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Wednesday, October 14, 2015

6 Facts entrepreneurs must know about failure


Hiding is not the best action after failure!


A topic covered extensively by many entrepreneurial writers is FAILURE.  Many startups are going to fail and the sooner it is recognized the better off you will be.  Even fear of failure keeps entrepreneurs from starting a new business or that fear alters their ability to take the risks that may improve chances of success. The uncertainty of future events can generate fear that influences decisions. Negativity may prevent the bold moves needed to turn-around a bad situation.  Negativity may prevent one from entering into a discussion with a potential business partner. In fact, fear of failure can be a greater problem than actually failing! For these reasons and many more, it is useful for entrepreneurs to better understand the dynamics of failure and reduce their fears.

Businesses fail for many reasons; i.e., issues with technology, regulatory problems, commercial issues, and human factors are all potential contributors. Some situations are avoidable and others are not. Unknown events can greatly affect a business making the downward spiral irreversible. Great teams may devise ways to overcome the problems and find a new route to success. Even the best people may experience failure due to factors that alter the landscape. In fact, many famous business executives failed somewhere on their road to success. There are a few facts to remember when faced with impending doom or fear of failure.  Maybe these will help you look at things in a different way and overcome fear so you can succeed.

1. Failure happens: Whether it is your fault or not, failure happens. The fear of impending failure only adds stress that may inhibit good decision-making. Some narrow-minded people think because a business failed that you are no good, but more knowledgeable people recognize that failure happens and it is a learning experience that may help in the future business activities. Your primary goal is to ensure you did everything humanly possible to succeed and made all decisions in a logical and informative manner. It is important that you do not fail for lack of trying.  Take pride in what you learned, your hard work, and the knowledge that you tried!

2. Fear increases risk:  Concerns of losing a job often prevents people from trying something different and, it happens with your boss too. Fear can alter the ability to accept risks because of the uncertainty of the outcome. Try to use your logic and knowledge to do what is best for the business. Sometimes that is scary, but if you put the time into studying the issues and seeking advice, you may have a better chance than you think.  It is better to make decisions than let fate direct your company!

3. Learn from it: Failing comes with at least one upside, you leaned things along the way! The knowledge is going to be useful in your next venture thereby increasing the odds of a future success. Your biggest failure would be not learning anything or simply giving up. Great entrepreneurs know they will eventually succeed and they keep on trying.

4. You will survive: Failure is not a death sentence and you will survive. It may not seem that way in the short term, but the facts remain that you are alive and can try again. The only thing stopping you is your fear of failure. Get over it and move on!

5. Take multiple shots on goal: Even in a successful business, developing multiple shots on goal can increase odds of greater success. Develop more than one path to the success of in the business. It may be engaging more than one business partner to develop competing deals. Perhaps consider developing two products initially, or adding an additional business site. Decide which added paths make the most sense for the organization, but ensure the direction increases odds for success. For example, buying one lottery ticket provides you with the least chances of winning when compared to buying multiple tickets for the same drawing. You may not win, but your odds for winning are greatly improved.

6. Success is up to you: You and only you can decide that success is important and that you want to try again. Nothing but you can prevent you from starting a new business. In the end, it is really up to you and having a great attitude can make a huge difference. You are a winner; all you have to do is find the correct path!


Taffy Williams is the author of:  Think Agile:  How Smart Entrepreneurs Adapt in Order to Succeed to via Amazon