One of the great paradoxes in business (and life), is that the only way to succeed more often, is to increase your so-called failure rate.
The challenge here, is that many business owners have not yet figured this out. They avoid taking action on their ideas, unless they are convinced, in advance, the idea will work out exactly how they want it to. That’s an exceptionally high bar to set. So they tend to leave most of their ideas on the drawing board. Then kick themselves later, when they see someone else succeed with the same idea.
Broadly, there are only 3 potential outcomes after you take action on a business idea. And you can benefit massively from all of them.
- It might work out just how you wanted, right out the box! A quick win. An instant hit.
- It might work later, after you make some adjustments. By putting an idea into action, you attract feedback. Feedback allows you to tweak and improve. And improvements lead to success.
- It might flop. If it does, you get to learn from it and invest that learning into future opportunities. These failure lessons help you build an invaluable reservoir of feedback, which leads to better and better decision making. This is how ongoing, accelerated progress is made. (It’s also how we learned to ride a bike, despite wobbling and falling off at the beginning).
When you truly understand the value of feedback, it becomes a lot easier to take action with your ideas and insights. That’s because you will have eliminated any lingering, irrational fear of failure.
Failure is feedback. And feedback is your friend.
Those who try to eliminate the possibility of failing, only eliminate the possibility of success.