Thursday, December 8

Top 10 Things How Failure Can Teach Entrepreneurs

They say that failure is our teacher and it’s a learning experience as long as we know how to handle them. A lot of business owners fail due to some different factors. The best way to learn from your failures is to determine what those factors are and knowing how to avoid them to happen.

Of course, it’s important to note that there is no assured method for establishing a successful business. If you want real success, it will only come when organizing and motivation are connected to opportunity. The planning and organizing stage is where an entrepreneur can put up on the failures of the past. Failure is not the end of things for everything, instead, it’s a mishap on the highway to achievement.

You might be thinking what went wrong and most probably you don’t want to repeat the same mistakes you’ve done before. Here are valuable lessons that failure can teach entrepreneurs, especially younger ones from the mistakes they made.

1. The person to blame is who? It’s you

There’s is no playing of the blame game here. It may difficult to admit it at first, but in order for you to move forward is to accept the harsh reality that it’s your fault. It’s not the fault of the economy, not your partner’s fault, the people, the product, the place you live in, lack of budget, or the family problems you had.

You are the leader here, so it’s your fault. A successful business was also in the same situation you had experience and overcame the issues that are similar to what brought you down. Once you have the courage to say and admit that you were the main reason why the business failed, then you become open-minded to change. Your failure should be a turning point to address priorities, create new approaches to discussing challenges and encouraging non-stop learning.

2. Don’t lose your focus on the expedition

Running a business is about knowing how to bend, how to conduct trials, and embrace errors along the way. This just means that you get superior at something unless you carry it out. A failure in business normally provides the understanding in life that you should obsess with the end, but instead the means to the end. As long as what you do makes you happy then there will be plenty of growth in failure.

3. Increase Your At-Bats

While we cannot avoid having failures in life, the critical key to remember here is maximizing at-bats. If you don’t know what at-bats is, it’s a term used when playing baseball. The best hitters will only have a base hit three or fours out of every 10 at-bats. This also applies to business where one amazing idea can bring you millions. The goal here is to lessen downside so that when you fail, you can get up on your knees, stand up, and swing again. You must now let one failure take you out completely.

4. You only think about yourself and what you want

Did you give what your customers want? Maybe you had an amazing idea for ‘YOU’ but not for your customers? Maybe you didn’t bother conducting careful market research the first time around? So make sure that the next time you do it, your customers are your priority. Remember that if they want it, they’re willing to pay for it, and the appreciation they have on your product or service is enough to make your business grow.

5. You’re moving on like it’s FOREVER

When you fail, you have to fail fast, examine and move forward. One of the mightiest opportunities to learn and develop faster is to not get overwhelmed by failures and accept them. Try to objectively reflect on the failure, determine gaps and learning from it.

6. You don’t have business insurance 

Some business owners don’t understand the importance of having business insurance. They think nothing can go wrong with their business but sooner face lawsuits, big losses, and other forms of loss from unforeseen calamities.

7. You didn’t invest in experts to help you

Remember, you are not an expert at everything and you can’t do them all. We live in a very competitive world, and if you do all the job being a sales associate, web designer, expert marketer, manufacturer, manager, and accountant, it will not work out good! You may consider building a team next time that can help you execute your work and reach more potential customers.

8. You were not that serious and passionate enough

There are many business opportunities out there that can help you make a lot of money but you were not passionate about it, which resulted in a lack of success. It doesn’t matter what business is trending if you don’t really care about it and don’t have enough knowledge and experience in it. It’s better to follow what you know and love.

9. You never had the commitment

Since it’s a competitive world, there are many businesses out there that are competing for your customers. You may try having a part-time venture but it doesn’t work for some so don’t expect a lot of money from it. There are other businesses that necessitate you be focused and give all of your time. So, the question is, were you all in with your business before? Or did you consider it to be a full-time job or are there other responsibilities distract you in your way to success?

10. You did not understand that defeat is a tool

In order for someone to have the wisdom or for wisdom to not stop having value, he or she has to be foolish. The characterization of success would be incomplete if it will not experience failures. You will learn how to fight. This is why defeat is a tool in order to build something new again if we will only pay attention to the lessons.