To build a successful business you have to hire a great team, build a product or service, market it and then run your business well.
While it sounds simple, trust me it isn’t?
You’re more likely to fail than succeed as startup failure rates are always above 50% but not as bad as the 90% failure rate that we’re used to hearing. But the main question is what are the reasons for failure.
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One of the many reasons for failure is that the entrepreneurs aren’t aware of the mistakes they are making. This can lead to them repeating them over and over again. The more common ones include:
- poor leadership
- lack of short-term and long-term planning
- poor management
- ignoring customer needs
- lack of capital
- even poor location
While failure can happen at any time and you’re always at risk, it doesn’t need to be the end of the world. You can always come back and try again. Here are a few tips on how to deal with failure:
Be optimistic and learn
Think about Bill Gates and Arianna Huffington. Both overcame failure to start amazing companies and reach the top of their field.
Part of why they were able to bounce back is their mindset; eager to learn and change, dedication and put in the hard work. You must be optimistic. Great things take time, so be patient and carry on.
Focus on the future, not the past
You know what mistakes you made and how the market works. Now you’re able to focus on the outcomes you want from your business and visualise your company in the coming years.
Take your time to set your objectives and goals. Your vision can be a long-term or a short-term plan but the important thing is how you will achieve it. Learn from your mistakes.
Embrace the failure
Failure really is just a stepping stone towards your successful career. Even the greats fail more than they succeed, so it is important to remember that as you keep on going. It is important because some of the failure experiences will take you to the right path.
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Learn to believe in yourself
Don’t let this become arrogance, but you need to believe in yourself.
Never doubt your abilities. Life will always throw a few curve balls. Learn to believe that you can overcome this obstacle. Surround yourself with positive people who are ready to support you.
Don’t let emotions run your actions
When we fail, we often feel a wave of strong emotions. The important thing is not to let that overtake you.
A wise thing is to not keep anything inside you. Let go of your emotions and then move past them. If you want to, you can cry out loud and no one will judge you for it. Once you’re able to take a step forward, you will have dealt with your emotions and come out a stronger person.
— Tech Collective (@TechCollectiv3) July 2, 2018