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Learning From Your Mistakes: The Key To Becoming A Successful Business Owner
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Learning From Your Mistakes: The Key To Becoming A Successful Business Owner

“We do not learn from experience...we learn from reflecting on experience.” That is a quote from John Dewey, a...

Learning From Your Mistakes: The Key To Becoming A Successful Business Owner

“We do not learn from experience...we learn from reflecting on experience.”

 

That is a quote from John Dewey, an American philosopher and psychologist, and it provides a very valuable lesson for any business owner.

 

You’re not going to get everything right when you run a business, but over time you can refine what you do so that you become more consistently successful. Here are a few tips to help you along the road to success.

 

Analyse your failures

Let’s imagine, for example, that you fail to land a new contract that you were really hopeful about. You should take some time to look at how you handled the sales process, and be honest with yourself about things you could perhaps have done differently.

 

Perhaps you spent too much of the sales meeting talking instead of listening? Perhaps you pitched your pricing incorrectly (and this could mean too low as well as too high)? Maybe you just misjudged the client and failed to dress appropriately for the meeting?

 

 

Experiment with other approaches

With all the above in mind, tackle your next similar pitch a little differently. Focus on the things you think you did wrong, and adapt your approach.

 

This constant evolution in your way of doing things doesn’t just apply to sales and marketing. It’s equally valid for managing staff conflict, dealing with suppliers, and numerous other things.

 

Seek feedback

If you really want to find a definitive answer as to what you’re doing wrong, you’re going to have to ask!

 

Going back to our first example, if you fail to win a contract, go back to the client and ask why you didn’t win it. That way, you will find out exactly what mistakes you did make, and know how to rectify them next time.

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