Sunday, December 16, 2012

I Love Failing

One of the joys of being in business is related to the opportunity to continually learn. Like most people I have received the most benefit from learning what doesn't work and trying something else.

Thomas Watson Snr, the founder of IBM, was once asked by a young man, "How can I double my success rate?". Watson's reply seems counter-intuitive but is so correct based on my experience.

So what was the answer? Well, Watson replied with the words, "Quadruple your failure rate".

So to succeed you need to fail. Most successful entrepreneurs fail a number of times before they win big. Their failures and tenacity allow them to carry on and succeed.

The take away message is to succeed you must learn from your failures and not be dejected by them. This gives you the resilience to succeed.

DK

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