Lessons in a business failure

4 lessons to take from a business failure

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Business failure is one of the most devastating things to happen in a business majorly because all the investments in terms of time, money, skill and so on would have been wasted.

As Thomas Edison’s associate, Walter S. Mallory, addressed innovations, once said to him, “Isn’t it a shame that you haven’t been able to get any results with the enormous amount of research you’ve done?” Edison replied with a smile, “Results! Why, yeah, I got lots of results! I know many thousand things that won’t work.

“We view success as good and failure as negative. Edison’s quote shows that failure is not a bad thing. You will learn, improve and develop from your past failures.

In business, failure is an all too normal phenomenon.

That statistic may make you sad, but it’s one worth learning. Failing once, twice, or even hundreds of times doesn’t mean you’ve reached the end of the road – it means you’ve made another turn and you’re one step closer to success.

You’ll learn important life lessons from those mistakes as you go through life and experience failures.

 

Today’s aim is to help you learn from your mistakes and become a more efficient and effective person and entrepreneur.

1. Be calmly humble

It seems like nothing can deter you, when you’re doing well in life. No words can properly pin down feelings like you are on top of the world.

It hurts though when failure hits. Often it hurts so much that you think you are never going to succeed again.

Staying calm helps to mitigate the feeling of defeat and disappointment.

Although flying high on the feelings of achievement, never forget that you are human, and treat others with the same modesty and respect you expect in return.

 

If you’re calm, when it comes your way you’ll be emotionally prepared for disappointment.

 

2. Learn from your mistakes

Finding a success story which doesn’t have a trail of mistakes behind it is almost impossible. To a certain point in their lives almost everyone encounters disappointment.

The secret to overcoming challenges and making themselves successful starts with learning from your mistakes.

Tell yourself why it happened when failure hits. Was that a product of something that you have done? Or did external force play a part?

Don’t be afraid to be responsible for a company loss. In certain instances, to avoid the failure anything should have been done differently.

Think deeply about your condition and don’t be afraid to do some searching for your soul.

3. Accept change

One way of learning from the mistakes is by accepting transition. Some people are utterly contemptuous of change and it is easy to see why.

People get wrapped up in the things they do, they get used to seeing the same people in the workplace, they like the routine.

Even when you fail you need to radically change things. If things don’t go your way, and you need to start again, sometimes you need to step back and look at the adjustments you need to make and accept.

You’re promoting positive mental growth and development when you accept improvement after a loss.

If you want to be a healthy businessman, then you need to be a mentally stable person.

4. Proofread your ideas

Not every idea that comes into your mind is a positive one. It is easy to want to act upon any business idea that comes to mind when you’re on a roll.

Maybe you want to make a new product? You may want your marketing plan to beefed up. You might have only a bunch of blog idea that you know would carry more traffic.

 

Relax. Slow down. To work through your thoughts the only thing you can do is take notes. Just bring a tiny notepad around, or attach your smartphone or laptop to an website.

Just jot them down as ideas pop up. Give the time to marinate your thoughts before you act upon them.

There is a proverb that for every good idea there are 100 bad ones. Bad ideas can lead to small as well as large scale failures.

Remember your reflections and revisit them in the hours, days or even weeks to come. You will find, in most instances, that most of your proposals were not as successful as you initially thought.

In summary

Without failure there can be no success. You’re going to struggle when chasing your entrepreneurial dreams.

Failure is also said not to stop people, it is how people treat failure that prevents them. Tackle it head-on when you experience disappointment, and learn from your mistakes.

 

Realize that not every idea that pops up in your mind will succeed. Take the time after a mistake to collect your thoughts, and understand what you have done wrong.

Be willing to learn, and evolve, above all else. Everyone can get it right. It comes down to just how much you want it!

Komolafe Timileyin is a passionate entrepreneur that loves to solve entrepreneurial issues. He is also a blogger and an upcoming Engineer.

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