Want to save this page for later?

NextGen Magazine


How to Make the Most out of your Mistakes

Jason Wong
Published Date:
Mar 8, 2016

OopsMistakes are a fact of life; odds are you will make your fair share of them during your career. The important thing to keep in mind is that any mistake you make is an opportunity to learn and improve, and come out stronger for the experience. So how do you make the most out of your mistakes? Here are three tips from the Harvard Business Review to think about when you stumble, or to avoid stumbling in the first place:

Investigate your mistake. Don’t just soldier past your mistake without taking the time to follow the series of events that led you to make it. There might be a root problem that you’ve missed, and addressing it sooner is better than later.

Consider all possibilities. Before you commit to a decision, consider whether similar decisions have been made in the past. As an extreme example, just because a CPA who specializes in circus clown related affairs might have no competition, doesn’t mean that such a niche market would be ultimately profitable.

Think of your competition. If you make a serious effort to understand why someone might disagree with your decision, or why your competitors might take a different route, you might expose a weakness in your plan before any damage is done.