Mastering the craft of learning from the failures or mistakes is the hallmark of the self-made millionaires. They don’t fear failure; they keep on trying and giving their best. If anything goes wrong, they are keen on finding out the reasons behind the failures and learning lessons from their mistakes.
Generally, a large number of entrepreneurs and professionals don’t want to re-experience the old mistakes over and over. Regularly, they keep on analyzing what worked and what did not work in different business situations. This helped them create much-needed business solutions.
People think that failure is bad; it is not true at all. It can be bad; at times, it can be good, but it is inevitable for sure. The ideal way to treat a failure is to learn from it and simply let it go. Don’t hold on to it, as it is unnecessary and a total waste of time. Reflect upon what went wrong and make sure you avoid repeating the same mistakes. In large-scale organizations, dedicated teams are assigned to reviewing the failures. The team analyzes what went wrong and writes a detailed report about it. Later, the team circulates it among the employees.
Don’t Indulge in the Blame Game
Nothing good comes out of playing the blame game. It is unhealthy and a waste of energy and time. The biggest myth associated about failure is that if you acknowledge your failure or fault, it means that you are taking the blame. It is the high time that this myth is busted because when you accept failure, you are just admitting your mistake(s) and that is it.
Now, the question is how can we avoid the blame game? If you understand the reason behind the failure, it can help you a great deal in tackling the blame game. Since there are so many things that can go wrong, try to focus on how can you make things right.
For instance, if you don’t have health insurance and you find yourself hospitalized. As a result, you end up using all of your savings to pay the hospital bill. To ensure that the you do not repeat the same mistake you can buy one of the best health insurance policies available in the market. That would be the best lesson learned from your mistake.
Every failure isn’t the same; the mistakes are categorized into three main types – intelligent, complexity-related, and preventable.
Here are the seven important steps that will help you to learn from your mistakes. One business is different from the other, so feel free to adjust these steps in coordination with your business.
Step 1: Review Your Goals – Keep reviewing your goals and ensure that they are in sync with your business initiative(s). It would give your clarity about your aspirations and help you to fulfill so.
Step 2: Analyze Your Failures in Details- When you come to know that a specific initiative is not doing well, hence, it is a failure; analyze how the things are currently and where they are going. A change in the direction can be helpful and fulfilling.
Step 3: Figure out the Discrepancies – Quantify what needs to be quantified. Highlight the differences between what you expected and what actually happened. Think about how can your bridge the gap(s) between the expectations and reality in the future.
Step 4: List Down all of your mistakes – Don’t blame anybody and list down all the mistakes that triggered the failure. The easiest yet best way to compile this list is by constructing a matrix because the repetition of mistakes creates so many discrepancies.
Step 5: Determine the Lessons to be learned – With utmost care, consider the reason(s) behind the discrepancies, so that you can see any mistakes in judgment and miscalculations you may have made. Make your conclusions and pick out the lessons you need to learn so that the same mistake is not repeated twice.
Step 6: Combine the Mistakes from Various Failed Business Decisions – If you want to understand the pattern of error, you can never understand it if you keep on analyzing a single failure. Mix up various unsuccessful initiatives in order to understand the pattern of mistakes that you have been making.
Step 7: Learn the bigger lesson – When it comes to multiplying unsuccessful attempts, you can come across various means of thinking, repeated poor judgments, and habitual actions behind those attempts. Taking that forward, you can pick up bigger lessons that you should master to make sure that you make new mistakes only.
These powerful lessons from self-made millionaires tell that no matter how hard to try, failure is unavoidable. The silver lining here is that you can always learn from your mistakes and grow. Adopt constructive measures in order to reach the next level of success. With practice and experience, you can minimize the number of mistakes that you may make in future.