How Business Failures Lead to Business Success

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You may have heard the old saying "if at first you don't succeed, try, try again," but how does that really work? Is there some point where you should give up? When I left the military in 2003, I thought that I could start my own business. It didn't work. I tried something else. It didn't work. I tried something else, and again, it didn't work

Failure, Flexibility, and Success

According to a recent Wall Street Journal article, scientists have discovered that every mistake generates two distinct reactions within the brain.  The first is an involuntary signal.  The second signal is error positivity which occurs when we pay attention to the error and consider the disappointing result.  

What can you get from failure? A lot.

As it turns out, when the first brain signal is bigger, it's good. People with more flexible, less rigid beliefs do better here.  These flexible thinkers believe there's something to be learned from the failure. They also believe that they can get better at almost anything if they invest the time and energy

How would your experience of failure change if you first considered your own effort? That's what I do.  I ask myself when I fail if I've put in the time and effort to warrant a success.  The next time you fail ask yourself whether you did. too.  If you did, fine.  If not, next time do more.

Next, ask yourself what you learned from the failure.

Every time I work with clients through a strategy that turned out differently than they wanted, I start with, “Did you do everything you could have? What more could you have done?” It is liberating to know that there was nothing more they could do. It is enlightening when they realize there was.

Don't Fear Failure -- Welcome It

That kind of learning is what you take to the next failure.  I promise you there will be a next time. When you learn from your mistakes you will find that you're making different mistakes -- and that's a good thing. You will survive and thrive in business.

Now imagine that you got fired from your first job as a CPA for one of the largest national accounting firms. You are devastated. Then you realize your lack of creating strategic alliances got you caught in office politics, and no one could protect you. You move on to other jobs and don't make that mistake again. 

Years later you are nominated as Chief Financial Officer (CFO) of the year in the Fortune 100 category for a major business award.  You win.  That's what happened to one of my clients.

Winning the award was thrilling. What was shocking was who presented his award. It was the person who fired him from his first job. The CFO got a priceless experience by receiving his award from the person who caused his failure. That kind of experience could happen to you when you learn from your failures in business.