Learning
from Mistakes

Alan Bond is an Australian multi-millionaire. He is the owner of the yachts that have made 4 challenges for the greatest prize in sailing, America’s Cup. In 1974 he made his first challenge and was wiped out 4 nil in the best of seven series. Then, in 1977, the same thing happened. In 1980 he won one race only and was beaten 4-1. These defeats deeply disappointed him. Recalling them, he says:

‘Every time I’d come home depressed, and then think, “Next time I’ll know how to do it better.”’ (Sunday Times, London, September 25, 1973)

Alan Bond did not waste time blaming others for his defeats. He kept on thinking what mistake it was that had led to his losing time and time again. Every defeat taught him not to repeat his mistake. He did this again and again, until eventually, in 1983, he made a challenge for the coveted trophy with a new yacht, Australia II. After being 3-1 down in the series, Australia II fought back to win by four races to three and take the cup from America for the first time in 120 years.

The best way of turning defeat into victory, in every walk of life, is to learn from one’s mistakes.