"Failure. You’ve likely read articles on how to avoid it or turn it around, but rarely how to deal with it openly and transparently. Yet, failure is a business reality. Every entrepreneur - and every successful company - has undoubtedly experienced more than a few gut-wrenching moments of demoralization and market loss, before forging ahead and rising to the next level."
The above words of wisdom are from Matt Rissell, the visionary co-founder or TSheets, in one of the many brilliant articles he has penned for Huffington Post.
TSheets is Rissell's sixth successful startup venture, in 2006, after discovering a gap in the employee time tracking and reporting market. Since then, the company has received Entrepreneur's Top Company Culture and named the Idaho Innovative Company of the Year and the #1 Best Place to Work in Idaho. Currently TSheets is employing 100+ of the best employees in the business and growing, and circling the globe with customers in over 100+ countries.
Rissell's insights are profoundly useful for anyone who seeks success in business. Rissell writes:
In truth, the fear of failure keeps brilliant business initiatives from happening. It’s too bad. Risk taking and big thinking have always coincided with the potential for failure - countered by the possibility of great reward. For a business or entrepreneur, failure gives us the opportunity to pause, rethink, revise and learn the value of persistence.
As a co-founder of a lean startup, I know this grueling “how to fail” process all too well. Five years ago, you may have been tempted to join our critics - forecasting a slow and painful demise. We’ve certainly had our share of hard days and lean times.
Most company success stories seem to start with the initial light-bulb moment, then skip to their success, completely glossing over the failures that built the backbone of their business. Exhilarating, but far from reality.
Rissell goes on in the article to share a few market failures his team ecountered, and how each one shaped who they are today.