Entrepreneurship is a journey! Every year several employees take a leap of faith from leaving their job and starting a business venture of their own. Not everyone succeeds and attain fame and profits! However, the ones who succeed in the initial race need to face more significant challenges on their way. It’s easy to talk about becoming an entrepreneur, but it’s challenging and tough to become one and sustain the rat race. The market is competitive and dynamic. New players are stepping in every day, making it challenging for entrepreneurs to survive and make profits. Failure is the most dreaded word by most entrepreneurs. However, failure is something that most entrepreneurs have to face sooner or later and manage their business accordingly. Many times entrepreneurs get discouraged because of a minor or major failure. Here it is necessary to take control of everything and start afresh. John Giorgi shares some of the best guidelines about failure that can be of use to the new-age entrepreneurs.
1. Failure is common
Today, everybody wants to win the rat race! And for that, no brand wants to witness a setback or a hurdle. Momentary bottlenecks occur during product launches or marketing campaigns. However, when it comes to a failure, brands attach a taboo to it! For instance, if a new product cannot create the desired impact and generate profits, it gets tagged as a failure. It is essential to understand that failure is common, and every business has undergone it at some point in time. Hence, it is necessary to take away the taboo and inhibitions associated with failure and learn to move past it.
2. Accept failure
No one wants to fail! Yet, the only way to move past a failure is to accept it. No entrepreneur should go to the extent of denying or overlooking failure. It is necessary to have patience and get one’s failure. It will enable you to learn from your mistakes. For instance, if your new product launch wasn’t successful, you need to check the areas you must have gone wrong. It could be that the market wasn’t prepared for the product or didn’t understand the need for the product. At times, it’s nothing but bad timing. When you accept your failure, you get to see the finer nuances that might help you to create the best product launch plan again.
3. Failure is not the end
John Giorgi, it is essential to realize that entrepreneurship is a journey and that failures are small roadblocks on that journey! At times, entrepreneurs feel that a failure means “the end” to a product launch or a new business development plan. Failure happens when a few things didn’t work in your favor. It could be that your competitor had better product development and promotion strategy than you. Hence, you must take time to study your failure, the market, and other market players and realize that you can come back again with a better plan.
John Giorgi every successful company has witnessed both crisis and failure! It’s is essential to learn from one’s failure and move ahead with a more concrete plan. The guidelines mentioned above will help entrepreneurs to deal with failure positively.