Your greatest error is not making mistakes

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Business is a game and you’re in competition with experts. If you want to win, you have to learn to be the master of the game.

Building a successful business is a marathon. You’ll have to experiment and fail. Failure is necessary to learn and to achieve success.

Don´t fear failure, learn from it. It helps you grow. The only real failure is when you don´t learn anything. Fail early on, because only those who dare to be wrong will achieve the greatest goals.

The greatest error is not making mistakes. It´s necessary to fail on the road to success because there´s no real success without failure. In fact, failure is the spice that flavours success.

A great business model helps your company to create a superior and sustainable competitive position. Good business models have redefined the profitability that can be obtained within a sector.

A great business model must integrate strategy, values and culture. Ryanair is one example. They strip flight experience and their costs model down to the basics. CEO Michael O´Leary makes it clear: “We are transparent about our rules: you won´t get a free meal, we don´t want you to check any luggage. We won´t book you a hotel because your grandmother died. But we´ll give you the lowest fares with a difference. And that´s what people really want, to go from A to B with safe transportation and at an accessible price. It´s a commodity. It´s not a life-changing experience like the other airlines would want you to think”.

Your goal is to develop a better company, for which you´ll need to explore and test new ideas and concepts, adding and subtracting elements in the model until they fit together and you´ve come up with the right formula.

If you don´t dare to experiment and to fail, if you are fearful, better sell your company because in today´s competitive environment, will not let it succeed.

@EnriqueQuemada

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