Failure isn’t something to celebrate—at least if you have customary way of thinking. Failure is viewed as end, the stopping point. When you fail, feelings of stress, inferiority and embarrassment majorly dominate your mind and thoughts. Why proceed forward? Why attempt once more?
What if Thomas Edison would have adopted the conventional way of thinking. To what extent would the world have waited before the light bulb was invented. Rather, he said this after various failures: “I have not failed. I’ve recently discovered 10,000 different ways that won’t work.”
If you think back and make sense of what went wrong, you likely won’t repeat the similar errors. Could any of these be the explanation your last business failed?
Don’t play the blame game
It’s difficult to admit however before going ahead you need to accept a cruel reality. It is your fault. It’s not your partner’s fault, the economy’s fault, the city you live in, your absence of cash, the individuals, the product, or the family issues you had.
It’s your fault since you were the leader. Each successful business fought similar issues that cut you down. At the point when you can say that you were the main reason the business failed; your mind becomes open to change.
Don’t beat yourself up
Because it was your fault doesn’t mean you’re an awful individual. Apple co-founder, Steve Jobs established NeXT Computer in 1985 after being forced out of Apple. The organization was far from successful and Apple later bought it and brought Jobs back. In addition to the fact that he was fired from the organization he established, apparently the most brilliant business mind in history began a business that basically failed.
This arrangement of failures didn’t crash Jobs—it moved him to assist greatness. He faced similar choices any entrepreneurs face however he decided to transform them into positives.
Don’t double down
Have a conversation with any Wall Street financial specialist and they will tell you something very similar—absolutely never double down on a bad investment. In other words, resist the impulse to relaunch your organization greater and better. Its odds of working out are very less. Look somewhere else. Remain within your qualities and strengths however look to something different.
Give customers what THEY want
Is it possible that you had an extraordinary thought for YOU however not for your clients? Did you conduct exhaustive market research the first time around? Next time ensure your clients need it, they’re willing to pay for it, and the value they place on it is sufficient to cause your business to develop.
Be willing to let it go
Perhaps the first time around your research didn’t bring favorable results. Rather than leaving the idea, you pushed ahead anyways. The best businessmen realize that being too energetic about an idea is a formula for failure. There are a lot of ideas available to choose from. Pick one that both you and your clients love.
Bring in experts
You are not a specialist in everything. In the highly competitive business world, attempting to be a specialist web designer, marketer, manager, manufacturer, accountant, and sales associate won’t work. Assemble a group of specialists that will improve your execution whenever you do your job.
Thomas Edison said something better than his famous 10,000 failure quote. He stated, “Our most prominent weakness lies in giving up. The most certain approach to succeed is always to attempt only once again.”
Whatever occurred, don’t surrender. As someone who failed, you join the positions of the best business leaders in history. The question turns out to be how will you react? Will you gain from the failure or surrender?