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Learning from failure

Learning from failure

Senior Promoting Owner and Product Head of the Credit division in Singapore Terrence Tey explains his personal insights into learning from failure.

I always run my business with the belief that by doing the right thing, you will eventually achieve your goals. However, it is learning from failure and mistakes that always guides me in the right direction.

It is important to reflect and identify the lessons learned when things don’t go your way and look at how things can be improved, which will increase the chance of future success.

For me, there are four principles for learning from failure:

1. Never look back – always have an “onward and upwards” mentality. In the words of Henry David Thoreau: “Never look back unless you are planning to go that way.”

2. Know the reasons why you did not succeed. This will take time and focus to really understand what didn’t work. A great article I found on this is “How your failures can help you succeed” by Christopher Hann. http://www.entrepreneur.com/article/225199

3. Talk to people you can relate to and ask for advice. This gives you the opportunity to share as much as possible about your challenges and helps you to clarify proactive steps to help you move forward.

4. Observe the life lessons of others. See what works and what doesn’t, and keep networking with the right people.

Also, it is really important to recognise the difference between a failure and a mistake.

A failure is not meeting a set objective. A mistake is an error in action or a repeated failure. Mistakes will happen throughout your journey to achieving your goals but accepting mistakes, understanding what happened and learning from them is essential to permanently become better.

Remember, every failure or mistake is a lesson. Every lesson learned is another stepping stone to success.

Find out more about Terrence Tey and Appco Group Asia on the Appco Group Asia website.