Failure is simply a matter of an individual’s perspective and mindset.

To be successful in business and life, you must be willing to take risks and, therefore, accept failure. Jeff Bezos, founder and former CEO of Amazon, believed it’s essential to view failures and setbacks “as helpful obstacles that drive learning.”

“Whatever your goals are, don’t give up no matter how hard it gets,” he stated. Great businesses and organizations don’t exist to grow and make money. Instead, they solve societal problems, from tiny issues to giant dilemmas.

The first step to problem-solving involves defining what that problem is. The key is to get to the root of the problem. One of the best ways to discover the root cause of a problem is by utilizing the 5 Whys method. When a problem happens, could you ask why it happened five times? In theory, the last answer should get to the heart of the issue.

Bezos has long encouraged his teams at Amazon and others to take big risks and embrace failures. In 2019, Bezos told Amazon associates: “We need big failures if we’re going to move the needle — billion-dollar scale failures. And if we’re not, we’re not swinging hard enough.”

References:

1. https://www.cnbc.com/2021/10/03/jeff-bezos-on-failure-dont-give-up-no-matter-how-hard-it-gets.html
2. https://www.cnbc.com/2019/06/13/amazon-ceo-jeff-bezos-on-how-to-succeed-in-business.html

According to Jeff Bezos, it’s essential for an entrepreneur to “be a missionary,” you “can’t be mercenary,” meaning that you have to be mission-motivated, not money-motivated.

“Missionaries build better products and services — they always win,” said Bezos. “Mercenaries are just trying to make money, and paradoxically, the missionaries always end up making more money.”