Entrepreneurial Secrets: Be honest about your mistakes
November 9, 2017
By Jerry Bellune
Years ago a bright young IBMer had a great idea.
He sold it to everyone at IBM.
They sank a cool million to make and market it.
The market wasn’t interested. His idea was a flop.
He turned in his resignation. His boss said no.
We just sank a million in your idea. Let’s learn from it.
Our friend John Carlton has a question for you:
What’s the hardest thing we face in business?
It’s simple. It’s being honest with yourself.
All of us have seen idiots thrive and geniuses fail.
All of us are capable of self-delusion.
It’s one way we cope with failure and disappointment.
We excuse ourselves when we know we were at fault.
In starting anything we face success or failure.
Don’t be surprised when a great idea fails.
It gets worse of you aren’t honest with yourself.
We’re tempted to excuse our own failings.
It’s easy – but childish – to blame others.
Big boys and girls face up to the harsh truth.
You had a great idea that everyone should love.
But the stupid market didn’t love what you offered.
You overestimated needs, wants and timing.
The market wasn’t ready. It may never be.
Get smart. There are millions of product ideas.
Test others. Produce the ones that sell.
One of business’s first rules is to control your ego.
This allows you to see a market for how it really is.
It’s not how you wish it were. Or how it should be.
The market isn’t stupid. Someone was. Maybe you.
Reality checks are essential for the long haul.
Embrace failures. They can teach us a lot.
Question people. Ask more and learn more.
It’s not the end of the world or your career.
Accept failure for what it is. It’s just feedback.
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Next: Is your advertising working?
Copyright 2017 The Bellune Company Inc.
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