Failure. It’s a word that sends shivers down the spine of many entrepreneurs and professionals. But what if I told you that failure isn’t just an inevitable part of business, it’s also a crucial element of growth and innovation? In business, just like on a whiteboard, mistakes are meant to be erased, but they’re never truly forgotten. They leave a mark—a lesson, a reminder, and a stepping stone toward something better.

A personal story of failure

Like many entrepreneurs, I’ve experienced my share of failures. Early on, I was so laser-focused on the idea itself that I ignored one of the most important ingredients of success: people. I had a concept that looked incredible on paper, but I failed to surround myself with the right team to bring it to life. The idea was solid, but without the right people driving its execution, it collapsed.

On the flip side, I’ve also been mesmerized by the brilliance of certain individuals, trusting their talent and ambition, but overlooking the lack of a real, viable idea. In both cases, I learned the hard way that success is about balancing the two—people and ideas. An idea can be revolutionary, but if the team isn’t right, it won’t get off the ground. And no matter how talented your people are, without a solid idea, there’s no foundation to build on.

Over time, these failures shaped my approach to entrepreneurship. I realized that focusing solely on one element—whether it’s the people or the idea—wasn’t enough. This led me to adopt a mindset of “plan for the best, prepare for the worst.” It’s not about being pessimistic; it’s about having a Plan B, because in business, things rarely go exactly as planned.

Failure fuels innovation

Some of the most successful businesses we know today have embraced failure as a tool for innovation. It’s not just about the idea; it’s about having the right people to execute it. A great idea with the wrong people can fall apart, while an average idea in the hands of exceptional people can flourish.

Consider Apple. Steve Jobs, the visionary behind the company, was once ousted from the very business he founded. The idea of Apple was strong, but without Jobs steering the ship, the company struggled. It wasn’t until he returned, bringing a renewed focus and the right team, that Apple truly transformed into the global powerhouse it is today.

On the other hand, Airbnb started as a fairly simple idea—renting out air mattresses in your living room to help cover rent. Not exactly a groundbreaking concept, right? But the founders—driven, adaptable, and determined—took that modest idea and turned it into a global platform that revolutionized the travel industry. The difference wasn’t the idea, but the people behind it. Their persistence in refining the model, learning from failures, and surrounding themselves with the right team made all the difference.

Myth or reality, the famous Edison quote stands true: “I have not failed. I’ve just found 10,000 ways that won’t work.” Whether he said it or not, the principle behind the quote is undeniable. Every failure teaches you something that brings you closer to success.

Iteration: The key to progress

–Too stuck on one idea

Failure is not the enemy. The real danger lies in staying stuck on one idea or approach for too long, refusing to adapt when it’s clear things aren’t working. But here’s the catch: sometimes it’s okay to get stuck and keep pushing, even when others think it’s time to move on. Some of the best ideas need time and persistence to take off. It’s all about balance—knowing when to be stubborn and when to adapt.

Personally, I’ve been there. I’ve been so deeply convinced that an idea would work that I pushed forward even when everything around me suggested otherwise. Sometimes, it’s that stubborn faith that helps you see it through. Other times, it’s about being able to step back, assess the situation, and realize that it’s time to pivot.

While getting stuck can be a dangerous mindset if you’re not careful, sometimes you need to have faith in your vision and trust the process. Knowing when to keep pushing and when to pivot is a skill you develop over time, and there’s no formula for it. You learn by doing and failing—and that’s okay.

–Fear of starting

On the flip side, there’s the fear of even starting. This can be just as crippling, if not worse. I’ve been there too—especially when I was younger and lacked the self-confidence to dive in. I spent a lot of time second-guessing myself, thinking, What if I fail? That fear kept me from taking risks and putting myself out there.

What helped me break free from that was surrounding myself with smart, driven people—people who intimidated me a bit, in the best way possible. They pushed me to think bigger and gave me instant feedback when I was being inexperienced or overly cautious. These people didn’t sugarcoat things; they challenged me to think differently and made me realize that the fear of failure shouldn’t hold me back.

The key is to start, even if you’re scared. Surround yourself with people who will push you to grow. The quicker you embrace the possibility of failure, the quicker you can learn from it and find what works.

Turning setbacks into strategy

Failure doesn’t mean you’re done. It means you’ve learned something invaluable—something you can use to sharpen your strategy. After all, you don’t want to keep making the same mistakes. The trick is to take what you’ve learned and turn it into actionable insights.

Here’s what I’ve learned along the way:

  • Have a plan B: Always prepare for the possibility that things won’t go exactly as planned. Don’t rely too heavily on one path; be flexible.
  • Focus on both people and ideas: A great idea won’t succeed without the right team, and a strong team needs a great idea to work toward.
  • Fail fast, iterate faster: The quicker you can recognize failure, the quicker you can fix it. Embrace iteration as a constant part of the process.
  • Don’t fear failure—use it: Each failure provides valuable feedback that can guide you to a better solution.

Conclusion: Embrace the eraser

In business, failure is inevitable. But it’s not something to fear—it’s something to embrace. Like scribbles on a whiteboard, mistakes are erased, but they leave behind lessons that inform your next move. Every failure has the potential to make you a better entrepreneur, a better leader, and a better problem solver.

So the next time you hit a wall or an idea doesn’t pan out, don’t be discouraged. Pick up the eraser, learn from the failure, and use it to write something better. That’s how success is built.