Making Mistakes

People make mistakes! Great inventions and discoveries were inspired by mistakes. Entrepreneurs also make mistakes, so their tolerance towards their employees making mistakes is expected.

Entrepreneurs should create a business culture that does not penalize people from thinking outside the box and making mistakes. A company cannot grow if no one takes risks just to avoid making mistakes.

Making mistakes is acceptable if it is during the process of trying new methods or ideas. However, it is essential to learn from these mistakes and prevent future occurrences. People grow by learning from their mistakes.

An employee that keeps on making the same mistake again and again despite training, coaching and direction should be dealt with. This situation is no longer is a process of learning but a performance issue. It ultimately hurts the company and people.

Making a mistake is acceptable. Not learning from that mistake is bad; making the same mistake repeatedly is worse.

Ravi Patel

www.patelCFOservices.com

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Published in: on September 7, 2016 at 4:20 am  Leave a Comment  
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Learning While Losing

Too often, many sports coaches consider winning to be the only thing that matters. But, is losing always bad?

Losing because you are not good at something or you have not done enough to prepare yourself to win, then it has no redeeming qualities. However, if you are in top shape, are always practicing and improving, losing to a slightly better competitor is not necessarily all that bad.

Losing can lead to winning if you learn the lessons from your loss. What did the winner do differently? What could you have done better? Where did you feel you needed more effort or skill? If you can answer these type of questions, then they could be winning lessons.

Entrepreneurs can also learn the same winning lessons from losses or failures. If you learn from losses and make changes to improve your business and grow stronger, it is in fact quite positive.

Losing is not always bad if you learn some winning lessons from it.

Ravi Patel

www.patelCFOservices.com

Published in: on April 14, 2015 at 4:17 am  Leave a Comment  
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Having an Open Mind

Similar to a parachute, a mind only works when open. Learning new things definitely requires an open mind.

Entrepreneurs do not know it all. The successful ones always keep on learning or find people who know more than they do. In both cases, Entrepreneurs need to have an open mind. Accepting new ideas through self learning or from others requires willingness to accept thoughts different from yours.

If one makes up his/her mind and refuses to entertain other ideas, learning is not possible. Moreover, the person might be viewing issues from a single perspective, his/hers only, eliminating the possibility of a well-informed decision or conclusion.

Entrepreneurs need to set their ego aside and seek and be open to advice from others. Keep an open mind to learn more and to be more effective in making decisions.

Ravi Patel

www.patelCFOservices.com

 

 

Published in: on December 10, 2013 at 5:39 am  Leave a Comment  
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Making Mistakes is Acceptable or Not?

Everyone makes mistakes! Great inventions were inspired by mistakes. Entrepreneurs also make mistakes, so their tolerance towards their employees making mistakes is understandable.

In general, Entrepreneurs should create a business culture that does not penalize people from thinking outside the box and making mistakes. An organization cannot grow if no one takes risks just to avoid making mistakes, .

Making mistakes is acceptable if it is during the process of trying new methods or ideas. However, it is essential to learn from these mistakes and prevent future occurrences. People grow by learning from their mistakes.

If an employee keeps on making the same mistake again and again despite training, coaching and direction, that is not acceptable. This no longer is a process of learning. It ultimately hurts the organization.

Making a mistake is acceptable. Not learning from that mistake is bad; making the same mistake repeatedly is worse.

Ravi Patel

www.patelCFOservices.com

Published in: on June 11, 2013 at 4:36 am  Leave a Comment  
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Sharing Your Knowledge

Business leaders over their careers acquire considerable knowledge and wisdom. Knowledge that is not shared is lost forever. Here are some thoughts on how to share your knowledge with others:

  • Instead of giving answers to your employees or doing things for them, make them learn from you and do the tasks themselves. Resist the tendency of doing it yourself to save time. Take the time to teach someone.
  • Allow your employees to make mistakes while they are learning from you. No one is perfect the first time.
  • Mentor other Entrepreneurs and young business leaders. Guide them with your knowledge and experience.
  • Encourage and motivate your employees to develop a continuous learning philosophy
  • Teach in a formal setting
  • Write articles and make presentations to industry groups, educational institutions and forums

Sharing your knowledge will be the most lasting legacy you will leave for future leaders and employees. Do the Right Things!

Ravi Patel

www.patelCFOservices.com