“Failure is not to be feared. It is from failure that most growth comes.”
Failure is usually the greatest fear of most entrepreneurs. That fear is exponentially increased especially if you are just starting your business and have a family to feed.
Fear can be crippling for existing companies who are trying to expand their business or their lines of services or products.
True failure has a financial cost, and possibly a psychological cost. But your fear of failure cannot hinder you for trying.
One company comes to mind for a series of failures before success. Those failures helped to name the product and then the company, WD-40. WD-40 is an abbreviation of water displacement, 40th formula. Rocket Chemical Company failed 39 times before they found the formula that worked.
They named the product WD-40 and later changed the company name to WD-40 Company.
The light bulb was created in the late 1870’s and introduced about 1880, with a carbon filament. It was not until later that the Edison Company commercialized the light bulb in the 1920’s. The Edison Company built itself on the failure of other companies, who weren’t able to successfully commercialize their product.
I was fearful about starting this business and it was one of the best things I ever did.