The Consequence of Failure as the Source of Improvement
Business success comes to reality only if your company is better today than yesterday, or better tomorrow than today. Improvement is the basis for competitive advantage. However, on the other hand, improvement cannot come without reason. It has their own source, or they are a consequence of something.
Every great improvement has come after repeated failure. Virtually nothing comes out right the first time. Failures, repeated failures, are the posts on the road to achievement.
~ Charles Franklin Kettering
One source of improvement is the existence of the problem inside or outside of the company that needs the solution. The solution means improvement.
For example, change of market needs requests for changes in the products and services that will be offered on the market. That change of products or services means product/service improvements.
So, when you know that you fail in distributing the customer’s needs satisfaction, you will need to improve your products and services.
Another source of improvement is previous failures who increase your knowledge and make improvements without repeating the same failure in the future.
For example, you make the mistake in your business plan about customers needs. You will update your business plan immediately after you find that you make the mistake that leads to product/service failure. Managing the small business is a process that leads to knowledge as a part of increasing business potential energy. The knowledge comes from different sources, but the large part is from own entrepreneurial experience.
Questions That You Must Ask Yourself
When in doubt, observe and ask questions. When certain, observe at length and ask many more questions.
~ George S. Patton
- What are the biggest failures you make after you start the business?
- What you can learn from that failures?
- What are the real reasons for these failures?
- How you can escape these failures in the future?
- How you can improve yourself and your business based on that failures?
- What you must take to improve yourself and your company?
- When you must take concrete action steps to improve yourself and your business?
