In business, failure is revered as some kind of ritual that indicates impending success. It seems that almost every success ‘expert’ was at some point a bankrupt-come-good. Walt Disney and Donald Trump were bankrupt at some point prior to eventual success, however these are exceptions, not the norm. I suggest that failure is best avoided if possible.
(Hot tip: It is probably best NOT to get advice from a former bankrupt who has discovered the magical success solution. The number of legitimate non-former bankrupt success stories would be in the far greater majority).
Risk:Reward Ratio
Many people are afraid to risk anything at all in order to avoid failure. Sometimes a little bit of risk is worth it. In business it is better to have a theory about what will work then quickly test that in the field. Make adjustments as required. You do need to take the occasional well reasoned guess and when that yields results then you can know in hindsight what works and what does not. Making future decisions based on past learnings is where the investment in experience pays off.
The Shortcut
Reduce your failure rate by research and observation. Reading books, watching others, siding with proven experts and launching small tests can get you much closer to success faster. Example: Doing your research would reveal the true odds of risking your pay check at the nearest casino. Example 2: When I go fishing I hire a professional fisherman and his boat to take me to exactly the right place at the right time with the right gear. We always catch fish.
What can you do to reduce your failure rate and increase your odds of success?
{ 4 comments… read them below or add one }
Well Bob Ansett is probably a soul who used failure to educate others, an exception for sure. Sometimes failure can be considered an investment if you learned more than you lost!
It sure does provide an entertaining contrast. The age old rags to riches cliche is wired into every kid with fairy tales like Cinderella.
I guess the Gurus often trumpet the merits of success to remind those paralysed by inaction that it’s better to do something than nothing.
But you make a great point. Once you get comfortable with taking the leap, serial failure is no guarantee of hastening success.
And failure is as much about the thing you tried that didn’t work as it is about the opportunity (time) you lost to try something else.
Walking further in the wrong direction is worse than staying still for sure!