Do you like to fail? If not, this article will make you fall in love with your failures. Why?
Because failure is the stepping stone to success and if you want to be successful in your business, make a note of the top five business lessons you can learn from failures.
1. Delegate tasks
One of the biggest reasons of not delegating tasks is cost cutting. If you think this will help, you will probably fail.
Example: A construction company gets a big contract. It does not take the services of a contractor with a view to cut costs. Do you think the construction company will be able to do it all by itself?
The success ratio here will be as low as 1% to 2% So, it is better not to think of cutting cost where you need the services of other experts. Lesson to be learned here is, to delegate tasks.
2. ‘All at once’ attitude
When someone is desperate to complete a task as the earliest, he may try to focus on every aspect, but if things are not planned properly, you will fail for sure. Example: You open a food chain. To attract customers, you
- Throw in discount offers
- Gift hampers
- Extended credit facilities
- Free home delivery, etc
If you plan properly, you can survive the competition, otherwise the efforts can lead you to dust. Lesson to be learned here is, to go step by step and take one thing at a time.
3. Urge to earn quick
Kill that urge if you have it in your mind now. Why? Because there is no real shortcut to success. You can create shortcuts, but to create shortcuts too, you need to work hard, in fact harder.
Again, if your adopted shortcut or created shortcut (as the case may be) is not good enough, you will still pay the price. So, play the game with rules and your chances of ruining yourself will be less.
Another important point to be noted here is that people plan for rapid expansion. Is expansion wrong? Absolutely not!
But rapid expansion can force you to lose focus on your current business strategies. At first, it looks good, but at the end of the day, it can be a disaster.
4. Role models
Yes, this is a mistake! It is not wrong in having role models, but following them blindly is wrong.
Example: Mr. A is your role model. He is the CEO of ABC Company. Now, if you are following Mr. A blindly, your failure ratio will be on the rise. Things that can differ in your situation and that of Mr. A.
- Monetary issues
- Support and support services, etc.
So, lesson to be learned here is, have role models but don’t follow them blindly.
5. Quit; now or later?
This is one decision which make people fail to make and thus, FAIL! If you don’t know when you should call it over, you can end up adding liabilities on to your shoulders and end with only debts.
Example: You invest in a property. The property rates are on the downside but you keep investing. And still even more! Now, you have debts, huge debts, on your shoulders. Till the property rates do not increase, you live with the worries which could have been avoided.
Lesson to be learned here is, liabilities once created will take additional efforts to be wiped off. So, make your decisions sensibly and smartly.
Concluding, the ball is in your court. Learn from the points above or fail and understand.