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Five Lessons I Learned From A Business Failure

photo by Dailyhalos

I have seen people succeed in their businesses and i asked myself what they did right to attain to that level. From their success stories that was shared during a seminar i attended, their mistakes which they paid heed to was an influential factor to their current status.

As i was in the midst of audience listening to shared stories of successful entrepreneurs, i became happy and interested after listening to a lady who emphasized on how a friend told her how good her skills in fashion designing would be. I was happy for her because she was in her mid twenties but had turned failures of her company into something that resembles a professional career. It was a pivotal moment of my life and i felt pretty good about it.

Just then, more lessons exploded from other speakers and today, it is in my ethical mood to share with you some lessons i learned after my business failed.

1.Learn Humility

This is a very harsh lesson that must be taken seriously. Sometimes, i thought i was smart and experienced and wondering how people got opportunities i was getting. It is easy to compete with people especially when you live in a bigger family. It is very important you learn how to be humble. Due to this crucial skills, 90% startups fail. Leaders who are humble are mostly liked and more effective at a task. To be like is of no much importance but it is the end results that matters. Admit your mistakes and be approachable as it is vital for employees strength for a more productive organization.

2.Past Mistakes Are The Most Vital Lessons

I cannot control my mistakes but i do not want to repeat the same mistakes again. My past mistakes were due to poor communication, lack of humility and lack of patience. Anytime you fail at a startup you pay for it with a precious resource: time. Lessons picked from mistakes can be used to encourage employees to be more resilient and show the kind of workforce that you are in.

3.Not All Ideas Are Great

Ideas can never be isolated from running a business successfully. This is important to know and you must keep it in your mind. For every amazing ideas, there are likely to be bad ones and as a leader, you have to focus on the ones that are likely to push you and your team forward. However, you must not snag away every idea because you will be depleted of energy and resources which will make your customers run away.

4.You Cannot Assist Everyone

People have different needs and it is not every one who can match your offer. You can share your talents or offer assistance to people but you cannot help everyone. You might meet people who pretend to be in need of your assistance but all to no avail. Your available resources will determine how much you can offer as an assistance.

5.You Will Face Challenges

Once you have started your business and everything is running smooth does not mean that you will not encounter challenges. At any point, you are likely to face challenges especially failures and disappointments as long as you run a business. These are lessons and aren’t abject failures so don’t throw up your arms and walk away. All you need to do is walk through them and pick up the most important lessons- which is the most important of all. Also know that another important part of success is identifying failures and turn them into wins.

Read more of similar articles from source DAILYHALOS.COM.

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