Entrepreneurs take important decisions about their businesses on everyday basis. Making mistakes is inevitable part of running a business – all people blunder, no matter how talented and experienced they are. To fail is not the scariest part of being an entrepreneur. The worst is to go from failure to failure without drawing a lesson from the past mistakes. It is important to evaluate failure in order to analyze the situations and the outcomes more realistically. The answers of the following five questions will help you to learn what went wrong and how you can prevent these mistakes from happening again.
Did you fail to prepare?
Benjamin Franklin has said: “By failing to prepare, you are preparing to fail”. If you try to build a company without to be prepared to face all the challenges, without to take all possibilities under consideration and to do your research of the market, the competition, the demand and so on, you are very likely to fail to create actually useful and working execution plan and successful business strategy.
Do you have a weak link on the team?
The chances of startup success increase dramatically when there is a great team of professionals working on the execution of the idea. By forming a great team, you are preparing for success yet it is not as simple as it sound to hire the right people for your company. Look at the failure by evaluating the performance of every team member and their ability to work together. If there is a weak link, you should find the strength and let the person go.
What are the opportunities that came after?
When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us. Alexander Graham Bell
When entrepreneurs face failure they have two options – to give up or to look for further opportunities, create a new strategy and move forward towards achieving their goals. The most difficult times give the chance to become more creative, to look for innovative ways to solve problems and to do things that no one else has ever done before.
What can you learn from it?
Failures can teach you a lot about the business world – they show what works, what does not; whom you can trust and whom you cannot; what you can do better and how to react to the things, which are out of your control. Don’t concentrate on the missed chances but focus on the lessons and figure out how you can improve, practice and prepare better.
How it made you grow as an entrepreneur?
Along with analyzing the situation from business point of view, evaluate how the failure affected you on personal level. How did you change as an entrepreneur? Did it make you stronger and better? Personal and professional failures can be a great source of inspiration if you look at them from the right angle. Choose to do so and you will be one step closer to becoming the entrepreneur that you aspire to be.