Nikki Giovanni, one of America’s foremost poets, said, “mistakes are a fact of life. It is the response to error that counts.” It would be great if we never made any business mistakes, but the reality is that most people learn more from their mistakes than their first-time successes. When you make a mistake, don’t kick yourself when you’re down. Use your mistakes as a tool to move forward.

Self-Reflect on the Mistake

When you were in school, your math teacher often made you go back and figure out where you went wrong when you made an error. Business mistakes may have more depth than a simple math problem but tracking your errors can help you avoid the same mistake. Try to be objective and find out where you went wrong. Next time the situation comes up, you have more information to make a better decision.

Look at What You Do Right

Business mistakes are inevitable. Sometimes, you have to focus on what you’re doing right and hope that your mistakes are balanced out by your successes. You can have small wins even after a mistake and turn your “fortunes” around. Most baseball games aren’t won by home runs, but by base hits that turn into runners making points.

Know When to Compromise and When to Fight

Sometimes, the fight to correct a mistake isn’t worth the return. You may need to concede to move forward. A lawsuit may cost you much more than your lawyer’s fee. You may not be able to raise more capital when you’re facing a legal dispute. It takes your time and focus away from the business. It’s okay to give in to live to fight another day. Learn from your business mistakes and resolve to be more cautious next time.

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