All entrepreneurs make mistakes. After all, about one in five small businesses will fail in their first year. If you’re an entrepreneur who has messed up, you may be tempted to throw in the towel on entrepreneurship. But don’t give up on your dream of becoming a business owner just yet. There are actually valuable lessons for entrepreneurs you can learn from business failures (big or small) if you look for them.
Here are a few of those lessons you can glean if you choose not to quit. Consider them your reasons to persevere!
You’ll Learn to Pivot
A huge part of being a successful entrepreneur is adapting. Things will always be changing whether it’s technology, consumer needs, or completely unpredictable events like COVID-19. When a business fails and you refuse to let it define you as an entrepreneur and instead keep moving forward, you’re exercising your adaptability. And that makes you a better entrepreneur!
You’ll Feel a New Fire to Succeed
Although failure can make you want to give up on building a business for good, it can also be a powerful motivator. Now you have something to prove. There are people out there expecting you to stay down, but it doesn’t have to be this way. You can choose to get back up again and continue working toward success.
You’ll Know What Not to Do
Maybe you don’t know how to run a successful business quite yet. But when you have a business that fails or even just a service or product that fails, you know what doesn’t work. This can bring you one step closer to finding running a more profitable business. When this is your mindset, no business failure is ever truly a failure. It’s still a learning experience!
You’ll Become More Resourceful
Unfortunately, business mistakes are often costly. You may have lost some cash in a failed business endeavor. While no one likes losing money, necessity is the mother of invention. It gives you the opportunity to learn to do more even with less. Who knows? Your best ideas could be born when your resources are running thin.
You’ll Be Reminded of Your “Why”
The feelings of inadequacy that surface after a bad business move can make you totally forgot why you wanted to start a business in the first place. Don’t let those feelings simmer. Instead, dig deep within yourself to remember your passion and motivation. Reorienting your mindset in this way will help you keep your eyes on the prize whatever that why might be.
Don’t Quit! Persevere with the Business Architect, Alicia Ivey
If your business endeavor has failed, it’s not the end. What matters is that you keep at it and learn from your mistakes. If you need more motivation to build your business brilliantly, Alicia Ivey can help! As someone with 30 years of entrepreneurial experience, there’s no one better to lead a master class on business. You can get in touch with her today to position your entrepreneurial endeavor on the pathway to success.
Keywords: business failure, lessons for entrepreneurs
