When the legendary Kerry Packer said that a good business person needed to have some experience at failure in order to succeed, he was revealing something about business that only the truly successful know. That is, in order to really succeed and reach your true potential, you have to fail first – and more than once.
While this may sound counterintuitive, only failure will teach you the lessons you really need in order to build a business that is fail safe. Why? Mainly because it teaches you the resilience to get back up and keep moving forward – even after devastating disappointment and crushing failure. It also teaches you how to assess that failure in a learning capacity by encouraging self-reflection.
So the next time you experience failure in your business, ask yourself these three questions:
- What was the main factor that led to your failure and how could you change it next time?
- What new information do you have that can lead to even more success in the future?
- How can you incorporate what you know into future business planning so you use the past to improve the future?
Failure does not always mean closing down your business it can be anything from hiring the wrong person, not getting sales from a strategy, an interstate expansion failing or a failed business partnership. Any of these scenarios can cause pain but at the end of the day, they are only truly detrimental to your business success if you don’t learn from them and apply the learnings to move forward successfully.
If you consciously assess your failure and turn it into your future success, you will never fear failing again – you will instead embrace it as part of your strategic learning to help you grow and ultimately prosper.
This is only one way to turn your business into a success. To learn more about what it takes to build and grow a successful business take the 30 Day Business Challenge. Sign up now.
