Learning From Mistakes: Why It’s Okay To Fail In Business

10 Jun Learning From Mistakes: Why It’s Okay To Fail In Business

Most professionals like to win in business.  Unfortunately, many of them have no idea how to do it. Some fall into the trap of  believing that mistakes and failures are indications that success is impossible.  The truth is that failing is an integral part of the road to success.

You can’t hope your way to perfection.  You’ve got to try an idea to determine if it’s viable.  You might fail. Yet, every failure brings to mind important questions:  What if I had done things differently?  Would it be the same if I hadn’t worked with this person, or made that deal, or marketed that way? What can I do to improve?  Those questions are exactly what a businessperson needs to ask, so that the next idea is better and you don’t repeat the same mistakes.

The only way to completely prevent failure is to stop moving, stop acting and taking risks and stop trying to be successful altogether.  Imagine if you just stopped trying.  There would be no more failure, but you wouldn’t succeed either.  Failure is permanently fused with success.  There’s no way around it.

Some of the biggest leaders in business have failed big. Instead of giving up, they licked their wounds, compiled their key-learnings and moved forward. Here are examples of failures that should inspire you look at every defeat like a lesson:

Oprah Winfrey- The queen of media was actually fired from her job as a television reporter because she was “unfit for tv.” What would have happened if she had let this crush her dream?

Stephen King –This best selling author’s first book, Carrie, was rejected by no less than 30 publishing houses. How do you bounce back from 30 companies saying, “you don’t have what it takes?”

Vera Wang – This figure skater failed to make the cut for the Olympic team. Her second career as a fashion editor for Vogue also hit a wall when she was passed over for a promotion to Editor in Chief. How do you keep going when plan A and B, both go awry?

Each of these leaders used their failures to propel themselves forward. In the moment any defeat can feel like the end. If you take the time to analyze the situation you will usually find yourself wiser and prepared to take on new challenges.

What have you learned from your mistakes?