FAIL FAIRE: THE MISTAKES PEOPLE MAKE SERIES 1 ~ EP.4: DON’T BE OBSTINATE, PIVOT!

“Blind stubbornness, in the face of impossibility, is not persistence, it is simply dumb” ~ Anonymous.

In just six months, my business was doomed due to my conceited, narrow-minded, and stubborn mindset, which bordered on arrogance and prevented me from accepting helpful advice from others. During my initial year in business, I often adopted the ostrich policy when confronted with tough decisions, metaphorically sticking my head in the sand and avoiding the reality of the situation. Consequences are seldom instant; instead, they accumulate until the inevitable day of reckoning finally arrives, and the price must be paid for our poor choices.

Here are some of the mistakes I committed:

Mistake #1: Reluctance to Adapt: Initially, I hesitated to embrace change, even as market dynamics shifted. I clung to outdated methods that I had employed six years prior in a different market demographic. I disregarded the evolving business landscape, attempting to persist with practices that had become impractical.

Mistake #2: Stubbornness in Strategy: My stubborn adherence to a failing business strategy proved disastrous. Despite the business's failure to capture the market, acquire new customers, and generate revenue, I resisted the need to pivot and evolve quickly, clinging to a sinking ship. My hardline stance in resisting necessary changes created a rigid business model incapable of adapting to unforeseen challenges.

Mistake #3: Indecisiveness in Key Moments: Faced with critical decisions, I often faltered in making timely choices. Due to a sheer lack of agility, I clung to an idea or became stuck in one stage of building my business for far too long. This indecisiveness led to missed opportunities and delayed responses to market shifts.

Mistake #4: Ignorance of Warning Signs: I turned a blind eye to the warning signs of impending failure, ignoring market signals, customer feedback, and internal challenges that hindered me from taking corrective measures. I disregarded red alerts, where my business was depleting my savings without generating income. Furthermore, arrogantly dismissing valuable advice from family, colleagues, and market feedback proved to be a grave error.

These mistakes are the culmination of choices that didn’t seem to matter then, until everything was lost. However, I believe that successful businesses thrive on a foundation built with the wisdom gained from learning from mistakes.

Here are the lessons I learned:

Lesson #1: I now embrace change willingly and consistently monitor the market landscape. I have come to understand that stagnancy leads to obsolescence, and adaptability is the key to staying relevant in the ever-evolving business environment.

Lesson #2: I now recognize the value of flexibility. Business strategies should be dynamic and ready to pivot when circumstances demand. A rigid strategy, when confronted with failure, only hastens the downfall. Flexibility is a survival skill; businesses must be agile and adaptable. I also learnt that hardlining against change creates vulnerabilities, hindering the ability to navigate unforeseen challenges.

Lesson #3: I have learnt that the cost of indecision can be higher than the risks associated with making imperfect choices. I will no longer wait for the "time to be right" to start doing something worthwhile because the time will never be "just right."

Lesson #4: I am now vigilant, paying attention to warning signs such as customer feedback, market shifts, and internal challenges. I am cultivating humility and openness, acknowledging the expertise of others and valuing constructive criticism.

The critical lessons learned shall form the bedrock that aids me in building and growing sustainable business ventures, now and in future. While remembering that there is a fine balance between endurance and obstinacy. Obstinate is stubborn, inflexible, and intransigent while endurance is tenacious, resolute, persistent, and determined.