What Failed Entrepreneurs Learned Along The Way

Being an entrepreneur is one of those journeys in life that is full of the unexpected. All you know is that it will be tough. Really tough. In fact, it was most aptly described by an unknown author who stated that “starting a business is a lot like trying to save a terminally ill person that wants to die.” There are just things, mainly decisions, that you need to make without really knowing what the right answer is. After all, you could make a decision that leads to the failure of your business, which would be the worst thing to look back on.
Well, to help you with this, and to help you make the right decisions that steer your startup away from the jaws of defeat, we have spoken to a few entrepreneurs who have experienced failure, and we asked them to tell us the most valuable lessons they learned.
Don’t Let Pride Be The Death of You
This seemed to be one of the most shared regrets of failed entrepreneurs. Why? Well, to put it bluntly, they were too proud of their idea to let others help them become a success. One of the entrepreneurs we spoke to had an offer when they were just starting out. The offer was $450,000 for 80% share in the business. You may think that is an unreasonable offer, and far too much of a company to giveaway, which is exactly why the entrepreneur in question turned it down. However, their business failed. They screwed up because of pride, they have 50% of nothing instead of 10% of a prosperous company.
Always Explore New Avenues
Another common theme was this; always look at ways in which you can protect your bottom line, and not just protect it, but grow it. Don’t be stubborn or closed minded. It could be that your website could be doing a better job, which is something you can easily assess with an advanced SEO audit, which will display any weaknesses. It could be that you are planning on opening an eatery of some sort and are planning on selling food alone. Well, by having a liquor license, you are giving yourself the chance to increase your profits hugely. How? Alcohol has a long shelf life and the profit margin is high, which is the exact opposite of what food offers.
Location, Location, Location
There is so much to consider on this front, and we’re not just talking about which street in which district. We’re talking about which city too. Sure, it may not be as attractive to open a business in Cincinnati when you compare to the glitz and glamor of New York, but it could be the thing to do. The reason for this is the cost. Sure, New York may have a high volume of people and big press and all of that. But rent is high, and the cost of living is mega too, not just for you but for your staff. You can’t expect to keep your staff if you can’t afford to pay them a basic living wage. Start somewhere small and, who knows, maybe one day New York could be on the list.