Nothing Called Failure
Failure comes mostly without giving notice if we are ignoring the basic protocols to be followed. A businessman who starts his business with lots of hopes and aspirations expects his business to flourish. Sometimes though, there are small hiccups on his way. These hiccups should not be considered a failure as in the long run they only teach us what not to do in one’s business. Failures are actually opportunities to build on. Until and unless you experience some, you are never going to mature in your business. Read on to find out how there is “nothing called failure”.
1. Be Prepared To Fail
It sounds odd but a smart businessman is who plans an escape plan before he starts his business. This escape plan is not to discard your duties if somehow the business fails but it is a plan to escape from the trauma of a failed business. One should be prepared to come back to square one and then restart again in case of failure. The mindset to restart whenever required will give more strength to your character and will help you to replenish the loss and move on to a better future.
2. Failure Is Not Personal
As I mentioned being prepared to fail will lend strength to your character and hence there is no reason to take business failures personally. Sometimes there can be unfortunate calamities, sometimes loss of judgment, whatever may be the reason, a business failure does not prove that you as a person are incapable of succeeding in life.
3. Take Up Responsibility
Yes, you should take up responsibility for your business failure/loss.
Instead of blaming, you should get down to the root of the problem.
After knowing the reason behind the failure you must as the head of the business take up responsibility and take measures to ensure that the mistake is not repeated again.
4. Analyze The Situation
As mentioned above, it is crucial to analyze the cause of the mishap. What caused the situation? And most importantly, what could have been done to avoid the failure? Which part of your business strategy needs to be tightened? After analyzing the occurrence only you can resolve the issue.
5. Resolve The Issue
Resolving the issue is the first priority once a problem occurs, then you can take measures in ensuring that the same issue does not occur in the future. You can do so by taking corrective measures. For example, if there was a failure in the delivery of your product, you should rectify your vehicle service and ensure that the driver is in regular touch with you or any other responsible member of your team. Through this measure, you will ensure that all the problems are resolved by a mature person beforehand to avoid delay in delivery.
6. Learn The Lesson
This step is indispensable. After a failure and its recovery, one needs to sit down and make a mental note of the reason for his failure.
Failures are to be treated as lessons for the future. Therefore instead of groaning over the past learn the lesson and move ahead.
By keeping these lessons in mind you will make future decisions accordingly, so as to avoid similar situations to occur again in the future.
7. Restart With Enthusiasm
Once you have analyzed the situation, understood the cause, resolved the issue, and learned the lesson, it is the correct time to start all over again. The situation becomes emotionally and financially taxing after a failure, but what is the point if you don’t start again. In this game, you can restart anytime if you don’t lose hope and continuously strive to make it a success.
In Simple Term ” Nothing called failure until you give up “. At the same time do self-evaluation and get inputs from the right critics, well-wishers on your progress to evaluate whether you are progressing in the right direction.
Contact OurBusinessLadder for Market Research Consulting for more about Nothing Called Failure.