Entrepreneurship is a game of trial and error. The main idea behind entrepreneurship focuses on finding an unfulfilled need in the market and a solution for it. You are venturing into unknown territory and trying your best to navigate your way through it. Sometimes your methods work, sometimes they don’t. That is just how it is. You might feel as if failure is the end of everything, but it is only just the beginning of a new chapter.
We are often told that to be successful, we have to stop looking back. But that couldn’t be more wrong. The past holds innumerable lessons that we can learn from, if we choose to. Once you have the understanding that you can learn from the past, you will be able to make your present better and plan ahead to a more efficient and successful future.
Learn from the past
We study history to make sure that we do not repeat the same mistakes our ancestors made. We look to the past to teach us valuable lessons. As an entrepreneur, you might face hurdles and make mistakes. Instead of being ashamed and embarrassed, take it in your stride and focus on the message. Your budget allocation was a little off last year… look at how much money was allocated to each department and what the actual spending was and create this year’s budget accordingly. Don’t let the past hold you hostage.
Implement in the present
Each mistake is an opportunity to learn. But where do you keep all those lessons? You use them in your present. Your startup might have made a few missteps in acquiring funding in the past, and your team knows exactly where they went wrong. So this time around, change your presentation, fine tune your pitch and do the entire process differently. Your past is a teacher, but your present is the student that implements the lesson.
Look towards the future
Learning from the past and staying stuck in the past are two completely different things. An entrepreneur learns a great deal when he look at the mistakes he has made. However, they learn nothing and waste valuable time if they keep thinking about the past and what went wrong.
Looking behind is not always bad, but if you are going to turn your back on your future, your business will suffer. All your hard work in learning lessons and implementing them in the present will result in a successful future where you will consciously avoid those same mistakes. Pitying yourself for what has already transpired will not help you or your team.
Make the past your strength
It is not only your mistakes that you can learn from. Other people have also made mistakes, and some of them have even written books about them. You can learn many valuable lessons from other people’s mistakes. When you go out and network and meet fellow entrepreneurs, some of them might be willing to share what their past mistakes have taught them. You can make the past your strength instead of your weakness. Once you know your strengths, you can leverage them to become a better leader and create a better business.