New business advice from Roger Hamilton: Good failure vs bad failure

It’s a popular cliché to say that no one ever makes it in business without experiencing failure. But a catastrophic failure won’t just put a dent in your business growth strategy, it could take you out of the game entirely. So just how much failure is too much?

In this new TV show, business expert and founder of Wealth Dynamics Roger Hamilton gives new business advice on distinguishing between good failure and bad failure.

The trick, says Hamilton in his business development tips on the show, is to follow a business growth strategy that allows you to learn from your failures and stay in the game. It is also very important to recognise the different kinds of failure.

There are those failures you want to minimise compared and those you want to maximise, says Hamilton. Some failures can help you grow stronger. For example, when you are working out in a gym and you fail to lift the heaviest weight, you might have ‘failed’ but, by trying, you are building your muscles for next time.

That is the difference between failures that sink you and failures that steer you, says Hamilton.

Hamilton expands on his business development tips later in the show. By way of a practical example, he shares his best business ideas on making the most of a marketing budget.

If you had a $100,000 budget, for example, the best business growth strategy would be to break that money into ten different lots of $10,000 each, and try something with the first lot. If that first attempt fails to gain good results, all is not lost. There is still money in the bank, and a lot to be learned from the first failure. By collecting information and learning from what went wrong, you can review your business growth strategy and make the most of the rest of your budget.

Hamilton shares his best business ideas and business development tips in free shows ever week right here on yourBusinessChannel.