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Overcoming Business Failure

Oct 22, 2021

Business Owners Fail

There are many factors that separate those businesses that succeed and those that fail.   Very few business owners make it big without first ending flat on their face. Whether it be running your business into the ground, getting fired from your job or having all of your employees walk out on you, very successful entrepreneurs have experienced it before making it big.

 

Business Owner Mindset

Successful business owners have an entirely different mindset when it comes to failure. When entrepreneurs experience failure, they see it as a lesson -- an opportunity to learn more.   They analyze, assess, and re-build again. They look at failure as merely a bump in the road, an obstacle that will make the next attempt a little bit more successful. How you react to setbacks is a clear indicator of how successful you will become.

It's not about the setbacks, it's about the comebacks.

Many new business owners have trouble getting out of the gate because they see failure as a sign that they aren't capable of succeeding - and then - they give up! They see failure as a place to question their ideas, their abilities, and their skills - eventually causing their confidence to erode. 

I remember watching a movie in high school about the Wright Brothers.  Wilber and Orville Wright spent four years of research and development to create the first successful powered airplane, the 1903 Wright Flyer.  They began with building and flying several full-sized gliders before the first powered airplane flew in December, 1903.  The aircraft was sooo heavy and had difficulty getting off the ground but following some tinkering, thousands of attempts to take off, suffering broken bones and consistent failure - Wilber and Orville never gave up. And only days after 3.5 seconds of flight and a destructive crash, they fixed a component, fine-tuned the controls and headed into a very shaky but solid 12 seconds of powered flight.  History was made.  Because of the Wright Brothers' tenacity, we have planes that power a global economy because of that willingness to keep going and take each failure as a learning lesson. 

Fear of Public Failure

Of course, that was long before social media and public displays of failure.

Back when Milton Hershey was fired from his first job, and failed at 3 different candy companies before starting the Hershey Company -- on of the most recognized names in chocolate -- no one read all about it on Twitter.  Because in the late 1890's, there was no social media.  No Tik Tok, No Instagram.  But now, if you fail, it is likely that someone is watching, judging, and you are experiencing feelings of inadequacy.  We have been so obsessed with the outcomes portrayed on social media that people are afraid to even start something.  Someone who is scrolling on their smartphone smiling and judging you certainly isn't putting the effort you are.   They are very likely unsuccessful, and you need to remove those negative influences from your life.  Every single success in this world was preceded by one, two -- a thousand failures!

The Comfort Zone

If you're not failing, you're not stretching yourself far enough.

If you are remaining in your comfort zone, you cannot expect to reach the level of success you're capable of. Failure is what allows you to learn and grow. If you quit as soon as you meet up with our old friend Failure, you will always remain exactly where you are.

Albert Einstein once said,  "The definition of insanity is doing the same thing over and over again and expecting a different result." What we learn from this quote is in order to overcome failure, you must think differently and act differently. It is what separates the ordinary from the extraordinary!

Fear of failure is one of the biggest obstacles that hold new business owners back.

Failure should not be feared but embraced because a life lived in fear is a life half lived.

If you're stuck and unable to move forward because you fear failure or because you have failed in your previous attempt, bring someone else into the mix to offer support and guidance.

As a business coach, I work with failures all the time. Educating my clients about building confidence, self-worth, and self-awareness is an integral part of eliminating those negative feelings. Your mindset is the one thing that is stopping you from growing to the capacity that you dream about. Put your head down, do the work, and worry about you - your dream - and proving them all wrong. Even yourself! 

My Business is Failing, What Should I Do?

Stop reacting and become proactive.   Here are a few ideas to get you started:

  1. Change your mindset.
  2. Perform the SWOT analysis (Strengths, Weaknesses, Opportunities and Threats)
  3. Understand your target market/ideal client
  4. Set goals. 
  5. Reduce costs and prioritize them.
  6. Manage your cash flow
  7. Get your business organized, set up systems
  8. Focus on your clients.

 

Business mentorship and strategic planning will help you:

  1. Improve your business skills
  2. Inspire you with new and fresh ideas
  3. Make new contacts
  4. Find methods an strategies
  5. Build long-lasting relationships
  6. Find accountability and provide a gentle nudge

 

You can kick the fear of failure to the curb by contacting me at [email protected].   You will begin to see a change and improvement in your business after our first strategy session.

Lauren

 

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