Embracing Failure - How to Learn from Setbacks
Entrepreneurs are often told to "embrace failure." Along the way, as you grow and develop your business there will be occasions when: • Key customers reduce their engagement with you or leave • Marketing and advertising initiatives produce unexpectedly poor results • Returns on investments prove to be lower than expected • Employees disappoint you in respect that they leave or do not fulfil and complete projects as expected
All in all there can be numerous setbacks along the way as you dream to be successful. These situations can lead you, to consider that running a business is harder work, than you first thought. You want it to go smoothly and of course, all of the above leads you to reconsider your own role when it does not go according to plan. Growth for a business and its strategic development is not a linear progressive line forging ahead.
It is an exponential environment, growth and development does not happen evenly. It can spurt and even at times you can go backwards. There may be the loss of key contracts whereby you have to make redundancies. Hurtful but it happens.
As an entrepreneur you need to be able to cope with all of the above eventualities and just move forward dispassionately and try again, no-one likes these events, but unforetuantely they do occur.
If you have a good product or service which itself delivers a great customer book, then you can certainly re-engineer yourself and go again. Customers and clients will support you and sales and fees should return to their previous levels and your track record will shine through.
Not every marketing initiative will pay dividends and you have to have hard skin to realise that sometimes you may get it wrong. If you get returns on every investment then you will be exceptional and alongside George Soros or Warren Buffet with their analysis and levels of success investing in companies and funds.
Perhaps your team is the most important aspect for you. Building a great team can lead to legendary service levels as the team develops, grows and provides your clients and customers with the service and answers they require. So remunerate well, treat your employees with respect and you will always reduce the risk that they will leave or worse, not perform. Make sure the employees have all the tools available to produce the right results, in terms of IT, training, knowledge and skill set.
Then you cannot blame yourself if anything goes awry and also you will bounce back quickly. It is almost as if you have a clean conscience with the way you do business. In my book 'Drive like a Real Entrepreneur' one of the aspects in my survey that came across very clearly (and perhaps surprised me) was that entrepreneurs are overall incredibly responsible people. They care.
You will have setbacks, it may be a bad debt or a key supplier going bankrupt leading to the failure of your supply chain. Every entrepreneur has these events, you are not alone. It is how you deal with them that is the key to your success.
Next week I will be discussing BREXIT, with a series of posts on the subject to follow. In the meantime, I hope you have a great week ahead. Please share any comments you have on this post below.
For more insight into the behaviour and characteristics of entrepreneurs purchase a copy of Drive Like a Real Entrepreneur here.