Failing is overrated

We see articles all the time saying how great failure is. 

It’s an opportunity to learn the lessons, dust yourself off and do it differently next time. 

Great thinkers and great inventors like Einstein, Edison and Archimedes are quoted. Failing hundreds or thousands of times and then...Eureka! 

Success at last. 

Learning from failure and being resilient enough to try again are of course important and can be a path to future success. This is particularly true when blazing a trail in a new field like inventing stuff or astro physics. There is no roadmap to follow so experimentation is the only way.

On a personal level, learning from failure and trying again is a positive thing. We try some public speaking which doesn’t go as well as hoped, or try a particular approach with a customer or employee which falls flat. Stopping, reflecting, learning and trying something different next time makes perfect sense.

Ok, so I agree that learning from failure has its merits. 

That’s all good but a better and smarter way way in most cases is learning from success. What sets humans apart is access to knowledge and best practice. Observing and learning from successful people, successful teams, successful leaders and so on is a quicker and less painful route in most cases than learning from failure.

So in business we can start up a new venture and plough our own furrow, making mistakes as we go, tweaking, adapting and moving on after each setback. Or we can learn from the best - the Jobs', Bransons, Krocs and Disneys of this world. Or maybe that guy you met at a networking group who started his business at a similar time to you and seems to be doing brilliantly well. What did they do that led to their success? Can you take the best of what they did and sprinkle it around your business?

We can also learn from success by surrounding ourselves with experts and mentors who have knowledge and experience they can share to help us get things right, the first time we do it.

So by all means let's learn from our failures but let's also be hungry to learn from success.

www.base52.co.uk

My 'big 3' for business success

What makes an enduring, successful business?

Well lots of things. There is no magic formula. For most small businesses, success and longevity is down to the drive and commitment of the business owner. More often than not, that's a single individual, the founder - or maybe a small group of 2 or 3. If they are lucky, they are supported by a capable and loyal team.

That's fine but what attributes must the owner have to achieve sustained success over several years? I've boiled it down to three, based on working with and observing successful business owners over the years.

The first attribute is focus. The business is the most important thing in their lives. Ok, family first, but its a close second. It's an obsession. They are never 'off'. If it's a choice of missing a nice relaxing weekend away or finding time to prepare that urgent proposal, the proposal wins. There might be tension with loved ones due to the owner's inability to switch off. Their reading list is business books so even when taking time out they are learning. On holiday they observe other businesses, see how they act, what they do, see what can be applied to their own business. They will always put the business first. That's their main focus. It beats everything else.

The next attribute is resilience. Often things don't go right. A key employee leaves, computers break down, a big client moves to a competitor, business partners fall out. The owner needs to fix it and move on. Sure they might get upset. They might rant and rave and moan and gnash their teeth. But eventually they need to take the medicine, face the problem and get on with the next thing. Here's where having a great support network helps. For most people it might be their spouse or it could be a trusted employee or business pal. Someone to listen and give you perspective. It's then up to the owner to just get on with it.

My last attribute for a successful business owner is being 'sales-minded'. You can be the greatest technician in the world - the best widget-maker, best accountant, best carpenter, best project manager, best shopkeeper, but if you can't find customers and sell to them, you don't have a business. So sales and selling needs to be part of your make up. Not everyone who starts a business is a natural salesperson. But I would argue they need to learn fast. They need to put a lot of thought into why their product or service is different and what price they should sell at. And they need to sell.

There is another attribute which didn't quite make my top 3 but is very important. That's watching the money and the numbers and ensuring the business finances are well managed. You would expect an accountant to squeeze that one in wouldn't you?

So that's my top 3 attributes for business success (or 4 if you include financial management). Following these may not guarantee success but will I think be a step in the right direction.

www.base52.co.uk