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Ever Failed in Business? This is For You.

Business and Enterprise

Ever Failed in Business? This is For You.

Failing in business evokes a feeling of hopelessness. Many people never try again, while others who do may become more pessimistic. 

In this video, I want to give you some advice which I believe will help you in getting you act together again. 

So, before you give up and resign to a negative fate, consider the following: 

  1.  OWN UP: It is in human nature to not want to take the blame when something goes wrong. But if you must progress, you must do an objective self-appraisal. Wherever you have made a mistake, admit it. Do not blame it on the economy, your staff, customers, partners or the location of your business. You are the leader and the buck stops at your table. Review the reasons you take certain steps in order to make it easy for you make better decision.  

Even if you attribute your failure to other things, know that other businesses have been faced with the same problem you have encountered and they scaled through.

Admitting your fault opens your mind to the realization of things that need to be done to effect a positive change. 

  1. CUT YOURSELF SOME SLACK: The aim of owning up to your mistake is not to beat yourself up. You are not perfect; nobody is. Correction is the next step after admitting your fault. Every successful business person has had a moment of failure. If they had condemned themselves, hey would not have become the success you know them to be today. Your failures are lessons, not a form of punishment for ineptitude. 
  1. PUT YOUR CUSTONERS FIRST: It is common among business people to have a great idea and make it into a product, only to realize it was great for them only; not for their customers. They never realize this until their marketing fails to convert to sales. The next time you’re starting again, start with people, not the product. Let the need of the market determine what you want to produce and how you want to produce it. It is the need people have for an item that determines the value they place on it. And they communicate this patronage.  Research is key here.
  1. BE WILLING TO LET IT GO: Sometimes you can’t help it. A product idea comes to your head and it seems so profound that you want to launch out as soon as possible because your confidence in it is absolute. Yet, it helps to subject it to research. The answers you get may lead you to a modification of your idea; it may also point to the fact that it will never resonate with your target market. Do not hold it so dear. That idea is good, but only in your head, not in reality. Let it go. Other ideas will always come that you can choose from in accordance with the need of your market.  
  1. BRING IN EXPERTS: The cause of failure sometimes is that people want to be everything. You might be a visionary, and be a bad news when it comes to people management. Hire people who possess the strengths that you lack. In this competitive world, every area of expertise needed for your business to thrive must be top notch. You don’t want to leave a chance to weakness. This is why building a team that bring of specialists to bring the needed synergy to the table is beyond essential.  You aren’t an expert at everything. In this highly competitive world, trying to be an expert marketer, web designer, manufacturer, manager, sales associate, and accountant isn’t going to work. Build a team of experts that will improve your execution the next time. 

If you implement the advice that I just dished out to you, you are bound for a better result this time around. Success to you 

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