• Lyman A. Montgomery, MBA

How to Profit Big from Your Personal Failures?


Learning from your mistakes and failures is one thing: taking that lesson and profiting from it is another. You can either mope around at your failures, or you can take all of that emotion and change it into something positive.

For starters you aren’t the only one with failures, there have been many, and there will be many to come. So, take a breather, relax and review. You may be wondering, If it were such a great plan, such a great idea, then how did it fail. First, identify the cause of the failure, and the rest follows. Here is how you can profit big from your personal failure.

1. Treat It as an Option, Not an Ending Failure is not the end; when you fail, it shows what you are lacking; you now know what went wrong, take that and work out a new plan. Let the failure sink in; you will fail at some point in your life, the main point is, you can gain from the failure. If you are watching your business fail, then halt, stop and think, fix what you can and review all the mistakes. It's crucial that you find out the mistakes. You may not have much left after that, you may have to start from scratch, but you have the experience now. That’s huge.

2. Fuel the Fire of Your Success with the Logs of Failure Cry if you must, but never give up. Instead, you can take that burn, and take motivation from it. It stings when you fail, let that sting remind you to work harder and smarter the next time. Don’t Be scared to fail. This will stop you from trying. Use your failure as a motivator; this will make you more committed. This commitment and lack of fear is your ride to success. Every great leader and athlete understands that success is paved with the concrete of failure. It was Michael Jordan, the legendary basketball player, and entrepreneur who stated, "I've missed more than 9,000 shots in my career. I've lost almost 300 games. Twenty-six times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life; that is why I succeed."

3. Accept Failure, Not Defeat If you want your failure to be of any value, you need to accept it first. Once you have accepted it, it will be easier to move on. You may think, some people have overnight success, why can’t you? When you read about overnight successes, they mostly eliminated the times that person failed. You only get the good part. No one succeeds overnight. Every mishap is a lesson, every failed venture is an opportunity to start a new one, and every failure is experience if anything. Keep chanting to yourself that you are not alone; billionaires have been where you are now. This too shall pass. Remember, failure is temporary; if you view it as a defeat, then you will see yourself as a loser.

4. Find a Cause and Move On You are great! You have passion, and you will succeed. So, why did you fail in the first place? Well, there are many reasons, for instance, flaws in your idea or lack of focus. Identify the cause and move on. Develop a new strategy and work on it. Eliminate the defects, make it better. If you fail again, take another chance, make it better than before, and launch. If it’s a product, realize that the market may not be ripe for it at the time. Find the cause, kill it, and keep moving forward.

You fail, and you give up, that’s being emotional. Emotions are great; they help you get back on your feet; you need them. Deal with the negative emotions. Failures are inevitable, understand that success always follows failure.

#failure #businesssuccess #stayfocused