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Learning from Mistakes in Business!

Mistakes-Precious Life Lessons

We all make mistakes at some point in our lives, but hopefully we can learn from them, put it down to experience and remember not to do it again.  Mistakes in business is one of the most feared factors that discourage individuals from starting a business. I prefer to call it the “what if” factor. Many refuse to build a business because of this ‘what if‘ factor. What if i lose my capitalWhat if i fail?

5 Steps to Take When You Make a Mistake

1. Accept responsibility and don’t blame anyone. When you blame, you give power to someone else but when you accept responsibility, you will be forced to look into yourself and seek answers.

2. Analyze the situation and figure out where you or your team went wrong.

3. Look for corrective measures and implement them.

4. Take note of the lesson learned from the mistake. Mistakes are learning tools. They are opportunities to acquire new knowledge so be sure to pick one or two lessons from every mistake made.

5. Promise yourself that you will never repeat the mistake again. If in the long run you repeat the mistake, it simply means you didn’t learn from the previous experience. Just like a popular saying that goes: “Those who don’t study and learn from history are bound to repeat it.”

Don’t take failure personal, the message above is straight and precise. If you’ve been hit by a storm in business; don’t take it personal, it’s just life. Don’t go banging your head against the wall because you won’t solve anything that way. Don’t go criticizing yourself; don’t regret ever starting a business. The fact that you failed in business doesn’t mean you are doomed to bad luck. It’s not your destiny to be a failure; failure and success is all about choice. Instead of talking down on yourself, cheer yourself up; you’ve just proved that you have the nerve to handle risk.

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