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2. It’s Okay to Fail Sometimes

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For some reason, we are repeatedly taught not to fail. In our schools and in our jobs, risks are generally discouraged. If a risk doesn’t result in an immediate success, we are condemned as having failed. When you were in school, the questions were generally straightforward and someone (usually the teacher) always had a simple, correct answer. Later, as you left school and went into the business world, you may have found that large companies have a very similar philosophy. The jobs are very well defined, the processes are usually documented, and your boss usually has rigid ideas about how everything should be done.

As if that weren’t enough, since many large companies are on the stock exchange, stringent government regulations usually mean the company has massive policy and process documents that each employee is expected to follow. Just as schoolchildren are expected to get the “right” answer, if an employee fails to get the right answer or follow a detailed rule, he or she is immediately condemned for not completing the task correctly.

The world of schoolchildren and employees is not the same as that of business owners. After you become a business owner, these archaic rules are turned on their head. Very often, what makes a business successful is an owner who is willing to fail; what makes a business a failure is an owner who won’t take any chances.

19 Ways to Survive in a Tough Economy

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