Learning from failure is also essential to succeed in a business venture
To err is human and to learn from it, is intelligence. Most people prophesise the theory of learning from success rather than failure as the way to grow in life. The same holds true as per this genre for people in the business world and especially for the fresh entrepreneurs who are contemplating about the best way to conduct a business.
There is however a treasure chest to uncover or unearth from the errors committed by people, that may have even led to disastrous end results with the business house itself buckling. To read and study such failures, to learn where the business house had erred, and to take measures from safeguarding against such errors would only help the business house prosper.
A befitting incident that could be drawn from history to elaborate this point would be the case of the British aircrafts suffering extensive losses from the German ground fire. In order to study the most probable points of the aircraft that was vulnerable to the ground fired bullets, aircrafts that were returning post a flying sortie over German land were undertaken. It was concluded that the wings and tail were most susceptible to the bullets as these were the regions where the maximum number of bullet holes were found. It was just prior to implementing hardening measures at these points that realization struck. The aircraft that were actual losses were the ones that had been fallen with the German bullet. It was these aircrafts that needed to be studied to work out the exact vulnerability points.
Failures resulting from oversight and ignorance are natural and bound to occur. A sensible entrepreneur or financial adviser would read with respect, rather than ridicule such experiences and endeavour to safeguard personal business from such happening.
Success and failure are but the two sides of the same coin. Factor of probability is exactly half for both cases and the importance of probability in case of business needs no further amplification.
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