Failure is not the end of everything, including in business matters. For those of you who have experienced it, consider the following tips to get back up.
One day a friend told me about the success of developing a business after several failures. Jaka is a 35-year-old culinary lover who has decided to become an entrepreneur since graduating from college by opening a digital printing and design service business. After starting to develop, he entrusted this business to one of his close friends. Unexpectedly, his trust was abused. Several million of his business profits disappeared, carried away by his friends. Jaka then looked for other business opportunities.
This time the business in the field of reflexology became his choice. Just starting to build a business, Jaka suffers from a serious illness that makes his legs paralyzed. He has been battling the disease for almost two years. Thankfully, his persistence paid off. Jaka can return to running normally, but still has to undergo routine maintenance while trying to start a business again, namely the restaurant business. Unfortunately, the inappropriate sales location forced him to go out of business. Fortunately, this did not make Jaka give up either. He tried to find a capital loan from his close relatives, then looked for the right location for his restaurant business.
Five years have passed, now Jaka’s restaurant already has two branches and is ready to add other branches. Although the building is not luxurious, the restaurant is never empty of visitors. In fact, his restaurant is not infrequently visited by investors who ask for a business franchise permit for their business.
It turns out that there is some truth to the phrase ‘Failure is a delayed success’. According to Bloomberg, 8 out of 10 entrepreneurs who start a business fail in the first 18 months. Even the most successful entrepreneur has experienced failure, both in light and heavy portions.
Perhaps, that is precisely what makes an entrepreneur successful, namely the ability to bounce back and struggle to improve his business. If you are currently experiencing successive failures in the various businesses you are trying to build, consider the following tips and tricks so you can rise from adversity and fight back to build your dream business.
Take a Deep Breath and Relax
In business, failure is inevitable. No need to think about it all the time. Like the quote from Walt Disney above, why worry about it when you’ve done your best? The reason is, worrying about something excessively will not make things better. Better take a deep breath, exhale with all the worries and regrets that you feel, then calm down. Do whatever makes you calm and comforted, like taking a warm bath, praying, or doing things you enjoy with loved ones. This way, you can take lessons from your failures, and then look for solutions.
Don’t forget, you also need to get rid of negative thoughts. Always remember that even if your business fails, it doesn’t mean you are the source of its failure. If you don’t get rid of such negative thoughts, your self-esteem and self-confidence will sink even further. Get rid of negative thoughts and replace them with positive thoughts that can motivate you.
A calm and relaxed state will make it easier for you to digest the situation and see your problem from a different perspective.
Meditate and Analyze
Before contemplating and analyzing the source of the failure, first put your emotions aside. After calming down, reflect on the following three questions:
‘Why did the company fail?’
‘How to fix it?’
‘What are the factors that lead to failure in business?’
After reflecting on it, you will get answers that can be used as lessons for your next business. It’s not fast and easy to get the answer, it takes time. However, keep trying to think of positive things, so that it will be useful for the future of your business.
Create Your Next Business Plan
Failure makes you wiser and more experienced. Take all the good things you got from the previous business, plan it carefully, and use it to run the next business. Rest assured that you will not repeat the same mistakes and will enjoy success in your next business.
Dig Deep to Find Motivation
What is your goal in building a business? Come back to your main goal. Don’t just see money as the main motivation. Did you know that entrepreneurship is the noblest line of work? How not, this profession opens up job opportunities for other people.
Generally, volunteers are always eager to make a difference, are passionate, can see opportunities, and enjoy time with the people around them. Sound familiar? Yup, volunteers also have the characteristics of an entrepreneur. Well, volunteering can give you a new perspective on other industries, meet new people, and maybe come up with new business ideas. Come on, try it!
Make Money the Fast Way
Failure in a previous attempt may leave you with a debt that you must pay off. Use it as an opportunity to try new things. Maybe you could sell some unused company furniture, or use your talents to provide services to others, consulting for example. Your previous experience in business will certainly be useful for others who want to learn from your failures. Who knows not only the debt will be paid off, but also the accumulated capital which is the key to your success in business.