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Friday, October 19, 2012

Recovering from Failure

By: Law Offices of Peter J. Lamont

Last night, the New York Yankees finished their epic postseason collapse with an 8-1 loss in game 4 of the ALCS.

They will not be moving any closer toward their 28th championship this year, but there will be little time for self pity as the team will be expected to fight for it again at the start of next season.

Companies need to keep this in mind as even the most successful ventures, the Yankees are certainly one, experience setbacks and failures.

The best thing for an organization to do when faced with failure is to limit the panic and dramatics often involved in such situations. Yes, it is very serious that your new product did not take off the way that you thought it would or your new pricing structure is driving people away. However, this is not the time to curse the heavens and call the time of death. Understand the gravity, but do not freak out.

Just as the Yankees will need to change their lineup, train differently, or even drop players, you will need to make major adjustments based on what you have learned from your failure. If you gain nothing else from a mistake, it is the knowledge that what you tried did not work. It is vital to figure out why things did not go according to plan and move from there.

Do not dwell on the failures you experience longer than the time you need to learn from them. Keep your business moving forward and understand they are a part of the process.
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