So We Need To Get It Right Once?

Only a very few get it right at first. Many of us have to try a lot of times before we get it right.
But what does getting it right once mean?

Getting it right once is a concept that was introduced by Mark Cuban, a billionaire entrepreneur and Shark Tank Investor, about not letting failure stop us. Because it doesn't matter how many times we fail, we only need to get it right once.

Of course, Mr. Cuban was specifically referring to the business world of starting a bunch of companies and all of them not seeing the light of day until you eventually start one that ends up being a massive success that changes your life for good.

Although it's hard to not think like a business these days, I think this concept is also applicable to other aspects apart from business.

For example, in investing, building our social circle or a community or even in personal relationships.

This concept is mostly applicable when the efforts put in have the possibility to generate an exponential return, be it tangible or intangible.

But first, before achieving this exponential return, we have to bear with a series of failures.

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More Failure, More Chances Of Success

Failure has many flavours but the essence of it all is that it is a perceived setback.

Whether it's temporary or permanent mostly depends on us.

For me, the crucial lesson failure teaches us is that there isn't only one way to get to a particular destination. There are many ways.

The mistake(or is it a trap?) we make is that we take the path of least resistance which is usually not the most viable way.

Hence, failure.

But no effort is wasted right?

We hardly start from scratch after each failure, we start from where we left off with a new and different setting.

I consider myself an average Investor. Apart from the fundamentals of investing, I think I know almost nothing about investment strategies or tactics.

I used to have this idea that risk is more inherent in investing than reward. Because we lose money more than we make money.

But I've come to realise that it could be equally proportional. It is just that at the beginning the balance is tipped more towards risk due to our lack of knowledge and experience.

The more losses we book, the higher our chances of booking a win and tip the scales, provided we learn most of the lessons from the booked losses.

One big win can repay most if not all the losses we have realised.

More Fuel To Tackle The Next One

Correct me if I'm wrong, but it seems that there are some cases where the failure we just experienced motivates us and fires us up into getting into action on trying the next one?

For example, you have a numbered list on the investors you want to pitch your business idea.

You try the first and it failed.

Second, failed.

Third, failed.

Fourth, failed.

By the fifth try, you normally have doubts that this might not work out and contemplating throwing in the towel.

But there are instances in which you're more fired up in trying the fifth than you were at the first try.

Based on the infrequent experiences I have of this occurrence, my guess is that one came close enough to succeeding on the previous attempt(s).

So it becomes a matter of adjusting and going hard on the next one.

But it could also be seen from the viewpoint that it wasn't simply the right one and the next one can be the right one.

If we only need to get it right once.

Each failure means we're closing in on getting it right.

Or doesn't it?

Thanks for reading!! Share your thoughts below on the comments.