Businesses experience challenges, and entrepreneurs make mistakes that hinder their progress, but that should be considered a learning experience according to Steph Korey. Korey is a successful entrepreneur who has established a $1.4 billion company amidst the challenges in the competitive business environment. Her entrepreneurial acumen has earned her honors and awards, notably “30 Under 30” in Retail and Commerce by Forbes Magazine and “100 Builders and Innovators” in 2018 and 2019. In addition, her business venture was voted among “World’s Moist Innovative Companies” by Fast Company. Through her experience, Steph Korey highlights how failures and mistakes lead to business success.

 

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Steph Korey has a counterintuitive understanding of failure; one cannot win without failure. The counterintuitive mindset prepares people for failures and challenges them to take bigger risks. Even though many people view failure negatively, it is part of life that sometimes cannot be avoided. A positive mindset regarding failure allows one to learn and grow. Steph Korey agrees with many researchers that failure is the foundation of learning. Nonetheless, learning from failures means that one should promote a culture of teamwork, openness, and trust. In the business sector, disagreements and mistakes are common, but they can help gather the knowledge necessary to steer a business to success with a positive mindset.

According to Steph Korey, accepting and discussing failure and mistakes builds room for improvement and growth. Even though openly talking about failure might send the wrong message, it goes a long way in creating a productive work environment. Entrepreneurs who share their failures and mistakes appear approachable and relatable to the workforce. Failing to discuss a failure because of the fear of appearing unprofessional and unqualified creates room for making the same mistake. Undoubtedly, everyone is afraid of making mistakes, especially perfectionists. Regardless of the pressure to succeed, people should not be afraid of failing because it brings them closer to success.

Learn more about Steph Korey: https://www.crunchbase.com/person/steph-korey