How to turn failure into success.
Failure is part of life, and most certainly part of business. We don’t often acknowledge it, but failure is also a fundamental element of our success.
Our instinct is to be ashamed of failure, maybe because we don’t like how it makes us feel–humiliated, as though we have done something wrong.
1.Show humility when you face with failure
You will fail at one time or another. It’s almost inevitable. To shut yourself up in a form of denial or categorical refusal to even consider the idea of failure will not help you. Because failure can catch you up …
2.Train to fail
Failure is probable to happen. It is a fact. But once the fact is admitted in your mind, what do you do? For it to be useful, you have to train yourself to fail. It would therefore be necessary to set up a sort of failure alert in companies on the model of the fire alarm. The issue is mainly to identify early “whistleblowers” internal. Those who will identify the problem and decide that it must be remedied.
3.Identify the symptoms of failure
The sooner he is identified, the faster he can be stopped. The finding is obvious but how can we identify clearly the problem ? How does one identify that the storm is running? For instance, entrepreneurs should analyze their metrics as rising costs or falling sales. These indicators are points of warning and different perspectives that the entrepreneur can have on his company and the risks to which it may be exposed
It’s the good old pivot. This moment where you realize that you have to change and take a helm to avoid sinking. Because even if the failure is running, we must move forward. The example of Reed Hastings, CEO of Netvibesis relevant. When the latter wanted to separate his DVD service from his streaming service to create Qwikster. He suffered a terrible sling of his clients that he listened to. He deleted this offer 23 days later.
5.Think about the real causes
The idea is not to scourge or look for responsibles. We must ask ourselves how, why, when and where things have turned on the wrong side. The human management of failure is a real issue and the behavior of the leader must be analyzed and detailed. A step of self-analysis not to neglect.
6.Bounce back … with confidence
Once the failure is identified, processed and analyzed, it is time to move on. Without ever losing trust capital. “Once everything is absorbed and digested, you have to get back into the game. This means not spending your time looking back.