• Learning from Failure in Business

  • Sep 24 2024
  • Length: 13 mins
  • Podcast

Learning from Failure in Business

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  • David: When we talk about learning from failure, it doesn't just have to be our failures. We can learn from the failures of others. Jay: Oh yeah. David: We can learn from the failures of our friends, our family, our parents, our children. We can learn from any type of failure that we meet along the way. And when we do that, when we learn from other people's failures, we are saving ourselves a lot more aggravation. David: Hi, and welcome back. In today's episode, co host Jay McFarland and I will be discussing learning from failure. Welcome back, Jay. Jay: Hey, David. Once again, it's a pleasure to be here. This one, again, another important topic. I think we have a tendency, when we have failure, to not want to try that again, as opposed to saying I don't know who said it, but fail forward. Right? So like it or not, we're a result of our failures, and we're probably going to fail more than we win. So defining what we do in failure, I think, is very important. David: Yeah, I think this particular topic for myself, I know, has been absolutely critical in every aspect of my development from the time I was a child. When I was in grade school and I wasn't always the most motivated student because I wasn't interested in some of the topics, I would not do well in certain areas. And that wasn't great. I mean, what I should have learned from that is do a better job of it, anyway, I didn't learn that at the time. And maybe that's why I'm an entrepreneur today, because I think a lot of entrepreneurs start out the same way. It's like you're on a path. There are specific things that just really interest you that you can focus on diligently. And there are other things that you can't. But also just an example, I know throughout my own life, you're going to be able to learn something from everyone you meet, whether it's positive or negative. So you might as well take advantage of that. And if you recognize that you can pick up on these things fairly early on in most relationships and decide to learn from them, everything gets a whole lot easier. Jay: Yeah, yeah, I totally agree with you. Once again, I think all the podcasts we've been doing recently self awareness. So important. Personal inventories, so important. Do you even recognize the failure? Are you deliberate about what your response is going to be? And if so, I think you can turn it around and make it a positive. If not, I think it's just by nature going to become a negative. David: Yeah, and whenever we're going through something in business that we would categorize as a failure, and that varies widely in business, as you know, to a complete business failure, I mean, that's something you'll learn from for a really long time, when that happens. It can be small things, it can be large things, but if we look at each of those things as an experience, there is very likely a lot that we can learn from that. What was it that caused this problem to begin with? I know in business for myself, most likely cause of issues and ultimate failure has always been, In some way related to communication. We weren't communicating properly with the other people, or they weren't communicating properly with us, or they weren't communicating honestly with us, or however it worked out. But a lot of it, for me, boils down to communication failures. And when you're aware of the areas where these failures likely happen, you can then pay closer attention going forward so that you don't repeat those types of things. Jay: Yeah, I grew up kind of in the retail industry and, when a failure happens, you have managers who want to just find the closest person and, yell at them and blame them. But then you have others and I've learned that usually it's not like you said, a person problem. It's a systems problem. So is it your communication that's bad? What is it? And if you can fix it, is it your training? You didn't train, you know, whatever it is,
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