Question

Business students should identify three past experiences in which he or she experienced failure.

These experiences may be in a professional, personal, or academic setting. For each experience, you should describe what you learned from the experience and what you would do differently based upon this learning.

Next, consider your personal approach to taking risks and to learning from failure. Identify at least one current situation in which you may be wrong. How might you view this situation differently?

Finally, conclude with your thoughts on how you might most productively approach failure in the future

Answer 1

I am a business student and my past three experiences wherein I experienced failure are:

- Professional setting- I worked really hard for my career growth. However, the management gave promotion to my colleague and this decision was based on the ethnicity of the candidate. I proved myself in the organization and I was the first one to set record to cure the most outstanding balances in the organization. I consider this as a great failure because I was turned down by my manager who prefers only people of his ethnicity. From this experience, I learnt to fight for my rights. I fought for it. However, I left the company and letting them to know that I quit because of my rights for my promotion. Probably, the alternative solution should be to wait for my next career option or seek other openings in other departments.

- Academic setting- I aspired to study in a highly reputed business school. However, I did not get through the group discussion though I passed the extremely difficult entrance exam. I did not practice in group studies neither did I go for any crash course for gaining knowledge as to how to handle group discussions. I consider this as a failure to study in the top-notch business school that I preferred. I learnt to explore things after this incident. I connected with professional and personal friends to know about their experiences. I got tips and hints to handle topics in group discussions. The alternative is to take up business studies in a different school and shine in my career; and this is what I did!

- Personal setting- I was the most recognized employee in my former organization. I took up several roles which brought about visibility and career advancements for me. The company was a multinational publishing company and my desire to move up in the career was falling in place when I had to relocate to a different state due to my marriage. My whole career came to an end. I was a failure in this place because I did not continue my passion to become one of the leading managers in the leading publishing company. I learnt to be constructive. The alternative is to take up several roles now though I don’t officially go to work. I am aspiring export entrepreneur and I am preparing myself for it.

My personal approach to taking risk and to learn from failure has become a practice. I don’t hesitate to keep a step forward to take risk and learn from failures. My past experiences have helped me to gain confidence in what I do. One current situation in which I am wrong is the place I worked about 10 days ago. I strived to shine like I did in the multinational publishing firm. However, my expectations failed because the company is a real-estate company and it really lacked professionalism. Management treated their employees like slaves and there was no recognition to whatever you do. My assumption that I can shine in any industry was a failure. I would view this situation differently from the perspective of the management. The management just needs the deals to be closed. If I am part of the management, probably I don’t mind taking up commissions from brokers and sales contacts to make the deal work.

Finally, my thoughts on how I might most productively approach failure are to learn from the failures. These are valuable lessons which cannot be just got from books or any lectures. I would be cautious that my mistakes are never repeated. I also would ensure that I am well prepared to take up the risk to handle the situation effectively.