As you go through your entrepreneurial career you will make tons of mistakes. I mean TONS. You will make financial mistakes. Hiring mistakes. Branding mistakes. Ethical mistakes. Relationship mistakes.
Its important to learn though that these are simply a part of life. One study showed that executives made a “bad” decision 30 % of the time. Even the best executives were “wrong” one in three times when decisions were analyzed in hindsight.
The only way to not make any mistakes is to not do anything. You are a lot less likely to make mistakes when you work at a large corporation. The systems and processes are setup in place so that your day and your decisions are pretty much standard. The map is drawn for you. If you work in a Government department chances are that you are not going to make mistakes which shut the government down. Chances are whatever decision you make will have to go through another 10 decision makers and a consensus so you won’t do anything “too crazy”.
When you are running your own business you are drawing your own map. And you are making it up as you go along. You might have a vision of where you want to go – but people and events are not 100 % predictable – if they were life would be boring.
When you have your own company you might not have the time to think through everything to launch a “study” but instead you go on gut feeling. As an entrepreneur you are in a HURRY. You want to change the world and you want to do it fast. You want millions of customers to use your product and you want it done by tomorrow.
This will ultimately lead to more mistakes. The key is to realize that you made the best decision for what you knew at the time. The only way that you know it really was a “dumb” idea was because you tried it and it didn’t work. Most things are not permanent. You can change your mind. Hire the wrong person and have an open honest chat and see how to resolve it. They might also know.
Get locked in the wrong business partnership – have a chat with your partner and see how you both can go your own ways but still be friends and help each other.
Make the wrong financial decision – realize that money is just a number in the database. And remember there aren’t really mistakes. Have you ever done something which you thought was a mistake, but then it actually turned out to be an awesome thing?
Or you got lost driving on the way to somewhere but you discovered something new instead?
Henry Ford once had an employee that made a decision that cost the company millions of dollars. He was asked if he would fire the guy that cost the company so much money. He replied – “fire him? We’ve just spent millions of dollars on his education, why would we lose that asset?”.
Mistakes lead to experience and experience leads you to more success.
Keep going. Make more decisions. And if you made a “mistake” remember there is often an “undo” button that you didn’t realize you had access to.
I am now teaching at Webpreneur Academy some of my own learning from over a decade of mistakes in the entrepreneurship world. You might want to join and learn from that experience.