Every organization or entrepreneur will make a few costly decisions along the way, even when practicing the principle of wisdom and discernment. Learning to overcome costly decisions is a key skill that every leader must learn. Here are four skills to put in action when you make a costly decision.

1. Practice Humility: Admit when you are wrong and seek to rebuild the trust of your customers or organization. When your leadership has experienced a setback, avoid the temptation to become defensive or to deflect responsibility for your mistakes.
2. Return to the Basics: When you can’t get that new thing working, go back to your foundational principles, mission and values. Remember the simple things that you do well and maximize your strengths while you try to dissect your weaknesses.
3. Learn from your Mistakes: Don’t wallow in your defeat but examine the factors that contributed to the breakdown and commit to learning the lessons that will lead to your next breakthrough. If you have not incorporated journaling into your journey, consider taking time to write out the feelings you experienced and the lessons you learned from your mistakes. The process of writing these thoughts out will bring greater clarity both to the past and the future.
4. Believe that the Best is Yet to Come: Re-institute a culture of hope and enthusiasm towards the future by believing the best is still ahead for yourself and your organization. Imagine how the lessons from your setback will become a set up for your comeback.

Making sound decisions is possible for every person who is willing to seek God and trust in His principles for wisdom. What steps will you take to grow in your wisdom by applying some of the principles we have discussed today?

The Soul of an Entrepreneur is a new IMPACT Cohort study for men who want to succeed in launching a start-up without compromising their convictions or depriving their relationships. It is possible to grow as husbands, fathers, and leaders and launch your start-up well.  Find your band of brothers and join or start an IMPACT Cohort and participate in The Soul of an Entrepreneur. Launch here.