Business Advice: How to handle business failure

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There should always be a contingency plan, or an emergency plan otherwise called a “Plan B” “I failed in some subjects in exam; but my fri...

Failure is one big thing every Business man has to go through to attain the ultimate aim of being successful.

There should always be a contingency plan, or an emergency plan otherwise called a “Plan B”

“I failed in some subjects in exam; but my friend passed in all. Now he is an Engineer in Microsoft and I am the owner”

This was one of the most inspirational statements of all times from the world’s favorite BillionaireBill Gates”. Like Gates, many entrepreneurs who ended up successful today had many times in the past had to deal with business failure; their surviving principles are worth emulating and would be of deep importance to us if and when carefully considered.

 

1. Brace up for Failure

Experience has helped to portray a practical understanding of the known fact that anticipation would always assist pro-activity. The more you expect something, the more prepared you are to contain and manage it or contain whatever consequential crisis might come up afterwards

For example you may want to invest into a start-up or start up a new business entirely and it’s very possible for you to completely trust that you’ll succeed with it and that the said business is definitely going to yield Ground-breaking success for you.

Having complete reliance on such a mission is really not as healthy as it may appear to be, truth is, it would only leave you less prepared for the worse that may eventually be the outcome. There should always be a contingency plan, or an emergency plan otherwise called a “Plan B” and this can only be created when you have at the very least, a minimal expectation for failure.

2. Learn from mistakes

Mistakes are made because we’re imperfect, as humans we’re bound to make mistakes and more so, as businessmen we’re even bound to make more mistakes than the average Human because most times we depend completely on our own understanding and concepts to succeed as Entrepreneurs which is a bad habit.

 

Making mistakes is not the problem because they’re inescapable but the problem lies in failing to learn from these mistakes. After each and every failure incidence, it is proper to take a complete evaluation and scrutiny of the situation and try to learn the very best of lessons we can learn to ensure that subsequent activities would have an absence record of these crippling mistakes.

3. Do not be Over-grieved

The wrong thing to do in the case of Business failure is taking it personal, no one is destined to fail. Everyone has the potential to succeed. Do not feel like you’re the only one or feel like the only one left out. Understand it’s a general thing, failure is one big thing every Business man has to go through to attain the ultimate aim of being successful. In fact, an entrepreneur who has never experienced failure yet is on a long thing and on the verge to experience one of the biggest failure stories on the planet because he has never had anything to learn from and as such is very less equipped to handle future evolvements.

4. Start all over

The very next thing to do is to find a way of moving on, life is progressive, success is dynamic and not for the static. Pick up the pace and hit the road once more, you sure might be lucky this time because you must have learnt your lessons, taken necessary steps to overcome them should in case they pop up again along the line.

 

Be determined, be firm in your decision to succeed, be optimistic, build your self-confidence once again, create realistic expectations this time and be sure to work towards achieving them. Remember, what doesn’t kill you makes you stronger, it’s either it makes or breaks you and never you believe you’ve reached your breaking point, there’s no limit to what you can achieve!

Written by Kingsley Umeh.

Kingsley Umeh is a business avid, online entrepreneur that loves sharing new business ideas for new and existing entrepreneurs on how to start, run and manage their business with less risk. He blogs at Gistdeck.com

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