Failure Does Not Define the End of Your Business

Failure Does Not Define the End of Your Business

Failure Does Not Define the End of Your Business

FAILURE DOES NOT DEFINE THE END OF YOUR BUSINESS

Article by John Scardina
Photo Credit: Nancy Schoenmakers
Magazine: Issue #27

Some businesses have and some have not. That event when you realize that owning your own business is not working out. That moment when failure is the only foreseeable outcome, at least in your own mind that impending feeling of helplessness and doom that consumes you. This consumption can be devastating to your mind and body.

Definition of FAILURE: Source Merriam-Webster

1 :: a: omission of occurrence or performance; specifically: a failing to perform a duty or expected action <failure to pay the rent on time>
b: (1):  a state of inability to perform a normal function <kidney failure> — compare heart failure (2): an abrupt cessation of normal functioning <a power failure>
c: a fracturing or giving way under stress <structural failure>

2 ::  a: lack of success
b: a failing in business: bankruptcy

3 :: a: a falling short: deficiency <a crop failure>
b: deterioration, decay

4 :: a: one that has failed

Enough of the doom and gloom portion of this. These events sometimes unavoidable can be controlled and overcome with the right mindset rather than being consumed by the fear of failure. These moments are teaching moments and you already have experience and knowledge of what was not working. Now is the time to take this event and manifest it into an entrepreneurial dream and reality. Failure is that teaching moment that helps you better prepare a business plan and continue with well calculated decisions for your successful future.

“50

For myself the following quote holds so true and is something that has been engrained into my mind. “In business there are only challenges and opportunities”, author is unknown to me.  This quote alone allows the entrepreneur the mindset to never accept failure and turn negative events into a positive solution for your business. Utilizing what you already know, at don’t leave out items that did not work for you in the past. These are lessons of ever changing opportunities. I’m a huge cheerleader of this process as I have had a failed business in the past and this now allows me not to repeat past fruitless efforts and to push forward in a market that has some many variables, learning to quickly adapt to all and any market changes.

Items to consider when adapting to your next endeavor... 

Preparation list:

1| Positive attitude only, never let the negative manifest itself
2| Define your product or service
3| Product or service need in a niche market
4| Marketing, Holistic Fashionista, what a resource for everything you need to know.
5| Customer acquisition and retention
6| Ability to adapt quickly to changing trends
7| Do not accept failure as an option
8| Embrace challenges and seek opportunities

Remember “There are only challenges and opportunities in business”

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