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Small Business failure

“the difference between average people and achieving people is their perception of and response to failure”  This quote from John  Maxwell’s book “Failing Forward should be remembered by all business owners. We have a high failure rate among small businesses and unfortunately  many people don’t try to start another business.

Failure should be looked upon as a learning experience, not a “I give up” experience.  Failing in a business ventures is difficult; in many cases, you may lose  family support for another business venture. The fear of failure is a reason why many people would rather stay unemployed then to venture forth and start their own business.

There is no shame, unless you don’t get up and try again. We are so accustomed to instant gratification and to reading about the great success others have achieved that a failure on our part becomes almost unbearable. We hide our failures instead of using them as a steeping stone to future success.

Motivation and desire has to be an internal thing in each of us. In my experience, those that are afraid to venture out on their own are not only afraid of failure, but they don’t trust their own ability to persevere.

Failure is not something to run away from; don’t just shove all your plans and dreams in a box and then store it out of sight. Each business has a life and if doesn’t survive, there are lessons to learned. A debriefing is required and a complete examination of the life cycle of the failed business should be made. When I take a business owner through this process we encounter a lot of  “wow” moments that become teachable moments as well as providing inspiration and insight for a future business.  In my experience, the second venture usually has a much better chance for success.

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Failure isn’t bad if it doesn’t attack the heart. Success is all right if it doesn’t go to the head.

Grantland Rice

Have a great day!

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