make mistakes:

You learn by falling, so acknowledging mistakes is a sure fire way to success. Instead of being on the defensive when a mistake is pointed out by others, gracefully accepting the mistake and owning responsibility for it not only helps you but also helps you gain the respect of others.

2. Avoid the blame game:

Avoid blaming the external circumstances or people for the mistakes and look for causes that can be rectified. Once you learn from the mistake, it is a guarantee that the mistake or failure can be avoided again in the future. But not learning from the failure and making the same mistakes again and again is like digging one’s own grave.

3. Try, try and try:

You should not regret or repent for what could have been in your golden years. So, do not give up easily due to failures but try to achieve the success which you so much desire and deserve!

4. Plan well:

Plan in such a way that there is room for failure, expecting it as a part of the journey to success. Having alternate plans or options is recommended for overcoming the shortcomings of an initial plan.

5.  Inner transformation:

The inner critic or the inner voice may inhibit progress with niggling doubts and feelings of not deserving the success. Being too hard on yourself with criticism and being strongly aware of your weaknesses and the ‘if only’ attitude restricts you from experimenting or venturing out of the ordinary towards innovativeness. Overcome this by living in the present, the moment. Thich Nhat Hanh – a Buddhist monk, teacher and author recommends the Buddhist philosophy of practising mindfulness in all thoughts, words and actions where the focus is in the present action, or thought for a successful life and living.

Are you afraid to fail?

A lot of us are afraid to fail. We believe it as a sign of weakness and can even come to regret ever taking that leap of faith. Well, contrary to this belief, a number of highly successful achievers often credit a failure or two, to their success.

There are two philosophical attitudes towards failure. One way is to treat it as a stepping stone to success and the other way is to realise the strengths and weaknesses and identify skill sets that would help you forge ahead. Bear in mind that it is human to fail. You are never too old or never too young to try anything new. Failure should not deter you in your path to gaining new skills or succeeding in life! Failure enhances the sense of achievement when you finally taste success. Life is not a bed of roses and it is in your hands how successful or purposeful you make it!

Read on as we break down the fundamental reasons why failure should be important to you.

Welcoming Failure

The premise of using J.K. Rowling as an example about the importance of failure is to emphasize the point that, failure is not unusual. Being an author worth billions of dollars is not a prerequisite in order to learn from our failures and to attain success. Success means something different to different people. However, there is something everyone has in common who has succeeded at what they set out to do; they have failed at one time or another, in fact multiple times. Henry Ford, the great automaker, went bankrupt four times. Google tried to sell itself for one million dollars! Thomas Edison produced thousands of light bulbs that gave no light at all!

Failure is a type of freedom. Why? Because the worst has happened. Now, you can relax and rebuild your life. You do not have to fail on a large scale, but failure in life is inevitable. There is no way to live life without failing from time to time. The only way you won’t fail is if you live so guardedly that you are barely living at all, wherein, you fail by default. A wise thinker once stated, “Avoiding danger is no safer in the long run than out-and-out exposure, and the fearful are captured just as frequently as the bold.” Failure is not something to shun, but something to embrace.

The Importance of Failure

Okay, it’s clear; we all will face failures in life. However, this does not mean we should “chase failure” in order to get it over with, so to speak. It’s a funny thing, but failure is never planned. It’s the companion of success. An unwanted companions for sure, but nevertheless, a very important one.

When we resist failure, it attaches itself to us. You don’t solve an issue by resisting it. We overcome failure by accepting it, analyzing it, dissecting it, and looking at it from every possible angle. Without failure, there is no growth.

The Business of Failure

Steve Jobs, the founder of Apple Computers. He was the perfect example of courage in failure. In his first attempt at a mobile gadget, it failed. In fact, it failed pretty badly and he was thrown out of the company. Nonetheless, he is one of the greatest comeback stories of all time.

The More You Fail, the More You Win

Failure drives us to change. Without it, where would we be today? Thomas Edison produced tons of light bulbs that did not work. If he had not tried again and again, well, we all know the answer to that one. Winston Churchill once stated, “Success is based on going from failure to failure without losing eagerness.” Of course, some individuals are sardonic. These types of people never pick themselves up from failure because they did not grow from a previous failure. Failure is the most wonderful teacher if we are willing to learn from it.

Even though success is the power that hastens us en route to our goals, it is failure that guides us to those goals that count. When failure is acknowledged as being just as vital as success, it’s easier to accept it freely and carry on with searching for a resolution.

Plan B

A very well known fellow stated, “The most successful people are those who are good at Plan B.” Individuals who are good at “brushing failure off their shoulders” take the necessary steps to try again, usually with Plan B. In fact, Plan B may not even be a plan at all! Plan B is the “I can do it attitude.” Plan B, is the transition from failure to success.

“The desire to succeed, must be great than the fear of failure.” This statement was made by well-known actor and comedian Bill Cosby. In our personal and professional lives, the aforementioned quote states the significance of failure and how big a part it plays in each of our live, Consider this. During the day, where is your energy focused? Is it focused on succeeding or failing? Is the glass half-empty or half full? Our thoughts have us on leash. Eventually, we go where they lead.

Concluding Remark

If you focus on negativity, then your world become cynical. If you focus on positivism, even the harshest defeat is only a stepping-stone. A mother was speaking with her daughter who was despondent about repeated failures. She spoke about well-known personalities and how they succeeded because they “tried that one last time”. This gives her daughter the incentive to try again. After reading about the importance of failure she stated, “You never know what waits beyond failure; therefore, I will try again.” Failure is the stratagem that leads to success. Without it, where would we be?

“If You’ve never failed, you’ve never tried anything new”