Knowing How to Learn from Failed Projects in Your Business
Much of innovation is about experimentation and trial and error. With that, often comes failure: something that usually stops us from exploring in the first place. The immediate effects aren’t pleasant, as failure comes with wasted time and effort and disappointment. If we learn to fail gracefully, however, and learn from our errors, we will be able to grow. Growth comes along with much inevitable failure.
Failure can at times be very apparent, while other times it is less so. The first step in accepting failure is to know when a project/idea is officially over. If something has failed, the best thing to do is recognize the project as a missed opportunity and move on. Let go of the past and move on. From there, learn from it. Try to look at the missed opportunity from a distance and learn. Finally, don’t let this stop you and your teams’ creativity. Keep going, keep ideating. The quicker you can move through this cycle, the more you and your business will be able to grow.