There’s a lot you can learn when your business fails — despite it being a devastating experience. Whether it helped you realize the importance of a support system, or validating your idea or helping you sustain a long-term goal, there’s usually a silver lining.
However, I was surprised the failure of my business bolstered my leadership skills in the following ways.
Failure shaped me as a leader.
Perhaps the main reason why failure can be a rewarding learning opportunity is that it shapes you as a leader. When you fail, you must take ownership of the decisions you made. Whether if it was a bad investment, a flawed hire or a dud marketing strategy, you need to take ownership. Remember, the buck stops with you — you can’t weasel out of this responsibility.