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What do you do if failure becomes a chance to learn for successful business managers?

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In the world of business management, encountering failure is an inevitable part of the journey. It's not the failure itself that defines your path, but rather how you respond to it. Successful business managers see failure not as a setback, but as a valuable opportunity for learning and growth. By analyzing what went wrong, making necessary adjustments, and moving forward with newfound insights, you can transform your failures into stepping stones towards success. Remember, each misstep teaches you something new about your business, your team, and yourself.

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Daniel Lucco

CEO & Co-Fundador na La Braciera

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1 Analyze Errors

When a project or strategy fails, it's crucial to conduct a thorough analysis to identify what went wrong. Dive deep into the specifics—was it a flaw in the planning, execution, or was it due to external factors beyond your control? By pinpointing the exact errors, you can ensure that these mistakes are not repeated. This process also involves being honest with yourself and your team about each person's role in the failure, which can be a tough but necessary step towards improvement.

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Daniel Lucco

CEO & Co-Fundador na La Braciera
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Talvez a parte mais difícil num momento desses é ser honesto consigo mesmo, pois qualquer projeto envolve investimento intelectual e financeiro, o que diretamente se relaciona com nosso lado emocional, talvez um pensamento de perda de tempo ou fracasso. E quando ainda n?o estamos acostumados a entender que o fracasso faz sim parte do nosso futuro e do nosso objetivo, a melhor forma de identificar os problemas para eles se tornarem li??es aprendidas é com opini?es de terceiros, na melhor das hipóteses um conselheiro que fa?a o papel de trazer de fora uma vis?o relevante

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Timothy Hosking

BSc QS UND; PMP Unisa. Quantity Surveyor / Building Economist / Project Manager / Behavioral Economist
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What I have done is accept that failure can occur. There's too many unknowns and events to ignore failure. As such I assess resources, plans and projected outcomes so that they can be measured. The rationale for success or failure can be determined. Hindsight is poisonous because it is clear and without a preconstructed set of scenarios it's likely that conclusions only include superficial analysis and the wrong conclusions made for bad lessons.

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2 Adjust Strategy

Once the errors are identified, it's time to adjust your strategy. This might mean retraining your team, refining your business plan, or even shifting your business model to better align with market demands. The key is to remain flexible and open to change. Successful business managers understand that what worked in the past may not work in the future, and they're willing to pivot accordingly. This adaptability can not only help you recover from failure but also prevent future setbacks.

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Daniel Lucco

CEO & Co-Fundador na La Braciera
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A prática do desapego aqui é essencial e fundamental, já vi e já vivi muitas vezes um longo período de tempo no mesmo problema ou projeto, mesmo muito distante de estar próximo de dar certo. Errar rápido, pra aprender rápido e fazer melhor do que era s?o talvez uma das melhores práticas que podem ser adotadas nesse momento do negócio e nessidade de virada de chave. O apego tem que ser com o processo, seja ele positivo ou negativo, mas sempre com foco na melhoria contínua

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Timothy Hosking

BSc QS UND; PMP Unisa. Quantity Surveyor / Building Economist / Project Manager / Behavioral Economist
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Scenario planning allows for earlier adjustments, earlier lessons and the means for a long term success. Without scenario planning failures are realised later, poorly understood and more likely to have a poorer outcome.

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3 Foster Resilience

Building resilience within your team is essential after experiencing failure. Encourage open communication about the lessons learned and foster an environment where team members feel safe to take calculated risks. Resilience isn't about never failing; it's about bouncing back quickly and with more knowledge than before. As a manager, leading by example and showing your team that you're undeterred by setbacks will inspire them to adopt the same resilient mindset.

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Daniel Lucco

CEO & Co-Fundador na La Braciera
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A resiliência é a maior fonte de inspira??o para o time, uma vez que na maioria das vezes, um negócio com uma gest?o resiliênte passará por altos e baixos e o que vai trazer a for?a pra continuar e manter o time firme é apresentando resultados após os períodos de baixa

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4 Encourage Innovation

After a failure, encourage your team to innovate. This means looking for new ways to approach problems or market opportunities. Sometimes, failure indicates that it's time to disrupt the status quo and come up with creative solutions that challenge conventional thinking. Innovation can be the silver lining to failure, sparking ideas that might lead to your next big success.

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Daniel Lucco

CEO & Co-Fundador na La Braciera
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O incentivo à inova??o vem lado a lado com o incentivo de n?o se frustrar. A cada ano que passa, sinto que minhas frustra??es diminuem uma vez que precisamos tratá-las como aprendizados, da seguinte forma: "Eu nunca perco: ou eu ganhou ou eu aprendo" Isso evita o medo de tentar coisas novas

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5 Learn Continuously

A successful business manager views every experience as a chance to learn. Continuous learning is the process of constantly seeking new knowledge and skills that can help you avoid past mistakes and stay ahead of industry trends. Whether it's through formal education, workshops, or self-study, committing to learning ensures that you're always growing as a professional and improving your ability to lead your business to success.

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Daniel Lucco

CEO & Co-Fundador na La Braciera
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Aqui entra um fator que na minha vis?o beira ser o mais importante: é necessário gostar de passar por momentos difíceis ao ponto de ser estimulado por encontrar solu??es que tragam resultados após os períodos de dificuldades. Isso fará com que independente da situa??o, você ou a empresa como um todo esteja focado 100% na solu??o dos problemas com base na melhoria contínua

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6 Share Knowledge

Lastly, sharing the knowledge gained from failures is just as important as the learning process itself. When you openly discuss what went wrong and what was learned, it helps to cultivate a culture of transparency and continuous improvement within your organization. This can lead to a more informed and empowered team that's better equipped to handle future challenges and contribute to the overall success of the business.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if failure becomes a chance to learn for successful business managers?

1

2

3

4

5

6

7

1 Analyze Errors

2 Adjust Strategy

3 Foster Resilience

4 Encourage Innovation

5 Learn Continuously

6 Share Knowledge

7 Here’s what else to consider

Business Management

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What do you do if failure becomes a chance to learn for successful business managers?

1

2

3

4

5

6

7

1 Analyze Errors

2 Adjust Strategy

3 Foster Resilience

4 Encourage Innovation

5 Learn Continuously

6 Share Knowledge

7 Here’s what else to consider

Business Management

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