Dealing with failure in business
How to deal with failure in business and turn it into success
Have you ever experienced a failure in your business that has really set you back? Perhaps financially, emotionally or it may have even knocked your confidence. In this article I am speaking about dealing with failure in business and why, especially when marketing your business, it is essential for you to experience failure on a consistent basis in order to succeed.
Ironing out the mistakes
However perfect you may think your business plan or marketing strategy is things hardly ever go to plan in business. This is why the execution of your idea is one hundred times more important than the idea itself. Once you actually put your idea into practice you will gain a better understanding as to what the unrealistic goals are in your plan and most importantly you will figure out what works and what does not work.
Even as a marketer myself, there are occasions where a marketing plan I create just does not work at first. What sets apart the successful business owners from the less successful ones is your ability to use your failures to inform your future actions rather than using your failures as an excuse to stop trying.
Pushing yourself to the point of failure every day
Whenever you reach a point of failure you have the option to do one of two things; you can either learn from it and move past it or you can decide to give up there and then. Moving past failure and trying to identify where you went wrong whilst ironing out your mistakes is often a very difficult task, however, the more you fail and get back up again is the more you become better and a specialist in your field. This is why I try to push myself to the point of failure as much as possible so that I can grow and be better for it.
Failure is a classroom
Ok, now I know you may see this quote as very stereotypical, however it is also very true. Whenever you fail at something in business whether it be a big failure or a small failure, I like to think of it as a teacher marking a test paper for a student in school. There may be big red crosses everywhere showing you just how badly you did but if you look closely you will also see that your teacher left you a few comments and clues on how you can improve and ace the exam the next time. Similarly, failure never leaves you empty handed, it will always leave clues in ways you can improve next time to ensure that your next attempt is closer to success than the last. Your job is to try and decode these clues, re-position yourself and go for it again.
In essence, failure in business can either hold you back or push you forward. Most people try to run away from failure however as an entrepreneur and business owner. You need to become comfortable with embracing failure and taking it on the chin. If you are not prepared to fail your way to success you are not ready to succeed!
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