The good thing about bad decisions…

..is that they can provide a valuable learning opportunity. IF you heed their lessons, that is. As with failure in general, bad decisions should be regarded as a necessary inconvenience which have in them the power for good. This is all on one condition though, that you not only learn from these mistakes but also put that learning into practice so that it doesn’t happen again.

Hence the importance on reflecting on your journey, and the direction in which you are headed. When you have a positive outcome, reflect on the decisions, actions and behaviours which led to the successful result. This will allow you to identify which aspects of the decision making process and behaviours to continue, or seek to improve, in order to prolong success. On the other hand, reflecting on what may have led to a negative outcome is just as valuable. It highlights flaws in the decision-making process and behaviours which can be avoided in the future. Rather than just blaming everything on bad luck, ask yourself if there was anything you could’ve done differently; are there resources at your disposal which you could’ve used to achieve a more favourable outcome? Could you have devoted more time, attention or effort? Are there warning signs which were missed?

Reflection is not easy, especially after a negative outcome, but the benefit is immense. When you are able to identify areas for improvement in your decision-making process, and address them, you develop a more proactive approach to life. Life is no longer something which just happens to you, and to which you react. You have, to a certain extent, ownership over your future and no longer leave everything to chance. In turn, you become resilient and feel in control of your destiny. You also feel better able to deal with life’s ups and downs.

Self-awareness also increases as a result of reflection. You become more aware of your strengths and weaknesses, hopes and fears. Not only that, but with time and effort, alongside the ability to identify decisions which were good or bad, you also come to understand what drove you to make those decisions. This stops your ego from driving you to continue chasing losses or making bad decisions.

Improving your decision-making process is as important in business as it is in our personal development. Don’t just take my word for it though;

Part of making good decisions in business is recognizing the poor decisions you’ve made and why they were poor. I’ve made lots of mistakes. I’m going to make more. It’s the name of the game. You don’t want to expect perfection in yourself. You want to strive to do your best. It’s too demanding to expect perfection in yourself

Warren Buffett

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