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Learning Lessons From Business Mistakes

Every business is unique and has its own characteristics but there are certain elements that are consistent across all companies, regardless of industry or sector. This is especially true as the business grows and the business owner or manager ceases to be a do-er in the day to day nuts and bolts operation of the business and moves into running the business.

I’ve grown my business over the past ten years from just me working in a back bedroom to a team of ten people and am now almost entirely focused on running the businesses, with little direct involvement in the production side. I now have a successful business and am clearly doing many things right.

However in the past ten years I have made a series of mistakes, mis-judgements and bad decisions. Whilst it would be great to look back and say every decision I made was correct, I am not ashamed of the mistakes nor have a single regret. I read recently that David Beckham has less than a 6% success ratio from free kicks but is still regarded as one of the best free-kick exponents in the world.

By putting yourself on the line and trying to achieve something, you are likely to make mistakes and fail. The important point is that you learn from the mistakes, dust yourself off and try again. Eventually, with practice, and improved decision making you will get the desired result, be it a successful business or an amazing goal.

If you attempt fifty business ideas to make yourself a success but forty-nine fail and only one succeeds it doesn’t matter. At the end of the day you are a success! That said, much better that attempt number one, two or three succeeds.

So if I had a time machine and could go back to January 2000 when I started WNW Design, what would I want to tell the enthusiastic younger me working in the spare bedroom? What are the most important things to know that can significantly improve the chances of running a successful business?

Over the coming weeks and months I will be blogging the key lessons I have learnt over ten years of building WNW Design. I will be covering areas such as sales, marketing, process mapping, monitoring key performance indicators, mentoring, developing positive mental attitude, personal development, recruiting, employing, intellectual property and much more.

I hope these articles will prove useful to you as you grow your business and if they help you avoid a pitfall along the way I would just ask one favour. If you ever invent a time machine and happen to be in Devon in the year 2000, please pass these lessons onto me!

About The Author: Nigel Wilkinson is Managing Director at WNW Design and has recently launched a new business . In addition to his business interests, Nigel is married to Yoga Dance teacher Michelle, the father of teenage twins, Chairman of Exmouth Chamber of Commerce, an avid Networker, a Social Media commentator, a keen golfer and football supporter. You can follow him on Twitter @nigelwnw, or telephone on 01395 542569. You can also follow WNW Design on Facebook here.