15 December 2017 Last updated at 03:25 GMT

Can you handle failure?

Can-you-handle-failureMany entrepreneurs believe that if you embrace failure on your path to success, you will succeed. In fact, most successful entrepreneurs have failed many times, but the difference between them and the rest of the world is that they don't internalize failure - instead they embrace it.

Failure sometimes helps us better understand what we are trying to do and how we should go about it. It sets a clearer picture for the direction that we should head.

"I honestly think it is better to be a failure at something you love, than to be a success at something you hate." George Burns.

Is failure just part of the parcel? Do we need to fail in order to succeed? Bill Gates did. Michael Jordan did too.

Your ability to handle failure and to some degree, blame, is imperative to being successful in everything you do. If you fail at something, being able to recognize the failure and embrace it, can help you learn the lesson you need to learn to achieve success.

Approximately 70% of Americans have a  personality type that tends to react inappropriately when things go wrong. I am sure that this statistic is similar in places like Australia and the UK.

Of this 70%, many 'point the finger' at someone else rather than place blame or responsibility on themselves. Not dissimilar to relationships when arguments occur and people don't take responsibility for their own actions.

"The biggest failure you can have in life is not trying at all." Emily Motycka.

In business, failure is something that will happen from time to time. We cannot win at everything. Look at Facebook. They have been on a huge winning streak, yet after listing on the New York Stock Exchange, their mediocre results and downgrading of market capital has been significant.  They have failed on listing - it's as simple as that. I know we are talking about a few billion dollars which quite frankly the founders can afford to lose, but their responsibility is to make a success of the public listing and increase the value for shareholders. Whether or not this is going to happen, remains to be seen.

Have they learnt anything from this failure? I am sure they have. While they can blame technology and New York Stock Exchange for so long - we all know that the under-performing stock has everything to do with the fact that the stock was over-hyped and no doubt over-valued when it listed. I feel sorry for the Mum and Dad investors who are being robbed of their life savings because media has played a pivotal role in over-hyping the stock and building a dream for anyone who was willing to invest.

"I have not failed. I've just found 10,000 ways that won't work." Thomas Edison

When you fail in your business, regardless of size, sit back and analyze what caused you to fail and how you can do it differently next time. It's just the same with life. Learn the lesson and move on with experience and better insight to how you can do things differently.

After all....

"Failure defeats losers, failure inspires winners." Robert T. Kiyosaki.

When was the last time you failed and learned a valuable lesson?

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