Henry Ford was a Failure

[vangogh]

Twice in fact. The first two times he tried to start his company it didn't work out. The very first time the company was dissolved. The second time he left because he resented the interference of his primary investor. The automobile industry wrote him off entirely. We know the story has a happy ending and there was at least a third attempt at starting a company. Third time is indeed a charm it seems.

Earlier today I came across an article that's the excerpt of a book looking at historical figures like Ford and Darwin to discover what made them who they were. The article, Be Like Henry Ford: Apprentice Yourself In Failure (http://www.fastcompany.com/3002809/be-henry-ford-apprentice-yourself-failure), is an interesting read in itself.

The point is Henry Ford didn't give up. He learned from his mistakes and used what he learned to become successful. From the article.



There are two kinds of failure. The first comes from never trying out your ideas because you are afraid, or because you are waiting for the perfect time. This kind of failure you can never learn from, and such timidity will destroy you. The second kind comes from a bold and venturesome spirit. If you fail in this way, the hit that you take to your reputation is greatly outweighed by what you learn. Repeated failure will toughen your spirit and show you with absolute clarity how things must be done.


Hopefully that's something we all understand. Failure is only bad when it's the first kind. The second kind of failure, where you learn from it, is good. It's something we should all want to happen. Ford failed. Then he failed again. He took what he learned in failing and built a successful company that's still going strong today.

[machine]

And when you're sitting in your rocking chair someday with your best years behind you, what sort of failure do you want for memories? Personally I'll take the shot down in flames kind of failure.

[seolman]

Great article. One thing that stands out to me is how the big Detroit investor and shareholders grew impatient. That is so common because young inventors/entrepreneurs always think they can build their prototype product very quickly, when in reality there are often setbacks and problems up front. Great lessons for young business owners to learn:

a) it will always take longer than you think and cost more money.
b) When you have a partner/investor you have a boss no matter how the shares are divided. Don't be desperate for money. If you must get an outside investor be sure you get the right partner or life will be miserable.

A great way to get some good advice is to start with your bank manager. Ask him/her if they know any successful local business men willing to mentor a young entrepreneur. This is also a great way to get to know the bank manager and potential investors ;)

[vangogh]

Personally I'll take the shot down in flames kind of failure.

I'm thinking the crash and burn memories. :)

Dave, so true about the impatience of shareholders. I do understand where their impatience comes from. Their goals are different. They want a quicker return on their investment. Good point too about things taking longer and costing more than you think. Again so true.

I thought the article so good that I added the book to my Amazon wish list. I hear we have some holidays coming up soon so maybe I'll be reading the book before too long. I think the idea that failure is not only ok, but a very good thing is something all entrepreneurs need to understand and learn. Rare is the successful person who's successful out of the gate. More likely you're going to fail. You want to learn from your failures and continue to learn from them. Through that trying, failing, learning cycle, you'll learn the lessons you need to be successful not just today, but for tomorrow, next month, next year, and the next few decades.

[seolman]

I think failure is inevitable for most. I sure had my share of failures and I didn't always learn the things I should have (some of us are slow learners). But the more you fail the better it feels when you do finally get it right ;)

[vangogh]

I agree. I think some people have a hard time with though. They try, fail, and give up. It's not easy dealing with failure, but you have to accept it as part of the process of building a business and see it for the good it can do.

[Dan Furman]

I've been fired more than 12 times, been divorced once, went broke once, have been in three car accidents (only one was my fault).... oh, and had two businesses fail as well.

And I think I'm a success. :)

[vangogh]

Then you have no excuse now for not being a success. :)

The key really is to learn from your failures. Few, if any, are going to get things right the first time out. And when they do it can be a danger, since they can be convinced of their own brilliance. Failing and taking the time to understand why you failed only increases your chances of success the next time around.

[dereksbicycles]

I shared it on my facebook page. Very proud of him. Trust me, about everyone on top of ladder has failed at least once trying to start their own business.