There’s a saying: “Learn from the mistakes of others—you don’t have time to make them all yourself.” It means that every mistake is

a lesson that can teach us something new to add to our experience and skills, once we understand: Why did I make this mistake? Why did I fail? Mistakes

teach us many things we didn’t know. Sometimes, learning through mistakes can be especially valuable. You may start a project and invest

time, effort, and money, expecting it to succeed and deliver the results you hope for—then suddenly, it fails.

At that point, the average person may feel frustrated and discouraged and give up on trying again. But an entrepreneur will investigate and analyze what went wrong.

Where did things go wrong? By the time they recognize the mistake they made, they’ve learned a lot—enough to motivate them to start over, now that they understand why they failed.

this time. So, since you don’t have the time or a lifetime to make mistakes and learn from them, you should learn from other people’s mistakes.

But let me add a phrase to this saying: “Learn from the ideas of successful people around you; you don’t have time to discover every

successful idea yourself.”

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How to Learn from Other People’s Mistakes

Of course, when one of us starts a new venture, after preparing the necessary feasibility studies and carefully reading about the project to understand all its details

You may have some ideas of your own that you want to implement to give your project a distinctive edge—and that’s important. To succeed

and thrive in the world of business, you need to stand out from other projects in your field. So, just as you try to

learn from the mistakes your peers have made, you should also learn from the new ideas they’ve put into practice and used to

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stand out. These successful, distinctive businesses may be in your field but in other countries, or they may be in your own country—or even in the same area

where you live. So set aside some time to study businesses in your field and learn about their methods of

production, marketing, sales, collections, hiring, and more. Any one of these could be the reason they stand out.

A competing business that outperforms yours and generates higher revenue and profits.

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For example, suppose another business in your field is roughly the same size as yours, with a similar amount of capital and

production capacity, asset base, and so on. Yet the other business achieves higher sales than yours and therefore makes greater profits,

which contributes to its growth and long-term success. Why is that? Why does the other business keep growing while yours stays the same?

The reason may be a simple strategy used by the competitor. For example, it may have a marketing policy that encourages customers to buy more

products, such as offering lower prices when customers purchase a certain quantity, or giving customers gifts when they buy in bulk.

of their choosing.

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This may be because they have a creative team—whether in production, sales, or marketing—or an outstanding finance department; or because they add

simple advantages to their products, such as paying attention to packaging and presenting them in an appealing way, as well as focusing

on customers and providing after-sales service, along with many other simple ideas that drive higher sales.

So, think up and develop new ideas, while also learning from the ideas of successful people around you and putting them into practice so you can succeed as they have.

Here’s a real-world example of a business owner who achieved great success with their venture in a short time, despite being in

An area with many similar businesses, by applying a new and distinctive idea.

The business was a stationery shop, but its owner decided to price its products lower than other stationery shops by a

significant margin. The difference between the purchase price and the selling price was no more than 5%. At the same time, the owner decided to sell accessories, gifts, children’s toys, and perfumes in the shop,

displaying them in an attractive, eye-catching way. This enabled the business to achieve great success.

The lower prices of the stationery attracted many customers, especially students—a group whose ages range from

6 to 22. At this stage, their purchasing preferences change: they are drawn to toys first, and then to accessories and gifts.

and perfumes based on age, so most of his customers were drawn to gifts, accessories, perfumes, and children's toys

presented elegantly.

His idea proved successful, and he was able to earn good profits thanks to the high inventory turnover. His business grew, and he opened additional branches based on an

innovative, simple idea that he had researched and successfully implemented. So learn about and ask successful people about their methods and ideas, then put into practice those that suit your circumstances.