The Agency for Financial Advisory Firms

 

30 Tips for Today’s Financial Advisor: Tip 7

“Failure is devastating, and it can also fuel people.” —Dashun Wang, associate professor of Management and Organizations at the Kellogg School of Management

No one likes to fail, but there can be an upside to setbacks.

In a study, Kellogg professors Dashun Wang and Benjamin Jones and postdoctoral researcher Yang Wang found that early failure can lead to later success.

They compared scientists who narrowly missed out on a prestigious federal grant with scientists who narrowly qualified for the grant. Ten years later, those who didn’t get the grant ended up publishing more successful papers than those who did. In the long run, “the losers ended up being better,” Wang said.

Failing can help us in our careers by making us more motivated and resilient.

 

Today’s Tip: It’s OK to Fail — But Reflect on Your Setbacks and Apply Those Lessons to the Future

Tip #7: There is nothing wrong with failure. But when you do fail, make sure to ponder, because it’s the pondering that makes you better and more experienced.

And after you’re done pondering, take what you’ve learned and turn it into improved actions. Success happens to people who refuse to quit and are open to new ideas.

Be sure to read the blog tomorrow for our next tip. In the meantime, feel free to reach out to the Beyond AUM team for more motivational tips and marketing strategies.