It's OK to Fail

We are in the season of failure and everything looks bleak.

With that said, it’s important to remember it’s OK to fail. We all have failures, and they define our character. 

This week, someone told me that we go through rough market periods so that we can treasure the times when the market moves in our favour. 

I think it’s different than that.  Not everyone can succeed in any business. The ones who can succeed however are those who have failed in the past and learned from the process. You must be able to admit you don’t have a viable plan, and then plan on the next steps. If you panic and ignore the facts, you are dead.  You have to carefully understand what you have, what you do not have, and what your real options are. 

Moshe Cohen, our group’s CFO, said something about me that I treasure to this day, which was, “When everyone else starts to panic, you start to plan.” The fact is, when failure is on the forecast, you should be planning for future success. 

If you are a Geo, go get in a pickup truck, buy a used tent, bring a bottle of whiskey and a hammer, go to some pretty places and look at some rocks. Lots of mines were found by people who just relaxed enough to understand what they were seeing. 

If you are a finance or business development person like me, see what you can clean up in your group structure. What can you change so that once the market turns, or your ship comes in, you are better able to make things work for you? Plenty of stuff can be done without cash, so nothing should be stopping you. 

If you don’t know what you are, go camping, bring a bit of meat, a deck of cards, and listen to the silence. No music, no distractions, just you and yourself (or you and g-d depending on your level of faith). Listen for a couple days and then figure out what you should do next. 

Whatever you do, don’t panic or blame others for your troubles. Remember, everyone is watching how you handle the pain and issues you’re dealing with. If you handle them well, you will be rewarded.

If you panic and lose control, you may never recover.