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Learn from Your Mistakes Equals Entrepreneurial Success!

Learn from your mistakesHow often have you heard the phrase "failure is not an option?" Nice-sounding words, sufficient for effect, not exceptional in reality, especially if you want to be a successful entrepreneur.  Unfortunately, failure comes with the territory. And you have to be ready to face it and be willing to rebound from it.

"Sometimes, it's a big failure."

Your whole business model doesn't work because you misjudged the ease of customer acceptance; or because of bad timing, be it with the economy as a whole, or a specific market, in particular.

Sometimes, it's a smaller one, but nonetheless painful. You lose a big customer, solely because they chose a more prominent supplier with a better price, discounting the value you brought them.

But many entrepreneurs look at failure as an ending, a devastation from which one can never recover. They continually try to ensure that they never make a mistake in their small business.

No one purposely seeks to fail.

But it's not whether failure happens, but what you do with the opportunity that failure creates. It isn't an ending, but a beginning. Learn from your mistakes.

A next step toward the ultimate success of your small business. Success frequently follows failure. Without failure, it's hard to appreciate success. Plus, you can't play the game NOT TO LOSE!

Learn from your mistakes quote

Some say that Thomas Edison failed nearly 10,000 times before he got the light bulb right.

Pete Rose had more than 4000 hits in his baseball career. He also made more than 8000 outs, more than most ballplayers had times at bat.

Michael Jordan failed to hit the winning shot more than two dozen times, but we only remember the ones he made.

"Does anyone think of Mr. Edison, Mr. Rose or Mr. Jordan as failures?"

In each case, with each failure, a lesson was learned and built upon by each successful person. It's not that they failed, but what they did with each failure.

Each failed attempt got Edison closer to his goal. Rose used each out as a learning experience for the next time he came to bat. Jordan's missed shots further fueled his competitive spirit for the next opportunity to win a game.

I have had many failures, and they have all been learning experiences, albeit painful ones.

Each one was almost like another course toward the degree in entrepreneurial success. For the entrepreneur, the road to success is paved with failures.

Don't fear failure, but learn and grow from it.

"The Entrepreneur's Yoda" knows these things.  He's been there.  May success be with you!


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1 COMMENT(S)

2013-02-06 07:34:05 by Rob

This great advice. No journey is complete without failures. It's how you get up and move forward that defines your success. Excellent post, thanks Lonnie.

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