Bus 210 Wk 13: Failing Forward

 

This week's study focused on failure and how we respond to it in the professional world. I can relate to the reactions to failure that were described and recognize where personal improvement can be made. Taking failure in stride, using it to make improvement rather than placing blame and being critical, is a part of the process of seeking success in all aspects of life. 



In "What Happened VS Who Did It!" there are four points mentioned that can help any organization turn failure into a learning opportunity.
  • building a learning culture
  • detecting failure early
  • analyzing failure 
  • promoting experimentation
For leadership, there are ways to create a learning culture to improve response to failure.
  • frame the work accurately
  • embrace messengers
  • acknowledge limits
  • invite participation
  • set boundaries
  • hold people accountable
The Michael Jordan "Failure" commercial mentions several names of famous people who failed first before finding success. A few of my favorites listed are Abe Lincoln and Walt Disney. The tag line is "if you've never failed, you've never lived." These examples were definitely people who lived.

$100 Challenge
I failed to meet my original goal of $400 revenue. Turns out that I brought in $258 after selling 43 containers of salsa. I recognize a few weak spots in my process that limited me. 
-The first week I had a delayed delivery of my food containers. Because of this, I had to push out pick up of the first week's orders to Thursday rather than Monday. 
-I also didn't put out my 2nd-week order form until Saturday instead of Wednesday - I only got 1 container sold the 2nd week. 
-I didn't take into consideration the fact that I would need my friends to share my order form with their friends since I was only using Facebook. I didn't have repeat customers until the 3rd week. I should have asked for comments and reviews after the 1st week.
    
I was successful in meeting the $100 challenge. 
Total sales        43 units
Price per unit    $6.00
Total revenue    $258
Cost per unit     $1.30
Total costs        $66.46
Total profit         $191.54

I believe this business has the potential for growth. I would need to do several things to make it a viable business.
-Obtain permits
-Purchase new kitchen equipment to handle larger quantities
-Invest in marketing (online advertising, professional labels)
-Sign up for some local markets {within the first year}
-Eventually, sell large orders to local shops {5-year goal}

I have learned several things in this class. I hope that it translates into confidence when I am ready to build my own business in the future. 

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