If you are afraid to fail the stark truth is maybe you should not be in business? There are many ways to “make a living” but if you are looking to make a business then you need to be creative, you need to think outside of the box but above all never be afraid to fail. Those who have never failed in their business world have never pushed the envelope, they have never gone the extra mile and while their track record may be impeccable, have they really been successful?
Try, try and try again
As you look to build your business, whether offering a product or service, you will get a feel for the marketplace, you will get a feel for your customers and at some point you will begin to think outside of the box. It is these thoughts which will determine how successful you are in the future because while you need to recognise your weaknesses you also need to have confidence in yourself. Let’s face it, if you do not have confidence in yourself then why should your customers have confidence in you?
If your idea makes sense but it failed at the first attempt then why not look to tweak and adjust your approach. The underlying marketing concept may have great merit but perhaps you need to approach it from a different angle or offer an incentive to potential customers?
Pride comes before a fall – Never be afraid to fail
There are many entrepreneurs around the world who regularly grab the headlines with their thoughts for the future and their opinions on certain products and services. Have you noticed that these individuals often surround themselves with the best business brains available? They often seek counsel with trusted friends and colleagues and they will even admit when they are wrong. Yes, pride does come before a fall because even the best brains in the business world will get things wrong. It is those who acknowledge these failings who can live to fight another day and learn from their perceived failures.
In many ways this is similar to an investor who continues to buy shares despite the fact the company’s prospects have taken a dramatic downturn. This type of character is unable to acknowledge the error of their ways, unable to see that things have changed and is quite literally betting the house against the market. They will continue to buy shares as the price plummets unable to face reality, realise a loss and learn to move on. Accept it, sometimes you will get it wrong!
If you’re not going forwards, you’re going backwards
Business is a cruel world at times, many successful businesses come and go, but you should always be planning for the future, always be looking ahead and have a target in mind. If you have a strategy but no target, how will you know if your strategy is successful? If you have a target but no strategy how will you ever meet your target?
Very few successful business people have not experienced significant financial challenges along the way. The likes of Simon Cowell was down to his last few pounds before he hit the big time, it was not always plain sailing for Richard Branson and the controversial Donald Trump has been bankrupt more than once. The difference is that these individuals kept their focus, adjusted their approach and while always confident in their own ability they were not afraid to face up to failure.
You learn more by your mistakes
Over the years you will experience many ups and downs in your business career but looking back you will likely realise you learned more by your mistakes than your successes. You may learn to adapt your approach to specific situations and ideas, perhaps limit your financial exposure or seek advice from others before ploughing ahead. However, the simple acknowledgement that “I got it wrong” is probably the most important thing you will ever say in your business career.