There are no failures in life, just feedback is one of my favourite quotes. It is such a powerful lesson, and one that you can apply to almost all circumstances you encounter in life.
The word failure is something that we all fear. No one likes to fail. Yet, failure can often lead to even greater success in your life. It all comes down to perspective and what you learn from your failure.
Understanding the lessons of feedback from failure is one of the most certain ways you can become successful at whatever you choose to pursue.
No one gets through life without failing at some things. It stands to reason that not everything we do will be a ‘success’. So why do we have such a downer on it?
Feedback is something that can come in many forms, the two most obvious are positive and negative. Society is full of examples, you can pass or fail an exam at School or University, a driving test, and these days’ business projects and even marriages are split into success or failure.
We may not always admit it, but generally positive feedback is what we seek. We are happy to hear from friends and peers that we have done something well, or that we are looking good.
But does this type of feedback help you progress forward?
I’ve been thinking about this concept a lot this week as I make some significant shifts in my business that are going to make massive positive impact. So let’s dive in and understand the idea of there are no failures in life, just feedback.
Types of Feedback
It is reasonable to suggest that at times, yes, positive feedback is good for you and good for your soul.
But in the tough world of reality, and of wealth creation, things will not always go as planned.
There are going to be many times when you need feedback to help you overcome difficulties or periods of uncertainty.
And the likelihood is that this feedback will at times need to be counter intuitive to what you like to hear.
If mistakes have been made, or you have deviated from your strategy, you will be far more likely to improve and fix the problem if you receive constructive feedback.
An important element of my strategies in property and shares is the requirement to first have and second follow, with absolute congruency, a strategy.
I expect to receive lessons from the market if I ever stray away from my strategy.
And the markets, property or shares, are very adept at providing lessons to those that don’t follow their strategies. It’s almost as though the market knows you are trying to be ‘too smart’.
When you experience failure, or setbacks, recognise these moments as the most important in your journey. For these moments will determine your likelihood of success and the rate at which you will get there.
This lesson is often framed in the notion that our greatest lessons are learned when we overcome a setback, the setback is what we needed to grow and move forward.
The Feedback Loop
The process of trying something or implementing a strategy, failing, adapting and trying again until you succeed creates a feedback loop.
If you allow negative feedback to lead to a sense of failure, it is likely you will feel sorry for yourself, get disheartened and potentially stop implementing your strategy.
My experience and research suggests that people tend to quit, just before they were about to become successful.
That is, if they had continued implementing their strategy, despite the loss or failure, they would have eventually been successful.
Success and wealth can take a while to get right – but if you give up because you consider it a failure then you really have… well, failed. As Thomas Edison said, “I have not failed. I’ve just found 10,000 ways that won’t work.” If he’d given up after the first attempt we might still be left in the dark!
So it is important to adjust your mindset. You don’t fail, ever! You just receive feedback on how to do whatever it is that you are working on differently next time. In effect you receive life lessons.
One of the most popular personal development books ever written is Think and Grow Rich by Napoleon Hill.
In the book he describes how you need to remain positive and think that you can be successful.
By adapting to the lessons you receive in periods of setback, you develop a mindset that is success oriented. Each time you adapt and progress forward you strengthen your focus and resolve to be successful, and therefore your likelihood of success.
The phrase ‘there’s no failure, only feedback’ has saved me from years of self-recrimination and low self-esteem, and allowed me to start really learning from those experiences, and realising that failure isn’t the end of the world.
Once you realize this, a big layer of stress falls away…
Yes, there are times when I’ve wanted something badly and it hasn’t gone as planned – and it can feel like I’m getting some really strong feedback indeed!
But I’ve learned to view it all as a learning experience – and ironically it means I’m more likely to achieve my goals because I’m less likely to give up at the first challenge.
How to Respond to Failure
I challenge you to say Thank You for the feedback, and recognise that by moving forward you are just one step closer to success.
Here are three simple questions you can use to help you to identify the lesson, make the necessary revision or improvement, and take the next step in the implementation of your strategy:
- What lessons can I take from this?
- How and what will I do differently next time?
- What positives can I take from this?
By taking responsibility for your actions, situations and feelings, you will further develop resilience, which as explained previously, is a trait of ALL successful, wealthy people.
If you consistently acknowledge failure as positive feedback that you learn from, adjust your actions and continue to implement your plans, then success will naturally be accomplished with far greater ease.
Growing your wealth is a constant feedback loop process. Heck, the strategy that I teach when drawn looks just like a feedback loop. You put money in, learn from what the markets do and use that knowledge to apply more money to where it is working for you. Rinse and Repeat. Simple, right?
If you are ready to really accelerate your wealth building, take our quick survey and claim your no-cost brainstorming session with me to plan your financial future. It’s simple and doesn’t cost a cent.