Developing an entrepreneurial mindset - Failure

We close the series of self-paced videos for Module Three - Developing an entrepreneurial mindset - by preparing to use failure as a valuable learning experience.

"Failure" means:

• Success in progress
• Finding 10,000 ways that won’t work
• To miss scoring the game-winning shot
• To live life properly, in the pursuit of meaningful experiences
• A temporary detour, not a dead-end street

Embrace continuous learning with “Failure Autopsy”​

1. Set the stage. Explain the shift in perspective

2. Select & define a failure​. Choose wisely & work thoroughly

3. Analyze the failure​. Identify causes, decisions, benefits

4. Extract lessons​. See mistakes & key takeaways

5. Reflect & apply growth​. Shift the mindset & use the knowledge

6. Share with the group. Encourage collective learning​

How to reduce the fear of failing​

• Analyze all potential outcomes​. Use a Decision Tree to visually map possible outcomes
• Learn to think more positively​. Employ “The Work” by Katie Byron or “ABCDE of emotions” for this
• Look at the worst-case scenario​. Ask yourself what is the actual worst that can happen and explore it
• Have a contingency plan​. Put together a “Plan B” for those moments when you are most afraid​

Beware:

• Failure can teach you unexpected things about yourself!​
• There is no universal definition: YOU define what failure is!​
• Success is about progress, not about perfection!​
• Find meaning in failure by seeing it as a piece of the puzzle!​
• Forge resilience through repeated failures!​

Practice the “Alternate Universe” exercise​

1. Select a failure​. Ensure it is comfortable to revisit.

2. Set the context​. Provide a brief overview of the failure.

3. Imagine alternate Universes​. Go for different choices and decisions.

4. Visualize outcomes​. See each alternate universe.

5. Process insights​. Reflect on the newfound info.

6. Identify take-aways. Conclude with lessons learned​.

“Failure is the condiment ​that gives success its flavor.” - Truman Capote​

Articol scris de Impact Hub Bucharest

Primul coworking space din România @ Din 2012

Impact Hub Bucharest este organizația ce susține dezvoltarea antreprenorială a inițiativelor cu impact pozitiv în societate în cadrul unei comunități globale. Pune la dispoziție spații de lucru colaborative, programe de dezvoltare și incubare a afacerii, conferințe și evenimente, precum și opțiuni de finanțare prin crowdfunding. Prezentă în București din 2012, organizația face parte din rețeaua globală Impact Hub cu prezențe fizice în peste 100 de locații de pe 5 continente.