Entrepreneur Talk: Learning from other peoples failures


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Lately I’ve been seeing so many posts popping up regarding best practices from millionaires or positive habits for highly successful people. While they’re great to read, they are really starting to get repetitive.  In a book I recently just finished, the author talked about learning from peoples failures which inspired me to write this post.

It’s broken down like this

The example used is of Warren Buffet’s business partner and adviser Charlie Munger. He’s a really smart dude and is one of the main factors for Berkshire Hathaway’s huge success over the years. Simply put, Mr. Munger keeps a file of his and other peoples f’ups. Rather than following following the conventional wisdom of imitating success stories he spends his time identifying foolishness and breaking down the steps they took to get to their follies.

Food for thought

We should all accept the fact that large scale success stories are not done overnight. They are a series of focus induced small wins over time that result in what looks like an instant achievement. It would be difficult to duplicate all those miniature victories.

Instead look for other peoples mistakes. One mistake – whether caused by a lack of knowledge, overblown cockiness, or naive expectations – can bring down the house. It’s important to keep a list of your and other peoples dummy moments and revert back to it when an important decision comes up.  The idea of keeping a list of business blunders can have a game changing impact.

What are your thoughts? Do you keep a list, either mental or physical, of O.P.F.U. (Other Peoples F’ Ups)? Please share your thoughts below.  Til the next post!

-e

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