In business, as in life, we face failure differently. We may ignore them so that we don't feel bad about ourselves. We don't like to accept that we made a mistake. Other times, we blame others. I think that is the worst way.
In business, failure should be seen as an opportunity to learn
When you have an idea in your mind, as an entrepreneur, you think about it, you analyze it, you spin it. Then you turn it into a project and finally it's a decision. It could be the purchase of more modern machinery, a new product, some radical change in the organization of the company, new markets that you now want to attack or perhaps an important change in the business line.
Every decision has a risk.
I will tell you at the end of the note, what to do when you face failure.
Of course, there are failures of all sizes. Some will only give you a mild headache, others a stomach problem for several days, but others can take you to the operating table.
That is, in business, some mistakes may make you waste a little time, a distraction, the loss of a few thousand dollars. But there are mistakes that can put you on the brink of bankruptcy.
In my experience as a consultant, unfortunately I have been attending the operating table. The companies that bring my clients (not to say patients) no longer have stomach ache, they have a very severe financial crisis.
An unexpected failure is a sign. Look at these possibilities:
- It tells you if you are making decisions impetuously, if you are not considering some aspects that are relevant It tells you that something may be changing in the market or in the competition It tells you that perhaps there are changes in perceptions, needs, expectations and customer values.
Consider failure with an opportunity to innovate. You must take failure seriously.
Not only must you analyze what happened, but you must also investigate deeply within the company and outside of it to discover what may be changing.
It is true that failure may be due to a mistake; but it can also be due to changes in the market, which you should take very seriously.
You know what? You may fail even when you have planned carefully, even when you have designed your project with great care, even when you have had enough advice and criteria to make a decision and still, your project fails.
If this happens you must double your efforts to analyze your failure. Something strong is happening.
Now I suggest you do the following:
Identify a recent failure, perhaps the one you consider the most impactful, hopefully one that has passed from afar. This exercise can be used for a failure of yours or a failure of another company, excellent if that is your competence. Look for the reasons that explain this failure.
Do this exercise with your work team, involve them.
Now try to apply those lessons in your business.
