Back to school this week. But instead of back to Business School, how about embarking on a ‘million dollar MBA’?
Rachel Bridge’s Sunday Times piece “Failure is the Million Dollar MBA” (paywalled) prescribes a form of ‘home schooling’ business training…
- “’The idea of the million-dollar MBA is that what you learn from having a business go bust is more valuable than what you would learn in a year doing a Harvard MBA,’ said Keith Hunt, managing partner of Results International, a business consultancy.”
It features case studies of small business VEF (sold properties in France) and Mind the Gap Solutions (quality assurance services) and the failures that enriched their entrepreneurs with insights more valuable than hours in a classroom…
- Take the time to mourn the loss of your business. It was your dream and now it has gone and it is healthy to grieve that.
- Reconnect with the network of people you know, both business and personal. You may find a lot of warmth and support.
- Analyse in detail what went wrong so you can avoid making the same mistakes next time.
- Don’t get obsessed with finding someone to blame. It is pointless and destructive.
- · Think about what you have learnt. You may have lost a business but you have gained a lot of knowledge.
I particularly like the note about ‘mourning’ the loss of the business which links strong with my own ‘death of dreams’ sub-theme.