If you didn’t catch the show yesterday let me go ahead and apologize again for taking last week off without prior warning. Certainly there is nothing wrong with taking the week off but I ought to have given you a heads up. Some of the things that came out of that week is that I had the opportunity of spending time working on my business. There are couple of thoughts that came out of that exercise and because we are all partners in this and are involved in each other’s business I will share them with you this week and hopefully they will help you in your business.
Today I would like to talk to you about failure. A topic that comes up from time to time in this show and it’s not because we are obsessed with preventing failure but quite the opposite. You may look at it as we are obsessed with failing and we want to fail fast so that we find out the things that will not work so that we can move on to the things that will work. If you look at the dictionary definition of the word failure, it means “lack of success.” It doesn’t mean that it is the end of the road for you. Winston Churchill said “Failure is not fatal and success is not final.”
If you have put everything you have in your business and you are not getting the results that you need, ultimately you will reach a point when you will have to decide to cut your losses. It won’t however mean that it is the end of the world for you. That moment of failure gives you feedback on the things that are not going to work for you. You will simply have found a way that it doesn’t work. When I tell you I want you to fail, what I mean is that I want you to fail fast and often because failure presents an opportunity to find the things that do not work. When you dive into the deep end of the pool, failure is a possible outcome. Things do not always work out.
The most important things I would like you to do is understand your goals and visions and then understand your customers and how to solve their problems. If you do those two things right and let them guide your actions, you are going to be successful.
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[Full Transcript Follows]
Hey there folks, Thom Rigsby here, from thomrigsby.com. Have you been worried about
failing? Think that it might wind up being the end of the world? What if you put all of your
best efforts into a business that does not paying out, that makes you a failure. Those are all questions we are going to talk about right here on “7 Minutes in the Morning” stay tuned.
Hey there folks, good morning and welcome! This is “7 Minutes in the Morning” it’s your daily dose from me your business coach, my is Thom Rigsby.
Well, you know I said yesterday, if you did not hear the show yesterday I will go ahead and
apologize again. I took the week off last week without any forewarning, certainly nothing wrong with taking the week off, but I should have given you a heads up. One of things that came out of that week is an opportunity for me to spend some time in working on my business and there is a couple of thoughts that came out of that exercise that I want to share with you this week. For two reasons; One is, we are kind of partners in this, I feel like we are both engaged and involved in each other’s business so I want to share the things that I see, the future where I am going with my business with you. And hopefully, some of the things that I share with you will help you in your business also.
Today I want to talk to you about “Failure” a topic that comes up from time to time, maybe even more frequently than that appear here on the show. And it is not because we are obsessed with preventing failure and actually it is quite the opposite. You might even look at it as, I am obsessed with failure, but I want to fail fast. I want to find out what does not work so that I can move on to the things that do work. And even if we look at the dictionary definition of failure, it says, “a lack of success” it does not mean an end, it does not mean that we die. In fact, the quote that I shared the most around failure from Winston Churchill it says, “failure is not fatal and success is not final”.
If you put everything you have into your business and you are just not getting the result you want or you need, ultimately there is going to come a point where you have to decide to cut your losses. That does not mean that you failed, what it meant, it does not mean it is the end of your life, that certainly by the dictionary definition there is a lack of success there, so you meet that definition but that failure really, gives you feedback into what is not going to work for you. It is not, you do not have to go back and find a job with your tail tagged between your legs, ask your old boss for a job back and say “yeah you are right, I was wrong it did not worked out. I will come back here and be your servant for the rest of my life”. That is not what it means, what it means is we have just simply found a way that it does not work. So, when I say I want you to fail, I want you to fail fast and often.
It is an opportunity for you to find the things that do not work. Now, what happens more often than not, especially with business owners that do not have a lot of experience running a business, we put everything into it, we got a great idea that it is going to change the world and everybody is going to benefit from this. And so, that is the way you attack the problem or attack running the business and then everybody is not lined up at the door. Sales are not what you thought they were. That loan that you took, that lease that you signed when you thought everybody was going to buy your product, now looks like a pretty heavy weight tied around your neck. So, what you have done is you have gained experience in how to answer a lot of questions, how to understand your customers in their problems, how to develop a product, your service that solves them. How and when and how much to get into leases and loans. Those are all very valuable lessons that you have learned. Did they cost something? Yes, sure! Hopefully they do not cost the same thing that they cost me to learn those lessons. At one point or another in my business career I have had just rocket ship kind of success and just blowing and going and making-.
I have two million dollar a year businesses. And I have also been in bankruptcy because they do not always work out and when you go, when you dive in the deep end of the pool, that is possible outcome. Now I will tell you that, that has been one of the most valuable experiences in my life. I do not wish it on any of you, I hope that you will listen to the experience that I and others shared with you, so you do not have to experience that. But, for me it was a great experience, because I learned how not to do things. I learned that there are better ways to it and I learned that, the conventional wisdom, you go online and you read, you go to this small business administration, you go to the Chamber of Commerce and you take these classes and they will tell you all the right things to do, they are not always the right things to do, the most important thing you can do is understand your goals, your vision and then understand your customer and their problems. If you do those two things, and you do those things well, you are going to be successful. And let those two things guide your actions, those are the most important things. When you are looking at an opportunity you consider the risk, you think you might fail and so you are worried about stepping out and doing that, do not worry about failing. Look at it as an opportunity to learn, whether this is the right thing to or not.
That is it for today, I would love to hear your comments on that. Please shoot me an e-mail,
firstname.lastname@example.org. Hit me up on twitter @thomrigsby or find me on facebook, facebook.com/thomrigsbycoaching.
Until tomorrow, I will be back with a brand new topic. My name is Thom Rigsby and I am your business coach. Take care.