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Access the finish line profitably - Avoid mistakes!

Learning from other people's mistakes is best - Why?

management Oct 20, 2023

Learning from our own mistakes and learning from the mistakes of others are both important ways to develop knowledge and skills. Here are some differences between the two approaches:

Timing: Learning from our own mistakes usually happens after the mistake has been made, whereas learning from the mistakes of others can happen before a mistake is made, as we can learn from their experiences and avoid making similar mistakes ourselves.

Case studies: Every season, we will see brandsinvesting $5000 to $10 000 on a trade show to make the mistakes we consider "basic". Each basic mistake can be avoided with a 5-minute conversation.
This season, by asking the exhibitor to show us their lookbook which had the wholesale and retail price indicated, we knew 100% that the business had taken 0 orders. It was the case.

Personal experience: Learning from our own mistakes involves personal experience and firsthand knowledge of the mistake and its consequences. Learning from the mistakes of others relies on secondhand knowledge and the experiences of others.

How to handle second hand knowledge: Make sure you use the 5-Why formula. Askt he question why several times and you will understand the root of the issue and if and how it applies to you.

Context: Learning from our own mistakes is often very specific to our own personal circumstances and the specific mistake we made, while learning from the mistakes of others can be more general and apply to a wider range of situations.

Emotions: Learning from our own mistakes can involve strong emotions, such as regret, shame, or embarrassment. Learning from the mistakes of others can be less emotional and more objective, as we are not directly involved in the mistake.

Overall, both approaches can be valuable in developing knowledge and skills. Learning from our own mistakes can be a powerful way to develop resilience and learn important lessons, but it can also be painful and time-consuming.
Most of all, you will be losing valuable time, money and letting your competition take the lead. In a fast moving environment, we do not recommend you only use this approach.
Learning from the mistakes of others can be a more efficient way to gain knowledge and avoid common pitfalls, but it may not be as emotionally impactful and may delay implementation.

In the field of medicine, there is a practice called "morning rounds," where doctors gather to discuss the cases of their patients and learn from each other's experiences. By sharing information and insights, doctors can learn about new treatments and techniques, and avoid mistakes that others have made. For example, if a doctor has a patient with a rare condition that they have never encountered before, they can learn from the experiences of other doctors who have treated similar patients, and avoid potential negative consequences by applying what they have learned.

In the Fashion world, there are many case studies and examples of successful and unsuccessful brands and retailers that can be used to learn from the mistakes of others.
At GFM, we see the same mistakes happening every season. For a Government, association and any fashion sponsor, it would be easy to make those mistakes be reduced in a big way or nearly disappear. By working together, you get access to hundreds and sometines thousands of case studies that we can sum up for you. It is therefore easy for us to recommend you to follow the right golden rule (and make money) or to avoid the big mistake and prevent your business to waste thousands or tens of thousands of dollars.


Assess the cost of a mistake and see how a $50, $500 or $5000 investment could easily prevent you from losing $5000, $50 000 or $500k investment.
When the client invests with us on how to "avoid mistakes", the client also gets the recipe to 2x or 10x their sales. We make sure that the client always understands the process and tools to reach their goals.


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