How do you learn from your mistakes in business? How do you make sure that your mistake in business doesn’t lead to the collapse of the whole business? How you take a mistake and turn it into success ? Well, I advise you to read about it.
Business mistakes are one of the scariest factors that keep people from starting a business. I prefer to call it a postman what if … Many refuse to start a business because of this factor. what if … What if I lose my capital ? What if i fail ?
There is a valuable lesson under every mistake in business. Unfortunately, many entrepreneurs miss these lessons because they cry and blame others for their mistakes. Adjaero Tony Martins
I will use this medium to change your perception of trading errors. By the time you finish reading this article, your eyes will be open to see the good sides of the mistakes. Please I’m not urging you to make stupid mistakes that could have been avoided in the beginning, I am only urging you to exceed your limits without being held back by the fear of making mistakes.
One of the great things about wanting to try new things and making mistakes is that mistakes make you humble. Humble people learn more than arrogant people. Rich dad
If you’re worried about making mistakes in business, here are five things that can change your perception of mistakes:
Why mistakes are good for entrepreneurs
1. When starting a business, always remember that there can be problems and ultimately mistakes. Many people avoid the entrepreneurship game because they are afraid of failure. Failures and mistakes are a part of life, the sooner you accept them the better.
2. Humans are made to learn from their mistakes. We learn more from our mistakes than from our successes. For example, as babies we learn to walk by falling and trying again. We learn to ride a bike by falling, hurting ourselves and trying again. Without mistakes and without falls, we will never learn to walk, and in business, without small mistakes, there will be no growth.
3. When it comes to starting a business, you can never claim absolute business knowledge of your industry. Sometimes you just have to take a chance and do something new, even if it means making a few mistakes. It reminds me of a quote from my mentor, Robert Kiyosaki:
When you come to the limit of what you know, it’s time to make mistakes and learn new things. Rich dad
This quote haunts me as I come to the limit of what I know. Using myself as an example, I made business mistakes that cost me dearly. I made mistakes that made me cry. I also made mistakes that made me regret ever having started a business; b but did all these mistakes get me out of business ? The answer is no. I have come to believe that mistakes are part of the learning process; this is what makes the entrepreneurship game challenging and addicting. Mistakes are part of the process of starting a business. They are great learning tools.
4. Mistakes make you stronger and smarter. Please note that mistakes will never make you stronger and smarter if you refuse to learn from them. Using myself as an example, I have noticed that whenever I make a mistake in business, I get sober and wonder; what I did wrong or what I did not do well ? If I can’t figure it out, I ask my team where I went wrong.
Once the point of error is clarified, I begin to take corrective action. The sweetest part is this; I always learn something valuable from every mistake I make; which I would not have known if I had not made such mistakes. By making mistakes, correcting them and learning from them quickly, I become smarter than an entrepreneur. According to Niels Bohr, mistakes give me the right to be a business mentor. I leave you with his quote:
An expert is one who has made and learned from all possible mistakes in a narrow area. Nils bohr
5. Successful entrepreneurs make some big mistakes before they reach greatness. This means that if you aspire to greatness you must be prepared for big mistakes; mistakes that can bring you criticism. But always keep in mind that mistakes and failures are the ladders of great people.
For example, Robert Kiyosaki erred in not defending ( patent and trademark ) his idea of a nylon and velcro wallet and it cost him his business. He left ? No, he learned from his mistakes and built a stronger business; Rich corporate dad. Thomas Edison made more than a thousand mistakes before finally inventing the light bulb. Henry Ford made two mistakes in choosing a business partner, which resulted in two business failures. He left ? No. He has become one of the richest people in the world. Bill Gates’ team made a few mistakes in product development, but those mistakes did not stop them from dominating the software market. These incidents should affect you in the fact that mistakes are common in business. It’s up to you to do something positive with it. It’s about making lemonade surrounded by lemons.
To wrap up, here are five steps to take when making trading mistakes:
5 steps to follow when you make a mistake
1. Accept responsibility and don’t blame anyone. When you blame you are empowering someone else, but when you take responsibility you will have to look within and seek answers.
2. Analyze the situation and find out where you or your team went wrong.
3. Check for corrective actions and take them.
4. Pay attention to the lesson learned from the mistake. As I said earlier, mistakes are learning tools. This is your opportunity to learn new knowledge, so be sure to pick a lesson or two from every mistake you make.
5. Make a commitment to yourself that you will never make mistakes again. If you end up repeating the mistake, it just means you haven’t learned from the previous experience. Just as the popular saying goes:
Those who don’t learn and don’t learn from history will certainly repeat it.
These are my five steps to learn from your business mistakes. I hope I was able to get the message across. No matter what you do, always remember that mistakes are the rungs of great people.