The conventional wisdom is that if you start a business and fail, you will have gained new knowledge of what doesn’t work, which you can then use to be successful the next time you start a business.
Because of this, failure is then seen as a good thing by those who view it as a learning experience.
But what do you really learn from failure?
If you fail in business, you may learn what you SHOULDN’T do the next time you start a company, but you still have not learned what you SHOULD do the next time you decide to start a company.
Contrasted with success, which actually teaches you what works.
For example, when you have an idea or a strategy that’s successful, you can then take that knowledge of what works and replicate it and even add on to it to make it better.
What you learn from success then, not failure, is the knowledge that is actually valuable.
A study by the Harvard Business School found that entrepreneurs who were already successful were far more likely to succeed again.
For already successful entrepreneurs, their success rate for future companies is 34%.
But entrepreneurs whose companies had failed the first time had the same follow-up success rate as people who were starting a company for their very first time, at just 23%.
If you start a business and fail, and decide to try again, it’s like you never even tried at all.
In life, success is the experience that actually matters, not failure.