Friday Focus: Handling Mistakes
During our lives it is inevitable that we will make mistakes, mishaps or imperfect choices. We’re all human, and it’s natural to do so. Most of the time mistakes occur because we are uninformed or ill advised, either by our own understanding, or outside influence that causes the fall into a precarious situation.
It’s the same in business, mistakes are made on the daily some larger than others, what’s important is to continue to press on, move forward in spite of them and build the ability to turn all missteps into an opportunity to learn.
Often times in business when we make mistakes it’s easy to get dejected especially if they come with financial ramifications. However, successful entrepreneurs are able to react to them differently. They still feel the pain after a misstep I can assure you, on the contrary however, the outcome is quite different, they possess the ability to recognize mistakes quickly, analyze why they occurred and change course from what caused them whether it be their behavior, a decision, investment or partnership.
Once a stop is put to the underlying issue, take a step back and analyze what happened, what was the catalyst? Can it be fixed or remedied? Was it able to be avoided?
Was it Caused internally? Perfect, that’s a practice or a couple under your roof and therefore control that can be adjusted to no longer cause an issue. Looking within sometimes can be difficult, but humble yourself and practice the ability to objectively look at your business operation to pick out inefficiencies in order to improve.
Was the issue caused by something external? Maybe it’s a partnership needing to be reassessed or changed, a slow supplier, inefficient POS system etc. steps can be made to change course and fall back into alignment. It might require some tough conversations and changes to the operation, but required in order to move forward and improve.
As Marcus Aurelius once said, the only thing in life one can control is their decisions. It’s important to remember when mistakes occur you have the choice to choose your reaction or next move. Keep an open mind, look to learn, be honest and look at mistakes as an opportunity to move forward and improve.
To gain personalized guidance for your business on this topic and others contact us.
- Vince Calace
Founder - Venture Business Development