It is the lesson from the mistake that makes it valuable, not the mistake itself. - Jim Collins

But what about the vast majority of companies that wake up partway through life and realize that they’re good, but not great?

The Hedgehog Concept (Simplicity within the Three Circles). To go from good to great requires transcending the curse of competence. Just because something is your core business — just because you’ve been doing it for years or perhaps even decades — does not necessarily mean you can be the best in the world at it. And if you cannot be the best in the world at your core business, then your core business absolutely cannot form the basis of a great company. It must be replaced with a simple concept that reflects deep understanding of three intersecting circles.

Compile a list of failures and disappointments. This should include new initiatives and offerings by your enterprise that have failed outright or fell far below expectations.