How do you learn from your successes and failures in business administration?

Documenting lessons learned is key in an organization that is constantly looking for improvement and to achieve excellence. Each new initiative or project should have a full review of previous learnings (both successes and failures) during the initiation phase. Successes can always be improved and failures should be avoided.

Defining success and failure is a critical step in learning and growing. It's all about setting clear, measurable criteria aligned with your goals, not external standards. #ProfessionalGrowth #SuccessCriteria

As long as you remain humble and willing to learn, both successes and failures will provide insight into your strategy and KPIs moving forward. It is also important to not just look at whether the end result was achieved, but the amount of progress made toward that goal. A very good thing could be viewed as a failure if you don't celebrate progress and the people who achieved great things!

It’s clear that the world is reshaping it’s geographical and geopolitical outlook, new business streams are invented and AI grows stronger and more competitive. In these realities it’s absolute must to apply flexible KPIs. It’s not about planned sales , revenue or EBITDA level. It’s about keeping your people safe within your company, making sure they retain their jobs despite all potential external problems. Sharing to them what exactly you are doing as an Employer to protect them. It’s about being always on top of major economic and social trends in order to reshape the KPIs immediately. I would say, it’s all about being aware and very reactive to every single change, as well as being receptive to changing plans to fit the reality.

Learning from both successes and failures is essential in business administration. Here's how you can approach it: Take time to reflect on both successes & failures. Ask yourself what worked well in successful endeavors & what didn't in failures. For failures, especially, delve into the root causes. Was it poor planning, execution, market conditions, or something else? Understanding the reasons behind failures helps prevent repeating them. Seek feedback from stakeholders, team members, and customers. They can provide valuable insights into what went right or wrong. Use the insights gained to adapt your strategies. If something worked well, see how you can build upon it. If something fails, adjust your approach to avoid similar pitfalls.

I agree with this perspective and I believe there should be a culture of ‘lessons learned’ in each business. We should not only celebrate success and duplicate successful actions in different areas, but also learn from our failures and always assess the lessons we learned from it, this could help to build strong basis for the future projects/ initiatives. There is a quote I like about this topic “Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success”.

I agree. Additionally, the goals we set need to be realistic or when we don't see things happening we search for the reasons and blame becomes a focus. At the same time, we need to be willing to make changes in areas that simply aren't moving us forward - in strategy, process and people and determine if the accountability has been communicated and expectations set clearly.

When we set goals they must be attainable. Being realistic in our goal setting will ensure accurate end results and helps maintain encouraging logistics. The success we gain is also a team effort. Together is always best.

I recently read Dale Carnegie's, 'How to Stop Worrying, and Start Living.' He discussed asking for criticism daily. I found this super helpful as we have become such a sensitive society (me included). How can we grow if we don't ask for feedback? There is no failure but growth opportunities and we must ask for criticism.

A dashboard encapsulating one's actions with sensitivity analysis is crucial to review one's outcomes. This dashboard should be friendly to gauge patterns and pickup any anomalies.

Journaling, meditation, reflection in other ways allows us to get feedback from and about OURSELVES. I am a coach and I have a coach but I want to be able to rely on myself and not NEED someone else all the time. Same with my clients - they need me to shift but once they have, I teach them to be self-sufficient until the next big shift comes along.

Learning from all parties involved is an important avenue for everything from personal development to offering portfolio and the customers and their preferences. Receiving and giving feedback is often a challenge in the case if it's not matching with the persons' own view on the matter. However, learning of self-reflection and constructive feedback is the key for high quality and high performance outcomes. Also can help teams unite and support each other in critical situations.

Feedback is the compass that guides us towards growth and excellence. It's a mirror reflecting our strengths and areas for improvement. Actively seeking and embracing feedback, both from within and outside our circles, empowers us to refine our offerings and elevate our skills.

Feedback is not about war and preparing counterattacks. Such leads to bad customer interaction and reduced value creation. Feedback is about collaboration and having the possibility of further eyes for monitoring and focus. However, this needs of stakeholder management, as customers and users need to feel accompanied and understood, and further need understanding of the relevant information. Hence, positivity and proactivity are relevant in communication.

Feedback loops are fundamental for our growth and continuous learning. By receiving feedback and applying it, we can identify areas where we are performing well (success) and areas where we need to improve (failure). This allows us to adjust our techniques to achieve better results.

A leader’s success is inseparable from the success of their team. The ability to work with people, show empathy, and understanding plays a significant role in motivating the team and building successful relationships with business partners and clients. Let’s not forget that real success is not only about achievements but also about how we influence those around us.

In my experience, I tell the team that "we are going to experiment" with a new idea, protocol, marketing, product...whatever. Creating an environment where it is ok to try and fail, rework, rebuild, or simply tweak and perfect helps their confidence levels and elimates the fear of failure. It helps with creative input, builds morale which are huge on building a business.

Experiment may be a challenging task for an experienced person who feels he/she knows everything. Good "mantra" for new opportunities and challenges may be the statement: What brought you here may not bring you there. Sometimes we need beginners' mind to remove the old patterns, accept that my way is not always the only way, but rather give the opportunity for something new. Another "mantra" maybe fits to this conversation: Never give up - always let go. If the idea doesn't work as initially anticipated, better to pivot and/or find different approaches or even different idea to work on. Sometimes time may not be the right.

Embracing experimentation is key to fostering innovation and growth. It's about pushing boundaries, learning from every outcome, and refining our strategies. Remember, the greatest discoveries often stem from a series of well-planned experiments.

Experience and further knowledge may help for better informed assumptions and hence decision-making under uncertainty and ambiguity. However, especially in connexion with curiosity and openness for validation and adjustment. Mostly, successful implementation will rely on iterative approaches with product increments born out of new amd improved knowledge amd adjustment to the environment and new needs, as also to experimentation and learning, amd even failure, understood as an investment.

I am certain that we learns more from one's failures than from one's successes, which is why every time there is a failure, I usually get my team together, to see what the root causes of the failure , in this way, we can learn with the aim of not doing the same mistakes and thus be able to grow together as a team. I believe that on our path to success, failures are simply stepping stones that bring us closer and closer to the success.

I agree with input from your team. No one knows the daily operations of a position better than those currently performing the tasks. I've had tremendous success utilizing my team when creating operations processes. I found it was more difficult to create effective operations as an observer, so I started asking more questions and having the teams train me on their processes.

I have found to value my employees input in addition to building a team and a team does not consist of all doing the same thing but each person is unique and gifted in their own way, I am learning to value their uniqueness and build them up, since the stringer the team is, then the more successful we will be in achieving the initial goals we set out to accomplish. That's my two cents...

First of all we should never Stop Learning, The more you learn, the more knowledgably person you become and the more confidence you gain. Never be afraid to take up challenges. Build meaningful relationships with people and improve your communication skills. Never bring comparisons in your career.

Humble yet confident mind in all aspects helps proceed. Confidence brings the ability to accept different options, bring the learning openly to the discussion, accept that e.g. it did not work in this context hence we can discover something new. In leadership theories we have forgotten the concept of followership and how to leverage the different competences and personalities in specific tasks of the team. Leader very seldom knows it all. With proper self esteem the leader can dynamically swap the roles and responsibilities to leverage all available people for the success of the whole organisation or team. One gets what one measures is an important factor for the desired outcomes and positive engagement of the needed people.

You need to cultivate a growth mindset, a curiosity, and a passion for learning that can help you overcome challenges, embrace opportunities, and achieve excellence. You also need to seek new sources of learning, such as books, courses, podcasts, or mentors, that can expand your knowledge, skills

In addition, a key aspect I’d like to emphasize is the importance of leaders focusing on values, such as working for the greater good. Leaders who prioritize the well-being of their team and the broader community inspire trust and followership. When we lead with a sense of purpose that goes beyond personal gain and genuinely aim to make a positive impact, we not only drive our teams towards success but also contribute to a better world. Let’s strive to be those leaders who lead by example and work for the greater good.

Success let us know what to do and how we move on to make things better. On the other hand failure may lead us what not to do and stay away from that blunders and lesson teaches us to improvement areas that is still we suppose to know.

En la administración empresarial, cada éxito y fracaso ofrece lecciones valiosas. Los éxitos brindan validación y claridad sobre estrategias efectivas. Analizarlos revela patrones y enfoques exitosos para replicar. Por otro lado, los fracasos son maestros igualmente importantes. Examinar las causas subyacentes proporciona discernimiento para evitar errores futuros. La humildad ante los fracasos fomenta la adaptabilidad y la innovación. Integrar estas experiencias en el proceso de toma de decisiones fortalece la resiliencia y mejora la capacidad de navegación en el complejo panorama empresarial. En última instancia, el aprendizaje continuo de éxitos y fracasos es fundamental para el crecimiento sostenible.

Stagnation is the mother of all business deaths. One should not rest on the laurels of their successes. If anything, big wins should only be a pleasant distraction from whatever you have in the works for the future. Complacency kills.

Learning from failure is a common phenomenon and every business does that however the best way to learn is from success. It's not easy to identify learnings from success as it often over shadow with the achievement. I always keep a close eye on learnings from success and replicate and fill the missing actions to achieve even bigger and better success ahead.

Seek feedback from others: Gather feedback from colleagues, mentors, or industry experts to gain different perspectives on your successes and failures. Maintain a growth mindset: Embrace challenges and setbacks as opportunities for learning and growth, rather than fearing failure. Document your experiences: Keep a journal or notes to reflect on your experiences, both positive and negative, and identify recurring patterns. Celebrate your successes: Recognize and celebrate your achievements, no matter how small, to boost your motivation and confidence. Learn from others experiences: Read about the successes and failures of other business leaders and industry experts to gain insights and inspiration. Learning is a continuous journey.

Remember for business student's your network is your net worth, never left business related seminars, sessions and programs, be spokes person and volunteer for working opportunities learn from other experiences, keep yourself up to date and learn new phenomenons.

Never get too comfortable. Success doesn't always last, especially if you're complacent. This is true for businesses, entrepreneurs and even rappers / artistswith hit songs; The one lesson we can learn from all is that you have to keep working hard if you don't want to just be a one hit wonder. Your competition is strategizing everyday to gain more market share. You will be easily bypassed if you don't constantly have your hand on the pulse and use all available feedback channels to better your products, offerings and marker share.

Treat mistakes and failures as insights rather than indictments. Use whatever negative emotions you have after falling short as fuel for the next task. To err is human, after all.