Veteran business owners all have failed business venture stories to share, even the most successful ones. Their difference from the rest of humanity is they learn from their mistakes and know how to bounce back. You, on the other hand, need not repeat the same mistakes they did. Learn from their mistakes, study their success and then implement.
Get someone who can teach you the ropes
Getting someone to teach you can get you a long way. Whether you hire a business mentor or join seminars, workshops, and classes about starting a small business. The important thing is you will get lots of ideas, tips and advice from seasoned veterans and business gurus.
Get your financial life in order
Before launching a new venture, it is wise to make sure that your finances are in order. Do you need to prioritise one expense over another? Do you have an emergency fund with at least three months worth of expenses handy? Straightening up your finances from the get-go will help you focus more on building and running your business.
Failure is inevitable
Failing is not uncommon to entrepreneurs, so don’t let it get you down. A pitch might get rejected, a client will give you a negative feedback or a new product flops. A good and sensible entrepreneur will keep going forward. Steve Jobs didn’t become a business tycoon overnight. He had his fair share of failures but he didn’t give up. That’s the difference between winners and losers.
Learn to manage your finances
Your business is up and running and the future looks bright. So what do you do? You go on spending spree. You start decorating your office lavishly. Stop. Even if you are already earning, do not overspend. Take it slowly. Be as conservative in your expenses as possible. You never know what the future holds. Always keep in mind two things when you feel the urge to spend what little you have earned: 1. Don’t count your chickens before they hatch. 2. Nobody ever got rich by being too extravagant.
Be ready for growth
From time to time a business startup grows at a rate faster than the owners expect, hence they fail to keep up. You might find yourself bombarded with orders one morning. This is not always a good thing, especially if you are not prepared. Continuously missing to meet clients’ expectations hurt your brand’s reputation. In cases like this, you need to act fast so your business can cope. You will need to quickly hire and train new staff.
Success is easy for the diligent business owners but failure is even easier if you do not know how to keep your business afloat.