Let's Talk About The Dreaded "F" Word: Failure! (Gasp!)
The topic I'm tackling this week is not for the faint of heart. It's failure with a capital F, business failure to be exact. If you shudder at the thought of having to abandon a venture already in progress... if the prospect of losing money is enough to put you off trying something new... if you just can't deal with the idea of not being successful every time... well, I'm not sure how you found my blog in the first place! If that does not sound like you, read on! (Actually, read on no matter who you are!) You'd never have started your business if the fear of failure prevented you from trying. Being an entrepreneur means trying something on your own and taking on the possibility that it will fail. In short, you have to be a risk taker. Doesn't mean you have to take risks of the Vegas craps table variety, but you need to have confidence that you can rebound from a setback. Can you do this? Of course you can!
Learn From A Business Failure & Move On!
Think of this week's blog as a quick refresher on how to come back from a business failure. Or, if you're that risk-averse person who stumbled upon this blog by accident, but maybe you're thinking of venturing out on your own, here's some advice to get you started.
For starters, try not to be afraid of failure. It's pretty much a given that you'll experience it at some point. Keeping this in mind will help soften the blow when it happens. Take some time to wallow, but not too much! Because at some point you need to pick yourself up and keep going — or in the case of a gigantic failure, start over. Yes, you can start over! Try to learn from the experience and gain something positive. Don't make excuses for yourself. Figure out what you did wrong and use that information to help you be successful in your next venture or project.
Be Oh So Quotable This Week!
This week I shared some quotes from one of my fave authors... moi! And from Steven D. Levitt and Stephen J. Dubner, the authors of Think Like a Freak. Hopefully you liked them and maybe they even got you thinking about how to deal with (and better yet avoid) a business failure.
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Business Failure – Tip #1:
"The key is failing fast and failing cheap."
Business Failure – Tip #2:
"It's OK if you're crying after seeing the bottom line — we've all been there. Grab those tissues, get it out of your system, and let's move on..."
Business Failure – Tip #3:
"Look for specific areas in your business that will make the difference between dining at the Golden Arches and a sumptuous steak dinner."
Business Failure – Tip #4:
"P&L's printed by job provide the clarity & knowledge you need to most profitably & effectively run your business."
Business Failure – Tip #5:
"Start anticipating and preventing future problems."
Let's talk! I'd love to hear about YOUR "best" business failure!
Do you have a failed venture in your past? An un-success story? If you've survived a business failure, tell us about it. Which tips above did you find helpful? I would LOVE to hear from you!
Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week! And, if you want more business tips, get my book, But Are You Making Any Money? or contact me to really take your business to the next level!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!