Facing setbacks is probably one of the only things that connect every single industry and job in the world. Whether one is a professional athlete or a high-profile politician, they are bound to face difficulties. Of course, the nature and extent of their issues will differ. What will remain the same, however, is the process of overcoming adversity. Just imagine how common it is to fail while trying to reach a specific goal. So, what exactly is the philosophy behind learning from failed endeavors?
A Battle of Glass and Rubber Balls
According to Nate Armstrong, Co-Founder and Investors Relations Chair for Home Invest, life comes down to a very simple concept. One can either be a rubber or a glass ball. Mr. Armstrong is a successful real estate investor with many years of experience. He emphasizes that most of his current achievements are intermixed with moments of difficulty where he was challenged by competition or let down by his those around him. After a while, he started seeing these obstacles as the so-called bounce rate. Meaning, every time Nate Armstrong failed, he envisioned himself to be a rubber ball, bouncing back to face the next challenge.
Doing so helped him bounce back up and land on his feet again. If however, Nate Armstrong operated as a glass ball, the very first fail would shatter him. Consequently, he would probably never achieve the levels of success that he currently holds.
“You Cannot Make an Omelet Without Breaking Eggs”
Another good way to overcome adversity is to follow this deceptively simple motto. In simple terms, it states that success cannot come without a cost. For those who fail, however, the same can be applied. For example, failing is often times necessary as it generates experience. Businessmen who encounter an unsuccessful venture can use that experience to stay clear of similar obstacles in the future. Thus, failing is often a necessary step in order to learn the right way to handle something.
This is where learning comes in. According to Nate Armstrong of Home Invest, if somebody is treating his failure as a one-time lapse
Setbacks Give Birth to Innovation
In the world of working professionals, learning how to see everything from the bright side is crucial. It is what differentiates those who experience burnout after a few months and those that never do. Although one should avoid making delusional assumptions, an overall positive outlook on the world will certainly help. This is where those minor setbacks can play an important role.
As mentioned, setbacks are bound to happen across all job categories. The way that one reacts to them is what will drive success in their career. Often times, setbacks could even be turned into opportunities to become innovative. For instance, bad weather conditions can be a setback for an outdoor athlete as they prevent them from working out. In order to stay on schedule, however, the athlete could develop an indoor training plan that matches their goals. Thus, they applied innovation to overcome a setback which was out of their control anyway!
Knowing When to Re-Evaluate
What is dangerous about minor downfalls is the fact that they can snowball into perpetual failing. In order to avoid this, one must know when to re-evaluate their choices. For example, an investor that lost money on 50 of their latest transactions should look for hidden patterns. This may help them identify an underlying problem.
Taking this to its logical conclusion, professionals should avoid what’s known as The Gambler’s Fallacy. It may be tempting to view your investments as a sunk cost, or to feel that a big win is overdue, but in some cases your best course of action is to cut your losses and pursue something entirely new. Don’t overly commit to a venture that isn’t working out, but instead leverage what you’ve learned and apply these lessons to the future.