Definitions of failure

Up here in Moray, we have a new scheme being run by the Highlands and Islands Enterprise service. It’s a business mentoring scheme, where already successful business owners are paired up with other business owners who want to grow their business. I met with the man who is responsible for organising this up here, and I was telling him a bit about my background. I mentioned that our business in Ireland had gone belly up in the credit crunch.

What he said next had me pricking up my ears. ‘We have links with MIT in Boston, Massachusetts, and over there they have a different attitude to failure than we have. In fact, you’re not considered successful until you’ve had at least one failure under your belt.’

I’ve been reflecting on this, because I consider I’ve had two business failures really, so I must be well on my way to success by these standards!

Firstly, the complementary health clinic we owned. Where was the failure in that? Well, we owned it with 2 other partners. Despite the fact that we were all psychotherapists or counsellors, and apparently good at communicating, we got ourselves to such a place that no communication took place unless it was through solicitors. Embarrassing to say the least. Needless to say this animosity had a serious affect on the business, which was not developed in the way it could have been, and played a large part in why that business got sold in the end. I’ll tell the full story of that one day.

The second failure was in Ireland. We had been buying and selling land there (yes, I know, somewhat far away from my core passion and beliefs – that was part of the failure) fairly successfully, but got caught in the credit crunch, and have ended up owing a considerable sum of money to the bank instead of being in a very profitable situation.

If I look at these apparent failures through the eyes of MIT, then I can be considered to have a vital ingredient for success, which is very heartening! Of course, there are lots of things that I have learned through these experiences which mean that I consider I didn’t fail at all, but in the conventional business sense it appears indeed that I have failed.

What have you failed at that means you’ll be successful, if you’re not already?