Learning from mistakes: Failing is tough but has the power to be transformative, as all the greatest entrepreneurs will tell you.
“It’s fine to celebrate success but it is more important to heed the lessons of failure” — Bill Gates
“I have not failed. I’ve just found 10,000 ways that
won’t work.” — Thomas Edison
“Do not be embarrassed by your failures, learn from them and start again.” — Richard Branson
You’ll see the common theme here is learning from mistakes. But this can be easier said than done. Learning takes time, and it always takes vulnerability. It’s hard admitting that something you have tried to do hasn’t worked, and even harder to take a step back and identify why. I have first-hand experience of failure and it took me a long time to accept it and even longer to heed the lessons it gave me. Reflection takes bravery, but you must remember that you are innately brave. It’s what drew you to the entrepreneurial journey in the first place. And so, with that in mind, I’d like to share with you one of my big failures, and the lessons it taught me.
I tried to launch a wine business. At first, it was fun but it wasn’t financially successful. I left a PLC job with a six figure pay packet for it in the hope of being able to pursue my passion. It didn’t work, and when I realised it wasn’t going to I found myself in a scary and difficult place. I had a few years of earning nothing and that was hard. But it taught me some valuable lessons;
1. Don’t try and do everything by yourself
Bring people with you. Start-ups can be hard, and it is important to be able to have someone to share the adventure with. In this way, you can bounce ideas off each other and the camaraderie can help you through the tough times. I’ve worked in start-ups which haven’t taken off, but the shared experience means you’re not alone. Knowing this can help when things go wrong. If it is just you in your business, get a mentor. They will give you the support you need to be able to stretch yourself and will make you aware of your strengths and your weaknesses all the while supporting what you are trying to do. Ensure it is someone you trust who is outside of your business but can give you sage advice.If you want to launch a business in an industry you don’t know much about, get a job in an industry player first. When I decided that I wanted to start a business in the wine industry, a friend said this very thing to me but I ignored their advice, thought I could figure it out as I went along. They were right. You will better understand the structures, systems and ways of working that produce results all while someone is paying you!
2. If you want to launch a business in an industry you don’t know much about, get a job in an industry player first
When I decided that I wanted to start a business in the wine industry, a friend said this very thing to me but I ignored their advice, thought I could figure it out as I went along. They were right. You will better understand the structures, systems and ways of working that produce results all while someone is paying you!
3. Read a lot
There’s so much information out there, watch YouTube, talk to people who have achieved what you want, and find out what their lessons are. You don’t have to take everything on board but absorb as much as you can and then decide for yourself.
As for the wine business, it still exists but I see it as a hobby now and I’m its biggest customer by a long shot! It’s important to remember we’re all resilient. We have deep pools of strength within us and can learn so much from our mistakes. I think being an entrepreneur is in your blood, and at some stage, you’ve got to give it a go. If this is true, you will be bound to encounter failure, but always remember you are not the first and you most certainly won’t be the last.
Struggling with a set back in your business, but don’t know how to overcome it? Get in touch
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