The Power of Mistakes

Stephanie Brun de Pontet
Stephanie Brun de Pontet

Nobody likes to make mistakes – but avoiding mistakes at all costs may be a big mistake…

First, everyone will make mistakes – you cannot realistically avoid this. 

Living in a bubble, making no decisions and generally staying away from life will still lead to countless errors of missed opportunities.  Don’t forget – there are mistakes of ‘commission’ (things you should not have done) like accidently insulting a key supplier, or making an error in your financial analysis – these you can avoid by taking no actions and making no choices.  Yet, there are also mistakes of omission (things you should have done, but failed to do) like not returning the call from your brother because he is difficult, or not following up on a sales lead  – and living on the sidelines trying to avoid any responsibility will lead to those mistakes every time.

Second, most successful businesses are built on a trail of mistakes. 

By that I mean most entrepreneurs failed many times before arriving at their current success.  It is not that entrepreneurs are wild risk takers – rather they do not see risk in the same way others do, and they are very skilled at learning from their mistakes.  In order to break new ground, truly innovate and bring a new product or service to market, the entrepreneur has to be willing to engage in a lot of experimentation, trial and error, and mistakes. The best advice I have heard on entrepreneurial mistakes is to ‘fail fast’ – that is, commit to a path or idea – be willing to make a big mistake, but then know quickly when to pull the plug, learn from the mistake and make the needed adjustments to try again.

Third, mistakes will help you uncover your path and full potential.

If, like many people, you are not clear about your path in life, trying a range of paths and ideas will help you to uncover first what you don’t want to be doing (the mistakes) which will help inform your understanding of what you should be doing.  If you are unwilling to try new things for fear of failing or making mistakes, you will never have the opportunity to discover what truly energizes you.  Note that even if you are clear on the path to success you want to follow, you cannot really reach your potential without making mistakes as you take the hard turns on that path.  If you never make a mistake – it isn’t that you are particularly gifted, it is rather more likely that you are on the path of least resistance and not taking the risks you need to reach your full potential.

These quick reminders of the value of mistakes can be important for families in business together because once a family and business have experienced great success and stability – it can be hard to remember the journey of failure and mistakes that lead to this outcome, and easy to fall into the trap of playing defense and striving only ‘not to fail.’  Both the business and family members need to continue to be willing to make mistakes to grow, evolve, and find their full potential.

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