Success Advice
Here’s What You Need to Know About Failure
Most people love success and hate failure. It is rightly said that success has many fathers, while failure has none. However, very few realize that success comes only after successive setbacks and failures. Success comes only when people realize their mistakes and learn their lessons. Success comes when people fail differently instead of failing similarly.
Is Success Without Failure Impossible?
Success without failure is a mere impossibility. That means that true success comes out of several successive setbacks and shortcomings. Success comes from sacrifices and struggles. It comes out of hard lessons learned from failures. When we look at the top global companies like Microsoft and Apple Computers, we see that they had intermittent failures in their entrepreneurial journey. However, they learned what did not work for them and moved forward successfully. Hence, success without failures is impossible.
Success is not counted by the size of one’s initial splash. When you look at start-up companies, you see that most of them have initial failures. The failure rate among first-generation entrepreneurs is high.
Do You Act or React to Failures?
Life is full of highs and lows. When faced with lows, people often react to external distractions rather than act. If you react to distractions, it becomes a negative approach, and if you act, it is a positive approach. When faced with frequent failures, it is essential to lie low for a while, take feedback and then move on. An inability to do so results in further, frequent failures. Hence, be cool for some time and think things through, and then move on to avoid further disasters. Above all, never react to failures.
Is Failure a Friend or a Foe?
Like a good friend who corrects you and ensures your progress and prosperity, failure, if handled well, will serve you as a good friend in distress. Failures make you tougher, stronger, and wiser. When you face frequent failures, you will be able to handle them well, as you will develop an inbuilt mechanism to bounce back. Besides, failures prevent you from further falls as you tend to be more careful in your approaches and endeavors.
Do Leaders Often Fail?
Warren Bennis once said, ‘Around the globe humanity currently faces three extraordinary threats: the threat of annihilation as a result of nuclear accident or war; the threat of a worldwide plague or ecological catastrophe; and a deepening leadership crisis in most of our institutions.’ In addition, it is rightly said that leaders fail due to four reasons: lack of vision, poor communication, tolerance for organizational fragmentation, and character flaws.
Leaders often face more failures than followers, as they take more risks in their lives. They are more involved in decision-making and are meant to take decisions. As all decisions don’t result in fruitful outcomes, there is greater scope for failure. However, they know that failure is part of their business, and they take in their stride and move on. The followers, on the other hand, are more concerned about failures as they are not habituated to regular decision-making, as most of their time is spent in execution than in decision-making.
Reagan’s Resilience
Ronald Reagan rose from humble origins. He was a symbol of hard work, whose success was the result of having overcome hardships and challenges. In 1948 he was divorced from his first wife, Jane Wyman. He was not depressed. He failed in his film career. He did not lose heart. His contract with General Electric was terminated. He was unperturbed. He lost to President Gerald Ford in the 1976 primary campaign. It did not break his spirit. But Reagan learned several lessons from these failures and setbacks. Each failure made him tougher, stronger, and wiser and enhanced his determination to fight the odds that were stacked against him.
Reagan bounced back from each failure with tenacity and resilience. He was firm and determined to one day be the President of the United States. Most people know only about the cozy life that Reagan led, but they should learn that Reagan faced several hardships, challenges, and failures too. But he learned from each failure and bounced back like the Phoenix.
Hence, to be successful in your life, never say ‘No’ to opportunities. Always be prepared as opportunity may often come in disguise. Find out your core strengths and talents and develop skills and abilities around them. Set strong goals and face challenges head-on. Develop your own network and grow within the available opportunities, rather than blaming destiny or circumstance.
Lincoln’s Lessons
Here is a man who had seen only lows, not highs throughout his life. Here is a man who failed in all his endeavors. Here is a man who received formal education for only one year. He failed in his personal, professional, and social life initially. He was none other than Abraham Lincoln, who is a symbol of hope for people from humble origins.
Abraham Lincoln failed several times. He had failed as a storekeeper, postmaster, and lawyer, and ultimately succeeded as a politician. Of course, he faced innumerable initial failures in politics too. However, he learned his lessons from time to time, reinvented himself, and grew.
At last, the lessons he had learned throughout his life helped him become the President of America and evolve as a great leader who went on to win the Civil War, abolish slavery and restore America’s morale.
Lincoln is certainly one of the best American Presidents, who was emulated by successive American Presidents. Whenever the Presidents of America faced challenges, they would look towards Abraham Lincoln’s life for inspiration and leadership nuggets. If Lincoln had taken failures personally, he would not have grown as a great leader.
Failure is a Feedback
Failure gives you feedback. It helps you to take stock of the situation and realize where and why you failed. What are the reasons behind and causes of failure? Was it due to external or internal reasons? It makes you more humble as you learn to empathize from others’ perspectives. That is why God places challenges before people. Nobody can have consistent growth in life. There will be peaks and valleys in one’s life. This is what enables people to have excitement in their lives. Otherwise, life will remain boring forever.
God and Challenges
Challenges do not weaken us, but they do strengthen our willpower. Challenges do not keep us down forever, but bring out the best in us, as it is rightly said that adversity brings the best out of individuals. God helps us to grow through failures. God provides obstacles in our way so that we can overcome them. God tests our true characters by throwing several challenges along the way, as the true character of people is revealed only when they fail and fall. When things go well, any Tom, Dick, and Harry can blow his trumpet. However, real inner strength is revealed only when a man fails and falls.
Albert Einstein said, ‘I think and think for months and years, ninety-nine times, the conclusion is false. The hundredth time I am right. It’s not that I’m so smart, it’s just that I stay with problems longer.’ Failure indeed delays progress, but it teaches several hard lessons that people fail to learn from others. Failures are opportunities in disguise. It is unfortunate that modern society is intolerant of failure and does not provide another opportunity to prove oneself and succeed. Therefore, people must be careful to avoid failure and if it is thrust upon them, they must face it head-on and bounce back with tenacity and resilience by learning valuable lessons.
Success Advice
How to Alter Your Business Approach With Technological Advancements
Keeping up with technological trends has become a challenge for almost every business owner.
Technology’s evolution has impacted everything, and business is no exception. Keeping up with technological trends has become a challenge for almost every business owner. Entrepreneurs unable to do so are being wiped out of the market.
There is no doubt that AI (Artificial Intelligence) and ML (Machine Learning) have taken over the business world. These technological advancements are impacting decision-making, success percentages, and other entrepreneurial aspects.
Adapting to these developments is integral to business success. Let’s explore how you can accomplish these milestones.
Embed the strength of AI and ML.
AI has modified business operations in major ways. For instance, companies have employed bots for customer support. These bots go through an effective learning process via Machine Learning before being able to answer like humans.
Bots can also perform detailed data analytics and make business moves with high success percentages.
ML is used more for the analysis of data chunks and generating successful predictions. This simply means that business owners do not have to worry about large-scale financial losses.
In terms of deployment and usage, a reputed company like Netflix employs machine learning for decision-making.
Blockchain is increasing the count of business opportunities
Tampering of financial transactions is quite common and causes severe monetary damage to customers. With the rise of digital payments, this risk has increased.
Blockchain is used to elevate your experience for monetary transfers. It combats penetrating events to extract confidential customer information.
Most business sectors are using block chain but finance and supply chain management sections have a higher count. These two corporate sections have several monetary deposits and withdrawals taking place.
In terms of percentage, approximately 72% and 5% of finance and supply chain firms have implemented block chain successfully.
Dedicate Yourself to Continuous Learning and Individual Development
You invest in learning some of the very important skills, including digital marketing, financial management, and how to gain customers as an entrepreneur.
You need to set up your knowledge base about doing business on Coursera and Udemy with the basics that are necessary for the business, building further by networking with experts through webinars.
Besides, Agile methodology will introduce elasticity to your company: this review and feedback system with further correction regularly will allow for enhancing efficiency and promptly reacting to the market.
Developing key skills to achieve goals
Running a business successfully is not only about having niche/domain knowledge. Business owners need to have communication / soft skills as well in addition to niche information.
Here are some key technical/domain-related areas that business owners should have a strong grip on.
Data Storage on Cloud: These days, companies do not store their data on physical servers. Therefore business owners should know how data is stored/edited/removed/updated via AWS, Azure, Google Cloud, and other platforms.
Data Analysis/Interpretation Qualities: These days, data is as precious as gold. Business owners with data analysis abilities make correct predictions. As a result, their ventures grow in volume.
Development/Coding Knowledge
Programming knowledge gives business owners an edge whether the application is developed in-house or outsourced. It assists in getting updates deployed and handling application underperformance without getting professional support every time.
Hacking proof framework
There is no benefit of having an advanced automated system if can be penetrated. Successful business owners have above-average knowledge of cyber security and hacking attempts. They are able to choose top-notch anti-hacking software without much of an ambiguity.
Communication Abilities/Soft Skills
Here are some key communication qualities that business owners should have:
Communication/Conversation: Business owners should use to-the-point sentences in both written and oral communication.
Issue Resolution Abilities: Business owners should be able to drill down to problems and solve them. This is done successfully only if an entrepreneur has in-depth business domain knowledge.
Agile Implementations
It is mandatory for business owners to have knowledge of iterative/agile models. With such a competitive environment, it is impossible for business owners to succeed without adopting an agile framework.
Create a productive well-crafted Business Strategy
A productive business venture starts with a clear vision. The first factor making a business successful is the idea behind it. It helps with endless growth and combating competition successfully. Katherine Philips once mentioned that business goals are inevitable if goals are set concretely.
- Goals should be based on smart achievements instead of complexity. Focus on the value that each one of them adds.
- Business objectives should not be vague. Key indicators should be constructed to measure the success/failure of each milestone.
- Be realistic when setting goals. Do not aim at impossible milestones since they can be demotivating.
- Milestones/goals need to be time-bound. Set a completion deadline for each one of them.
- Business goals should not be alien. Owners can think out of the box but not be obsolete / unrelated.
Create a productive well-crafted Business Strategy
Business owners cannot succeed without having a network. Some tips help in this case. Attend conferences and professional gatherings to connect with other entrepreneurs.
Here are some other related points business owners should pay attention to.
- Attend meetings and conferences to stay updated with trends and meet business owners who already have well-set ventures. This helps in enhancing the learning curve of new / growing entrepreneurs.
- Being a part of business communities/groups is very productive. When one shares opinions and discusses decision-making tactics, it helps in preventing errors and enhancing success rate.
- Even the most experienced business owners have mentors as learning never stops. Take part in mentorship programs so there is an assurance that you are following the correct roadmap.
Conclusion
There is absolutely no doubt that business dimensions have evolved with technological advancements. Successful entrepreneurs have grabbed these changes in due course of time and continue to evolve. On the other hand, people following old paths and conventional steps fade out of competition. In a nutshell, keep an eye on the processes and practices you follow as these factors decide success rate.
Success Advice
Understanding the Power of Yes and No: How to Create Boundaries For Success
These words have a significant impact on how our success unfolds
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Motivation
From Couch Potato to Go-Getter: A Step-by-Step Motivation Plan for Everyone
By understanding what motivates you, you can turn your dreams into reality
Are you tired of feeling like a couch potato? Do you want to transform your life and become a go-getter? You’re not alone! Many people struggle with motivation, but the good news is that change is possible. (more…)
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10 Micro Financial Habits for More Wealth and Peace of Mind
The World Economic Forum still reports that half of U.S. adults lack financial literacy
You’ve heard about developing financial habits, but what about micro-financial habits? Micro habits are the tiny things you can do every day with minimal effort that, together, transform your future. (more…)
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