Failure – The ‘F’ Word No Business Person Wants To Hear

Earlier this year, the Daily Telegraph published an article outlining statistics pertaining to small businesses.

660,000 startups begin each year, apparently, but of that number, 20% close their doors in the first twelve months, and 60% go under within 3 years.

Why? According to the article, these can be pinned down to one word: mismanagement.

It's the mismanagement of planning, the mismanagement of finances, and the mismanagement of personal development. As a consequence of each of these factors, there is one inevitability.

Failure!

It's such an ugly word, and one that no business person wants to hear.

And should you be thinking about starting your own business, or if you are already trying to stay afloat in business, this is one word you don't want to hear, either.

But here's the thing. Rather than close your ears to that bothersome ‘F' word,  embrace it instead. Dwell on the word. Mull the possibility over in your mind. And let the word ‘failure' give you a reason to fight against being yet another statistic.

You see, if you face failure head-on, you can become the David to it's Goliath and take steps to beat it. 

You might then start a business that isn't destined to fail.

With a decent business plan, an idea that is born of market research, and enough money to kickstart your idea into action, you will get off to a good start. You might also consider a franchising opportunity, perhaps using the services of such companies as LimeLicensingGroup.com to help you find the business that is right for you. Going down this route, you would have the opportunity to work under a business name that already has a track record of success. But whatever you do, you would put planning in place at the outset to ensure failure wasn't an inevitability for you. 

You might make every effort to show financial wisdom.

Knowing that many businesses fail because of financial difficulties, you might take that fact and sidestep the possibility for your business. So, you might raise the capital you need for your startup without the need for an expensive loan, as you wouldn't then start out with debt hanging over your head. You might find frugal ways to run your business, using free marketing ideas to promote your business, and purchasing the tools you require from places that won't blow your budget. And you might remember to save money each month; as with a savings and emergency fund in place, your business wouldn't be put at risk should you be hit by an unexpected blow to your bank account. 

You might work hard to make your business succeed.

Failure will become an inevitability if little effort is put in, so in an effort to beat it, you should maintain a diligent and responsible work ethic. This means no slacking off when you know you should be working. This means making the effort to put in quality work so you don't upset customers and clients. And this also means placing a focus on your personal development, as for your business to be better, you need to be better too.

So, allow the thought of failure to give you the impetus to make good decisions. Let it drive your mindset towards one of success. You might then sidestep that blasted ‘F' word, and then kick it into touch so it doesn't rear it's ugly head again!