There are lots of quotes about success. These include “If at first you don’t succeed, try, try again” and “You won’t be successful until you encounter failure”. All these quotes amount to the same thing. You have to make mistakes, learn from mistakes and then in doing so you will eventually succeed. Business is about making mistakes and learning from them. Some of the world’s leading entrepreneurs have made many mistakes. The trick is to make sure that they don’t bring you down to the point where you give up.
Some days you will feel on top of the world, you will make a sale, gain a new client or discover a new product to add to your portfolio. They won’t all be great days and if you think this you will face regular disappointment. This isn’t to say you should be negative. Face each day with a positive attitude and take the knocks on the chin before getting straight back up and carrying on.
Don’t make the same mistake twice
You could make a big mistake or you can make small mistakes. The trick is how you recover. Imagine you have to place an order for stock and accidentally add another zero on the end. Suddenly you have spent much more than you could afford and have no room to put everything. You could let this affect you or you could chalk it up to experience, learn the lesson and then resolve the situation by negotiating with the supplier to take the goods back and refund your money. Next time you will be more thorough about checking before you hit the “order now” button.
Your business format may be a mistake. Harsh but many businesses try many different concepts and end up in a business which wasn’t at all what they had planned. You may come up with a business idea that you think is the next big thing only to find out that isn’t. You can either, give up and go back to what you were doing, or you can dust yourself off and analyse what went wrong and how to correct it.
Identify what works
As well as making mistakes you will encounter success. Of course you will otherwise why would you carry on? Even a small success like making a sale will motivate you to the next success. When you succeed you need to build on it and ensure that you replicate this and transfer it to your next mission. That feeling you get when you succeed will make you want more so keep doing the things that work.
Knowing when to stop
This is a skill that you must use from time to time in business. Don’t gamble with your livelihood. If something didn’t work there was a reason. Unless you can identify a reason then don’t repeat the exercise. If you are having a sale on umbrellas in a heatwave and advertise it heavily for the hottest day of the year then you have made a mistake. Don’t make the same mistake again though. Wait for a downpour and then advertise those umbrellas. Now people will want what you are offering.
The absolute key is to learn from mistakes and failures and keep going. Capitalise on the successes and build on this. Just DON’T GIVE UP!