Take a failure lesson from Lincoln

Much is made these days about accepting that failures are inevitable for organizations and individuals striving to innovate and, more generally, move ahead. But on Lifehack.org, consultant Paul Sloane notes that what is important is how we deal with failure. It can be the start of a downward slide, or it can be a learning experience and an opportunity for a fresh start.

Here are five tough questions he recommends you ask after your next failure:

What can I learn from this?

Take responsibility for what went wrong. Even if it wasn't totally your fault, some of it was, and successful people don't blame others or make excuses. They take ownership of the issues. In that vein, look at the experience objectively and make a list of the key things that occurred. Then analyze that list, step-by-step, and look for learning points.

What choices could I have handled differently?

Undoubtedly there were points in the process where you had options. Review the choices you made. With the benefit of hindsight, what might you have done differently?

Do I need to acquire or improve some skills?

Does the failure reveal some lack of skills on your part and, if so, how could you address that deficiency? Make a self-development plan to acquire the skills and experiences you need.

Who can I learn from?

Is there someone who saw what happened – a boss, colleague or friend – who might offer you some constructive feedback and guidance? "Most people do not ask for help because they believe it to be a sign of weakness rather than strength. It's not. It shows that you are ready to learn and change. Any good friend will be happy to help," Mr. Sloane writes.

What will I do now?

Draw up an action plan to help you rebound from this failure. Revisit your goals and objectives, and develop a new course.

Mr. Sloane notes that the careers of famous figures such as Walt Disney, Thomas Edison and Henry Ford are littered with early failures. Abraham Lincoln, for example, lost the nomination for vice-president in 1856 and lost his second run for the U.S. Senate in 1858. But two years later he was elected president.

Harvey Schachter is a Battersea, Ont.-based writer specializing in management issues. He writes Monday Morning Manager for The Globe and Mail's T.G.I.M. page, management book reviews on Wednesdays and an online work-life balance column on Fridays. He has also written a series of articles for The Globe called The Leadership Guru Interviews, which can be found on the Globe Careers leadership advice page.