Dealing with Failure

In business, you have to constantly try new things, because most of the things you try won’t work. It doesn’t mean they weren’t worth the attempt; it just means that the small business world is impossible to predict. Because none of us know beforehand what will work, we have to try many things that fail in order to reach success. As a result, one of the most important lessons for any small business entrepreneur attempting to grow a business is to learn how to deal with failure.

Scott Edinger, the founder of the Edinger Consulting Group, wrote this week for the Harvard Business Review Blog Network about this concept, the importance of knowing how to approach failures. “You will fail. It’s inevitable, so you might as well begin preparing for it now,” he writes. “How you handle that failure can raise or lower the risks of failing again—and shape your legacy as a leader.”

The best leaders are able to respond positively to failure and turn it into even greater success. Steve Jobs was one of the most successful entrepreneurs in history—and yet in the mid-1980s he was a colossal failure. He was fired by his own company, Apple, and forced to start over. He moved on and spent the next decade learning from his failure until Apple begged him to return in 1997.

Here are a few common themes to observe in leaders who are adept at preparing for and dealing with failure. They are many of the same lessons we preach here at OneMoreCustomer:
•Acknowledge the failure and put it in perspective.
•Look for causes, not blame.
•Before you wrack your brain to think up an appropriate response, take a break.
•Get some help.
•Refocus your efforts and take action.

If something you try, perhaps a marketing strategy, isn’t working, then you have to start by being honest with yourself about the failure. If something didn’t work, that’s ok—don’t pretend it’s a success just to avoid dealing with the problem. Once you’ve acknowledged the problem, try to figure out why it didn’t work. You don’t need to blame anyone—you and the people around you need to feel comfortable throwing out ideas and trying new things, and if the first response to failure is to cast blame, then those idea wells will dry up quickly. And don’t dwell on a mistake; take what you’ve learned and use that knowledge to improve your next idea. Don’t let a failure stop you from trying again—if you don’t keep constantly putting new ideas out there, you’ll never find the one that works.

*GOD Speed*
TLD Investments LLC
http://www.tldinvestmentproperties.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: