By Waliu Adeyeri
First thing first! You must understand the inevitability of failures in business. Think of failures as the occasional ailment that visits your body.
Now that you already know. Let’s talk about how to manage the inevitable visitor of business; failure.
One of the major reasons many people are afraid to start a new business is the fear of failing. Are you afraid of starting a business? Click the link below to check out some tips on how to overcome the fear of starting a business in my recent article.
Now back to the business of this article. Here is how to manage business failures.
1) Failure is Inevitable: As stated above, you need to know that failure is inevitable. The moment you have this in mind, you will brace up for the worst Everytime. Also, failure happens to everyone, so when it comes, accept it.
2) Blame No one for your Failure: If you understand the inevitability of failure, then you must learn to take responsibility for every action you made and every mistake you made. The moment you take responsibility for your mistake, you will be prepared to grab the lesson that accompanies your failures.
3) Failure is a Lesson: Recall the over-narrated story of Thomas Edison, the inventor of the light bulb you use in your household. According to historical reports, he failed 999 times before he could successfully achieve the invention.
4) Failure is Opportunity in Disguise: According to Jonathan Long, the founder of Uber Brands, “Everything leading up to failure is a lesson — the choices you made at the time, the reasoning behind your decisions and so on. If you have the right mindset, you can dissect the failure and learn from it.” If failure wasn’t an opportunity there won’t be a concept such as ‘buying the dip’ in business.
5) Failure Births Value: Failure helps you to value your project. Failure teaches you to value your steps. You need to change your view about failure so you can value your project and business.
Managing business failures is an essential of a risk taker. It makes you prepared for the worst and also value success.
Culled from Entrepreneur
Featured image by Ketut Subiyanto from Pexels