I would like to present you this motivational blog which has my own life experiences and some facts from the real world. If you run a small business or a start-up business then this is a must read the blog for you. I hope you will enjoy reading!
95% of Startup Businesses Fail in their first year and rest do not survive 5 years. Why is that? Let’s see ahead
Michael was my friend form the long time, he was self-employed and running his own business. Michael had a habit of trusting people very quickly. Michael trusted someone and given him a job. After sometime Michael found out that new person now took over the business and failed Michael. I told him this is actually good for you. Michael listened to my comments and felt a bit surprised.
Let’s analyse why failure is good for you?
Did you ever notice that when you complain about a company or give a bad review to a company, they try their best to resolve the situation and give you best customer satisfaction?
Or if you are doing a business you are more concerned about bad reviews or customer complaints. Once someone tells you the unsatisfactory experience they had you will try your best to make it more pleasant in future.
But this improvement is not that easy all the time, as sometimes life picks a different method to help us in improving. Let’s assume you are running a business and using the same kind of methods or procedures that you been using from years. But over the time your customers and their mindset have changed. You obviously didn’t realize such things and continue the business usual way. What will happen? You will start losing customers and eventually, you will close your business.
“Such a situation is not a failure. This is a learning curve or learning opportunity for you to improve or change your business processes. Therefore, failure is nothing but an opportunity for you to show yourself info a better way. Failure simply means you need to try something new and different approach to doing the same thing.”
Let’s take a simple example – Samsung vs iphone
Samsung was a well-reputed company and making mobile phones before iPhone. I don’t know if you remember phones which had an antenna and open with flap. Since the launch of iPhone, Samsung suffered a loss in market share and they failed to capture the market. Then senior management had a meeting and decided to came back with competitive phone names as Galaxy and it was a great success and Samsung regained their confidence. Apple launched iPhone s and Samsung replied with powerful Galaxy S and so one tool today they keep improving.
How we can improve and what we can learn from Failure:
- Always think ahead and think of failure as an opportunity to do better next time.
- Focus on what you have rather than what you have lost
- Keep the rule of forget and move, don’t keep the luggage of negative feelings in your mind
- Develop yourself, learn a new skill, join a course or start a new hobby, do something new
- Don’t be afraid of taking a risk and getting fail again, you only know the depth of water once you are in the water. Only then you learn to swim.
In this process, the main point is coming back or we can say bounce back.
- When you fail in something how do you feel?
- Do you stop trying or you learn properly and make a bounce back?
We really need to change our attitude and mindset towards the failure. We are given a better opportunity in the shape of a failure. This could be in your job, work, business or relationships. If we see and look at the failure from a different perspective you will like to fail again and again till you finally succeed!!
Thanks for reading and I wish you all the best in your ventures.