Valuable lessons from failure.


FailNailThe nicest definition of failure I have found so far is on Wikipedia. It states “Failure is the state or condition of not meeting a desirable or intended objective, and may be viewed as the opposite of success.” What we need to remember is failure is not final. It is part of a process. Therefore the concept of failure as such should be redefined to lessons learnt.

In running your business, you will encounter many failures lessons and often. As I have said in a previous post “Lessons from entrepreneurial failure” most will not be fatal and you will continue to operate. The key here is learning valuable lessons and gaining insights on improving your business incrementally.

Not only is it important to learn from these lessons it is also important to share them. This benefits not only other entrepreneurs who may be at the same stage as you but also the team you work with.

I think that social media sites such as LinkedIn and twitter for example, and also blog platforms are great tools for this type of information sharing. They are great enablers.

The takeaway from this is… Learn from your mistakes and learn from others who are willing to share.

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7 thoughts on “Valuable lessons from failure.

  1. Don,

    Nice post! ‘Failure creates new opportunities’ as far as I am concerned, so I strongly agree with your post Don.

    As for social media being an enabler to share, learn or absorb info, this has become a growing source of anything and everything for the business owner. From a personal standpoint, I particularly like the blog format as a method of telling your story or sharing the lessons, learnings or opportunities I have experienced. This becomes the core platform for content and it is then shared by the other
    Methods of S.M you mention.

    Cheers
    Tony

    1. Thank you Tony, and I agree that the blog format is great for sharing valuable lessons and information, however many if not most consumers are not on blog platforms but social media, therefore both are as important as each other in their own ways.

  2. The secret of making mistakes isn’t to avoid ever making one again – it’s to recognize that making a mistake is not fatal! They are necessary stepping stones on your path to success.

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