Do I really have to fail and learn from my mistakes before I can find success in business?
"My husband has the construction experience. He's an electrician.Julia & Maxwell*
So it seemed like a good idea to open a hardware business.
We opened our first business in 2010. It was a retail store and we sold cements and some building tools.
It did well at the start and then, things went downhill quickly.
And, for more than two years, we made no money.
The idea was to just try and become a hardware store – selling and also, renting power tools and small building machines.
Then, in 2013 we moved across the street to a bigger store.
That was when we changed the business to a hardware store.
But, we didn't take any insurance to cover damages, theft and repairs.
And, we also didn't factor those costs into our prices or use any insurance policy to cover them.
So, many people rented from us; but we lost lots of money because of those things.
We closed that store and then, moved again to a third location.
It's what I'm sitting in now; and also, what we originally wanted to do.
The business is always busy but we are not making any money.
We've been doing this for 14years but this place hasn't seen a profit.
I feel like a failure for the entirety that we've owned it.
We've lost all of our savings and drowning in debts.
As parents, it's very heartbreaking to feel like a failure when you're working so hard.
I would say out of a period of 3 years, we've had our utilities cut off probably like 20, 30 times.
We go home most days and the power would be off or there'd be no water.”
Husband and Wife, Parents & Co-Owners of a Hardware Store
*Names in this article have been changed.
There has never been an equation or a sure path to success.
If there was one, then this world wouldn’t be full of poor, unhappy and unfulfilled people dealing with regrets and depression every single day.
We wouldn’t have many people like Julia and Maxwell consistently failing in their quest to build something that’ll help give them the freedom to live the life they want.
Now, even if such a path exists; surely it wouldn’t be through failure or just by learning from your mistakes.
“misled by misguided sayings“
Don’t get me wrong.
As a businessperson, it’s good to be persistent and willing to learn from your mistakes.
They are truly good and necessary qualities to have.
But then, it’s also possible to have too much of a good thing.
Those good qualities could easily become toxic to you and your quest, if you have too much or too many.
Especially, if you’re also misled by misguided sayings like, “Failure builds character”.
Or listen to a poor advice like, “Fail early and fail often”.
Your persistence can become stubbornness and make you chase lost and foolish causes.
And, your over-eagerness to learn from your mistakes will make you very careless and impatient in your decision-making.
“what’s next the move?“
Ok, so you failed or made a mistake and you learnt from it.
Great!
But what’s next? What’s next the move?
When you do something and it succeeds, you know what worked – and you can do it again or even do it better the next time.
But then, what happens when it fails.
What do you really learn from mistakes?
Sure, you might learn what not to do again.
But how valuable is that?
Because, you still don’t know what you should do next.
You would still have to figure out your next move or what to do next.
“this not a math exercise. This real life“
I don’t know whether the one who came up with those misguided sayings, is a math enthusiast or something.
Thinking that, if you keep trying and working at the problem, you’ll hopefully find the answer.
But then, this not a math exercise.
This is real life.
Most people don’t have the luxury of failing over and over again hoping to find success one day.
People like Julia and Maxwell, only get a few chances and that’s it. They’re done.
Some people don’t even get the chance to try again after failing once – let alone do it over and over again.
Besides, hopes and wishes don’t make money. It takes doing the right things.
“failure is not a rite of passage“
Look, don’t be fooled or get sucked into the mainstream ball sack.
Failure is not a rite of passage. Neither is it a necessity for success.
Especially when most failures are preventable.
Besides, why should other people’s failures be your problem?
Other people’s failures are just that: other people’s failures.
If other people can’t create and deliver value, it has nothing to do with you.
If other people can’t run their business properly, it has nothing to do with you.
If other people can’t make money in their business… well, you get it.
“to boost your chances at success“
So, Yes.
You do need to learn from your mistakes.
But then, it won’t be enough to boost your chances at success.
To do that, you would need to:
- prepare yourself for the business you want to build.
- and surround yourself with the right people.
People who know what you don’t know; and can do what you can’t do.
Most of all, people who’ll help you do the right things.
Small To Sprout 