Our failures are often more important than our successes, yet we tend to glorify our successes while playing down our failures. We tend to not talk about our failures and cover them up. We view our failures as something shameful and something to be hidden. Yet, we learn most from failures.
We had previously interviewed Richardo from Adrenalin.
In this post, we hear two of Ric’s failures while running Adrenalin. We’re so thankful for his honesty and willingness to share.
Ric has always dreamt of being part of the National Day Parade (NDP). This dream became reality two years ago, when Adrenalin was given a part in NDP. They were engaged to look at the home-cooked food festival at Marina Bay Sands. Being excited, they jumped at the opportunity without much consideration.
The Adrenalin model has always been for clients to pay upfront for their events management service. In this case, they went for a new model – they would sell food to make money. As this was an area that they had not done before, the result was disastrous. They lost about $80,000 on this event.
Two weekends were burned, countless manhours invested, and also a $80,000 lost.
From this experience, Ric has learnt to manage finances better. He realised that jumping into an area when he had no experience was foolhardy. The lesson that if Adrenalin does not take care of the dollars and cents, the company may go out of business. As a result, he now take account of his finances much better.
The second mistake that Ric has committed while in Adrenalin was to hire the wrong people. While Adrenalin was growing, he had to hire friends of friends, who may not be the right person. This could be due to them not being the right fit or not being good enough. The wrong hire can have dire consequences for the company.
Following this, Ric has become more selective of who he hires. He’s more interested in hiring the right people who’s the right fit and is good enough.
Do you know a person whom we can share their failure so others can learn from their experiences? Leave a comment below or get in touch with us. Thank you.