Shifting your thinking to be able to learn from failure is one of the hardest lessons for most business leaders, but it’s also one of the most essential.
So, what can you do to embrace failure for the lessons it provides, learn from it and move on stronger and more prepared to face new challenges?
1. Anticipate failure
Every leader wants to be successful. Nobody goes into business to fail. But, to truly find deep, long-lasting success, you must learn to both anticipate failure and own it when it happens.
When faced with a task you’ve never done before, expect failure and seek the advice of colleagues and peers who may be more experienced in this area. Talk to other people who’ve handled similar projects, and ask them about lessons learned and what situations you should anticipate (and plan for).
2. Change your thinking
To succeed after a bad business decision requires a mental reset. Rather than dwelling on your mistakes and getting mired in negative thoughts, you have to learn to turn a mistake into a powerful asset that sets you up for future success. Remind yourself that no one is perfect. If perfection is the standard, then you’re creating an unhealthy environment where fear of failure will outstrip your or your employees’ ability to be creative and find solutions.
3. Build leadership muscles
When it comes to failure, the biggest chance for learning and growing comes in the response.
When you learn from failure, it forces you to think creatively, to fight, to find new ways to motivate your team or explore solutions you hadn’t considered before. Conversely, staying in failure mode only invites more failure. Instead, remind yourself that you aren’t the only one who’s ever failed at whatever you’re doing.
4. Celebrate failure
Yes, you read that right. Every failure includes nuggets of success if you look for them. As a leader, it’s vital you find and celebrate those things that went right.
For instance, maybe your team didn’t make their sales goal this month. But in the process, maybe they learned to close deals faster or discovered a new market with loads of potential.
That’s a win for the whole organization, so claim it as such. Instead of dwelling on the negative, focus on the positives gained.
Don’t let management mistakes get you down. Learning from failure can help you consistently improve as a leader.
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