You Can’t Avoid Failure in Business as an Entrepreneur, but You Can Do This For Sure!
Reading Time: 5 minutes “Confidence gets you success, while overconfidence kills.”
You should etch this quote in your heart, and walk along the path of Entrepreneurship.
In a game of wrestling, the moves constantly change depending on whether the opponent is an attacker or a defender. If you have entered the arena with a plan of action and a strategy, and you see it failing, you will need to rethink your strategy and plan immediately, in order to ensure your win. But, if you want to prove that you can win with your plan A, and keep making the same move, chances are you are going to be killed too soon.
Killed for an Entrepreneur means the end of their business. They may need to shut shop and call off the whole business idea if, they don’t have a ready go-to plan in case of business failure.
We understand there is no way that you can avoid failure, as it comes as a package deals with starting your own business. But, what you can do is think of an alternative that will help you overcome the failure, and help you achieve your goals.
To bounce back after failure, you need to understand why businesses fail in the first place.
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How to Overcome Failure?
There are many of you who might succumb to the pressure, and give up even before you accept failure and start again. But, for those of you who believe you can be strong, here are a few ways in which you can overcome failure, and stay strong.
Accept Failure
Remember this famous quote by Michael Jordan?
While failure is definitely not a good thing, you cannot avoid it. A wrong step or, decision to move to the market too early can always lead to failure. There are various reasons as stated earlier but, the point is there is a reason, and you can definitely overcome this failure. It is fine to fail at times. So, the first thing you will need to do is “accept this failure”
Let’s get back to my favorite example of being in the boxing or wrestling arena. Imagine you have lost the first round, and the gap that exists between the two rounds is hardly 1 minute or 2. Would you re-strategize or, dramatize your failure? The ideal thing would be to re-strategize your business and stop thinking about the failure. Similarly, in real life business situation, you need to quickly revamp your strategy and build your business. You have that 1 minute, wherein you got 10 seconds to accept failure and the remaining 50 seconds to start revamping. Now, that’s how you can overcome your failure.
Know What Led to the Failure
Before starting out again, it is time for you to introspect on what went wrong? How did you really fail in your business the first time? This is where you need to spend all your energy after you have accepted failure. The round 2 always begins with a flashback; you can take help from friends who have been there through your round 1, family and of course your customers and their feedback. This will help you get a clear idea of what your competitors are doing right, and where you went wrong.
Akin to the arena, where the coach observes and gives a feedback on the opponent that helps the player change their moves. So, if they have failed the round 1 miserably, this feedback helps them get back in the round 2.
What Worked & What Didn’t?
When a player prepares for another match, they go through their previous videos, the ones where they failed. They start understanding what worked for them, and what went against them. They start recapping the situation and rebuild their play strategy accordingly. If you have lost, you should know why you lost, and how you can rebuild the situation.
Remember that famous quote by Thomas Edison,“I have not failed. I just found 10,000 ways that won’t work”
Is the Current Situation Good to Revamp?
You will need to take an account of the current situation, and then build your revamping strategy accordingly. Do you believe a revamped strategy would work? If you feel that any type of change will not help you resurrect the business, then stop wasting efforts. You could try working on something new in that case, instead of investing resources in something that, you can possibly start something new.
Revamp or Start Afresh
If the assets and the situation are such that you can revamp the business, and create a new strategy, then start working on plan B. Else, you may want to build a new business.
In both cases, you may want to take the learning from the previous failure, so that you know what you need to do, and how you need to take the step forward with your business.
Build a strategy that is applicable to the customers, take feedback while building the new business, and finally don’t forget to launch the beta version of your business, before going ahead with the actual release. Take A/B testing for new business idea seriously, to get an idea of the actual value of the idea.
If you cannot avoid failure, try to overcome failure with new learning, and better vision.
Author Bio: Yuvrajsinh is a Marketing Manager at Space-O Technologies, On-demand solution development company in India. Being a member of the mobile app development company, he spends most of his time researching on the mobile app and startup trends. If you have any confusion, or question, or need any consultation regarding mobile app development process, feel free to contact him.
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