The Big Picture of Business - The Fine Art of Failure: Benefiting from Mistakes to Assure Success

Success and failure… it’s a matter of perspectives. Out of every 10 transactions in our lives, five will be unqualified successes. One will be a failure. Two will depend upon the circumstances. If approached responsibly, they will become successful. If approached irresponsibly, they will turn into failures. Two will either be successful or will fail, based strictly upon the person’s attitude.

A 90 percent success rate for a person with a good attitude and responsible behavior is unbeatable. There is no such thing as perfection. Continuous quality improvement means that we benchmark accomplishments and set the next reach a little further.

Throughout our lives, we search for activities, people and meaning. We venture down roads where we find success. Other activities bring us failure… from which we learn even more what to do to achieve success the next time. We learn three times more from failure than from success. The longer that success takes to attain has a direct relationship to how long we will hold onto it.

7 Degrees of Failure… Plateaus in the Learning Curve

Education-Growth – Didn’t know any better. Made some dumb mistakes, based upon incorrect assumptions, insufficient information or lack of sophistication to “see beyond the obvious.” Beginning to learn better approaches by analyzing the wrong ways of doing things.
Evolution – Tried some things that worked and some that didn’t work. Beginning to understand that things do not fail without a reason or cause. Learns constructively from trial and error. Visualizing patterns of failure… as barriers to success.
Experience Gathering – Circumstances within and outside your control caused the projects to fail. Learns which external factors to trust and which cannot be controlled. The importance of research, due-diligence and marketplace understanding surface.
Grooming – The team let you down. Learns what you are capable of doing. Learns who to work with and in which capacities. Success-failure is a function of seizing-creating your own opportunities. No individual or organization can have success without experiencing and learning from failures.
Seasoning – Understand outcomes before they transpire… and the myriad of failure-producing factors. Most people and organizations fail due to never having control over certain ingredients, improper planning and the inability to change.
Meaningful Contributions – Attitude is everything, affecting the approach to problems. Develop attitudes, behaviors and skills as the motivator to create bigger successes.
Body of Knowledge – Develop profound insights and life-long perspectives into the teachings of success and failure (learning three times more from failures than success).

7 Benefits of Success, Stemming from Failure

Immediate Feedback – It is far better to succeed or fail. Not knowing where you’re going or how we’re doing causes us to make many more mistakes.
Starting Over – Without being hampered by systems/processes that haven’t worked, you can create as you go. After you’ve done it, you feel richer for the experience.
Learn What Not to Do Next Time – Gives you a clear frame of reference, assuming that you understand factors behind the failure, rather than blaming someone else.
How the Pendulum Swings – One succeeds much more than one fails. By studying swings of the pendulum (likelihoods of failures), one better understands their progress.
Failures Make the Best Case Studies – Case studies of success and failure form the basis for planning, improvement, training and other business practices.
Lessons Learned But Not Soon Forgotten – One succeeds 5-9 times more often than one fails (depending upon the individual’s attitude, resources and insights).
Qualities of Achievements – The more sophisticated the understanding of failures and their factors, the more successful in business and life one will be.

About the Author

Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.