For any entrepreneur, getting into business can sometimes feel like gambling. Even the most successful business people do not make it big on their first try. No matter how sure you are of your success, there will always be a risk of failure. It is more of a trial and error than a foolproof formula to success. Failing in business is quite a depressing point for anyone since it can and will affect all areas in life. No one would willingly want to fail just to go through the waste of time, resources, and efforts put in to make it succeed.
However, despite the misery that failure brings, there will always be a silver lining no matter how dark a cloud a failure might be. What sets great people though, are their ability to make it out of their losses and still making a go at it, and eventually succeed in the process. The life of Lee Kuan Yew, the highly esteemed Father of Singapore, stands as an example of how one man’s determination, despite the setback he might face, can bring about the needed change and progress. He had managed to make a post-war Singapore, still reeling from World War II and a newly freed colony and reject of the Malaysian Federation into the oasis that it is today. As an example, this shows that success does not depend on the absence of trials and risks for failure, but more on the ability of being able to stand up when one fails.
So, despite the despair that a business failure might bring, here are five truths that we can get from skinning our knees in the world of business:
Instead of beating yourself up and wallowing in self-pity, going through failure brings one very important thing: perspective. The first step in standing back up after failing is to see where you went wrong, perhaps you missed a vital decision, or had been too lenient over supervision, instead of focusing on your own personality flaws. Learning from our mistakes start with knowing what mistake we made.
Having a good perspective brings in optimism. Successful entrepreneurs are usually those that we call “serial entrepreneurs”. They are optimistic that their failure is not permanent. They build on their failure and start again. Optimism breeds persistence. When you are an optimist, quitting would not be an option.
Failure is an opportunity
Failure is inevitable. Once we accept that, it won’t be as scary to go through, and it becomes an opportunity to start something better the next time around. Make an effort to know what went wrong and be smart. Do not get into the blaming others for mistakes. Be open to what others say and learn from it. Be encouraging and learn to ask for input from people whom you know are there to help you. Once you have a clear picture of what happened and what went wrong, plan ahead for whatever failure may come. Have a plan on how to fix things and don’t be scared to risk another leap.
Get out of your comfort zone
Don’t be scared to take the risk, learn to function under pressure. Most failures come when we settle down into a routine and we fail to grow and we stagnate. Most of the time, it is only when we fail that we are pushed hard to perform our best. So instead of shrinking away from the unknown, take a breather and look at it as an opportunity of seeing a new side of you, a potential that you might not have known to have.
Learn to let go
Like a dog with a bone, we are sometimes too stubborn to let go of what we think is the best. Failing in business can be like that: we push through with our ideas even when it is not feasible, thinking that passion alone can fuel success. Much like a DNR, this kind of business approach is doomed. There are just times when letting go is the best solution, and starting something new, which would be favorable both for you and the customers, would be a more successful venture.
Give it your best shot
There are too many easy money making schemes out in the marketplace these days. Expecting easy money for less the effort just doesn’t work. Making a successful business requires full involvement and attention from you, and your dedication to it is a great determining factor for its success.
Communication is key
Social media, digital marketing, and tweets. Though we are surrounded by so many means of marketing our brand and businesses, many still fail to see that effective communication involves not only getting our name out there, but also in listening to what consumers really want. Customer feedback is important in getting the pulse of the market. Your business and your products would only matter to the people who buy it if it fits their needs.
At the end of it all, failure is just a matter of how you view it. It can be debilitating and force you to make sudden and great sacrifices. But having the perspective and seeing how you have the ability to change your situation around is what makes failures beautiful.
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace