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Flourishing Through Failure And Finding Fortune

What we mean by business failure is not the entire business failing due to running out of money or not meeting the target for the year.

Tasmin Copley

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Is there a way to flourish through failure when it comes to business operations? Is it something that should be encouraged or stand as grounds for dismissal? Or is all of this just nonsense in a world attempting to pursue perfection?

Let’s talk about failure

What we mean by business failure is not the entire business failing due to running out of money or not meeting the target for the year. We’re looking into the business, into those that make it run – its people.

People are imperfect and make mistakes all the time. But rather than brushing something off as a fail or mistake does no justice when it comes to learning from it. And there are different definitions and degrees of failure based on department and responsibility. But when you mess up and fail, you affect more than just your individual performance.

Related: Smart Money For Small Businesses

Here’s why it can be good for business

As frustrating as it is to have to “clean up” after an employee messes up, failure can actually be good for business.

  • Fewer mistakes: Failing means you can learn from it and be less susceptible to failure in that area again in the future. When you fail, you become a lot more aware of your actions than before and critically analyse before you act for fear of messing up again.
  • Relatability: This will never be a perfect world and businesses and people that don’t mess up are an intimidating and alien concept to the rest of us. If the incident affects the entire business, then use that material to tell your “success from failure” story and show everyone that you’re human and that it is possible to come back from it. Failure makes you relatable in the eyes of the public.
  • Humility: In the same breath, you (as a business) learn to be humble in the times you do succeed, as those moments can be fleeting.
  • Focus: Failure brings a newfound focus and determination to work harder and be better. It’s a shock to the system where you’re forced to bounce-back or continue to fail and jeopardise your position in the business.
  • Innovation: And, finally, failure can be good for business when it encourages innovation. You need to innovate and find a way to sort out the problem that’s been created in a way that will also discourage it from happening again.

Finding fortune in failure

The abovementioned benefits, if you will, of failure are in themselves favoured fortune found in failing. But there are things such as intelligent failures, trial and error, and inspiration that are the true game changers when it comes to failing.

Intelligent failure is defined by Sim Sitkin as: “Learning, maximised and accelerated through the act of trial, error and communicating stories.”

These failures are, almost, planned specifically to generate a profitable and successful outcome. At a risk, of course, because you never actually know what the outcome is. Having a business strategy and plan, created with so much detail, gets put to the test where a trial and error system is used to determine what works, what needs to be tweaked, and what needs to be completely discarded and redesigned.

With intelligent failure, it’s what you make of it and where your motivation to fail is to progress. Unlike preventable and unavoidable failures.

Moving forward

But, in the moment, it’s always a bit harder to see the end of a failure’s repercussions. You do need to find a way to move forward though, once you’ve learned a lesson, there’s no point in wasting time dwelling on it. You need to keep moving forward.

Related: Failure Is Not An Option – Or Is It? Your How To On How To

Do what you need to do to better yourself and avoid similar situations in the future. One way to do that is to keep learning and adapting with that knowledge. Invest your time in sales, human resources, management or marketing courses. Whatever it takes to better your skills and encourage your mind to think more strategically and carefully when it comes to doing the job.

Get it into your head now that you will never be able to please everyone. And if you can do your job, own up to your errors, but a the same time provide your solutions, you will remain valuable to the business.

Staying motivated

In order to move forward, you need to find your motivation and keep it going after you fail. And the way you do this is through support.

Every business operates as a team and you don’t have to be in it alone.

Take more calculated risks and try new things to challenge yourself to do better and find innovative solutions. This will keep you focused and motivated to keep pushing through previous disappointments as it will be a new and fun way of doing your job.

Magnify your goals, literally, on the wall or on your desktop. Keep reminding yourself what you’re striving for and understand that even when you do fail, that the goal has yet to be achieved and is still possible if you just put your mind to it.

At the end of the day, failure is whatever you make of it. You can choose to let it discourage you or you can manipulate it to help you grow and make you more resilient. Failure is an opportunity to do better next time and all successful business people fail, they just know how to deal with it.

Tasmin is a recent graduate in Communication Science and is trying her hand at writing digital performance marketing copy. She has been on the lookout for an opportunity to write after working in media research and social media. Still working on finding her written-voice, Tasmin is enjoying the challenges of creating copy on a variety of topics.

Self Development

6 Mental Barriers You Must Tear Down To Succeed

The world has few obstacles as formidable as the ones in our own mind.

Timothy Sykes

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Mental Barriers

Have you hit a slump in your career? If you are finding it difficult to get ahead, it could be because you’re inadvertently holding yourself back in ways you don’t even realize.

Many of us have unhealthy habits and behaviors that stunt our career growth. By becoming aware of them, it’s possible to begin facing these obstacles head-on so that you can remove potential roadblocks to your future success. Here are 6 surprising things that are holding you back:

1. You don’t know the basics

What if you were to build a house on top of a weak foundation? It might be fine for a while, but one day, it would inevitably cause problems and affect your quality of life. Similarly in your career, if you don’t take the time to form a strong foundation of knowledge in your field, it may keep you from advancing and growing later on. Therefore, it’s vital to learn (and sometimes to re-learn) the basics.

There’s no shame in hitting the books and learning the basics or re-learning them, even well into your career. You know how when you re-watch a movie or re-read a book you pick up on things you didn’t notice the first time around? It’s very much the same in career education. So whether you’re a baker or an investor or a manager, make sure to develop a strong foundational knowledge of your field of work. It will serve you in many ways as your career advances.

Related: Purposeful Work: The Six Barriers To Fulfilment In The Workplace

2. Vague goals

Setting clear and specific goals is one of the major building blocks of career success. On the flip side, without specific goals, you’re more likely to suffer from lack of motivation and aimlessness in your career.

Want proof? Consider the work of Dr. Edwin Locke, who released a still-relevant article in 1968 entitled “Toward a Theory of Task Motivation and Incentives.” In this research-based article, he determined that employees were most highly motivated by clear objectives and specific feedback.

Working toward extremely specific goals provided a major source of motivation to actually reach the desired end result, which improved performance. Moreover, specific and difficult goals led to better task performance than vague or easy goals.

3. Caring too much what others think

According to Aristotle, “There is only one way to avoid criticism: Do nothing, say nothing, and be nothing.” Are you too much of a people pleaser? If so, this tendency could be holding you back from finding the success you deserve.

No matter what you do, you’ll never please everybody. Yes, you should always make your best efforts in any endeavour, and you should always try to be respectful of the opinions of others. However, don’t let other people’s opinions affect your every move. If you do, you’ll constantly operate from a place of fear and will never achieve great things.

4. You’re trying to figure out everything without a mentor

 Bill Gates, Bob Dylan, Oprah Winfrey. What do these people have in common? They’re all crazy successful…and they all had mentors.

Many people suffer from the belief that to become successful, they have to do the equivalent of climbing Mount Everest alone. However, this mindset is likely stunting their career and slowing down success. Truthfully, seeking out the guidance of a mentor is both a brave and smart career move. A mentor who is further along in their career than you can help advise you, point you in the right direction and help you avoid common pitfalls. There is so much to gain from having a mentor; why hold yourself back by trying to do everything alone?

5. Poor time management

Without a doubt, pursuing a new career or business endeavor takes time. Many people claim that it’s impossible to work toward their dreams because there’s just no time. But is this really true?

The fact is, nobody’s ever going to gift wrap extra time and give it to you like a present. It’s your responsibility to make time. It might involve changing some of your habits like bingeing on Netflix or getting lost on Facebook for hours on end. Or, it might mean that you wake up early in the morning like Apple CEO Tim Cook, who gets up at 3:45 so he can answer emails and take some time for himself before the responsibilities of the day descend. There are always ways to make time for what matters if you’re truly driven to succeed.

Related: Is Your Business Prepared For The Worst? How You Can Stress-Test Your Business

6. You stopped learning

Lifelong learning is a trait of the most successful people. Don’t you want to be one of them? If you think you know everything, then there’s no possible way for you to continue moving forward in your career or even your life.

As Malcolm X famously said, “Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” When you approach the world as if you can learn from every experience and every person, you’ll reap many benefits. You’ll be able to keep improving, you’ll be able to remain mentally nimble, and since you won’t be a know-it-all, people will probably like you a lot better. Never stop learning if you want to keep growing.

Are any of these things secretly holding you back?

This article was originally posted here on Entrepreneur.com.

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Self Development

(Infographic) How 9 Creative Minds Got Their Ideas

From doing headstands to drinking 50 cups of coffee a day, check out the quirky things that these nine creatives have done.

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Coming up with new, creative ideas can be tricky. That’s why it’s important to find a way to get inspired. After all, it’s our own unique rituals that can bring mental clarity and creativity. That could be a quirky habit or routine such as doing headstands or wearing lots of hats.

Igor Stravinksy did headstands, which he believed helped to rest his head and clear his brain. Author Dr. Seuss felt that wearing lots of crazy hats helped inspire his creativity and overcome writer’s block. However, those aren’t even the strangest routines that some of the world’s most brilliant minds have utilised. Steve Jobs bathed his feet in toilet water to reduce stress levels while Honore de Balzac drank up to 50 cups of coffee a day.

Check out Business Backers infographic below to learn the weird ways that nine creative minds got their ideas.

1533319920_unusual-inspiration-infographic

This article was originally posted here on Entrepreneur.com.

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Self Development

15 Traits Of Unstoppable People

Unstoppable people keep their inner fires burning by developing the characteristics necessary to become successful.

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Unstoppable people are like warriors. They are always ready to take on the world. They are guided by a light from within, full of boundless energy and unwavering in their goals. They have learned to activate their natural talents and develop the skills necessary to achieve whatever they aim for.

How do they do this? Where do they find the stamina and strength to keep going? Unstoppable people keep their inner fires burning by developing the characteristics necessary to become successful. Here are 15 traits that will help you go from being a solid achiever to being a truly unstoppable person.

Do you have any yet?

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