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UncategorizedLearn Why You Should Start Another Business after a Failure

Learn Why You Should Start Another Business after a Failure

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What was your first-ever failure in life? Was it a fall when you were only learning to walk? Or maybe a heap of mistakes that you made during the dictation at elementary school? Perhaps, you had some defeats when you were learning to ride a bicycle, swimming or choosing a present for your first love. Now you know that it was okay. All these missteps were a part of a natural process called learning.

The majority of psychologists agree — a mistake is an essential tool of learning. If you substitute the word “mistake” with the “lesson” in your head, you get an entirely different picture of your past. Why suffer and blame yourself, instead of extracting conclusions and changing it all for the better? Easier said than done. The older we become, the higher standards we set for ourselves, and when we can’t meet those standards, the disappointment grows too. The best way to avoid failure in writing is to get high-quality essays at https://www.buy-cheapessay.com

The modern culture revolves around successful people and their life stories. Intolerant to failure, TV, newspapers, and the internet make it even worse for those who go through hard times in their careers or personal lives. We know very little about the actual truth behind the tabloid headlines. Though, many rich, successful, and influential people have had a good deal of projects that ended up a flop.

Photo by Nick Morrison on Unsplash

Winston Churchill, a world-famous politician and Nobel Prize winner in literature, used to say: “Success is the ability to go from one failure to another without the loss of enthusiasm.” You can find lots of stories about the ups and downs of the lives of people who you believed were always lucky in business and blessed in all of their beginnings.

Thomas Edison joked he had to fail 1,000 times before inventing the light bulb. He stressed — it was not a failure; it was a process — the invention of the light bulb needed 1,000 steps. And Henry Ford, whose first automobile production failed and his investors abandoned him twice. Walt Disney, Oprah Winfrey, Steve Jobs — these names are symbols of success for billions, but they also had their stories of defeats and learning.

No matter how inspirational the quotes are or how many books on failure and success are printed each year when it comes to personal experience — emotions take over. Losing a business is hard. We have to accept that. But it does not mean that all of your efforts were in vain. They taught you a lot. Now you know all the dos and, most importantly, don’ts of the industry you were in. Let’s look at the main reasons why you should start another business after a failed one in more detail.

Practical Reasons to Start Your Business Anew

In his Stanford commencement speech, Steve Jobs said: “I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.”

Starting another business after a failed one means you will become a beginner again. But a different type of beginner then you were previously. You have more knowledge and experience. You had done real work. And now, you have a better chance of starting a successful project because you are better prepared. Believe it or not, but mistakes have more to teach us than achievements.

Your past experiences give you knowledge of critical processes that make up a business. You know how to plan, structure, and position your company. You don’t need to learn how to register and license your business, what accounting system to choose, or how to promote products and services — you’ve tried it before. And even if that experience was unpleasant, you focus on things that matter right now.

Every business depends on the people involved in it. During your previous business venture, you have surely made some useful contacts. They might help you start again. They are an invaluable resource you did not have earlier. And don’t forget about your clients. Many of them undoubtedly remember and miss something they liked about your business. They will be glad to come to your new office or use your services. If you kept the client database, you could inform them about your new venture, and you will be surprised how many people will show up to support you.

It is very likely, that just before your previous business failed and after, you had enough time to think things over. What was wrong with your business plan, your team, services, or products that you offered? Maybe the timing was wrong, or the economy was at a decline? The main goal of these thoughts is not to hurt you, but to give a better understanding of what you are trying to do. With all the analyses done, you can visualize a stronger and more successful model of the new company.

Recent US startup statistics show that business founders who have failed at a prior business have a 20% chance of succeeding the next time versus an 18% chance for first-time entrepreneurs. The numbers support the fact – people learn from their mistakes and are not afraid to fail again.

If you change your attitude, you will see that mistakes are an important step to your success. Turn your past experiences into lessons so that you can build your new business with confidence. Remember your first steps in life and the road you’ve made to this moment. You have to give yourself a chance to succeed because accomplished people sometimes lose too. However, they never give up. Good luck with your new and budding business projects!

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