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Facing a Failure and Begining Again

Discussion in 'Starting Your Business' started by T J Tutor, Mar 13, 2016.

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  1. T J Tutor

    T J Tutor Member

    Some of us have been business men and women all of our lives, or for a length of time for others, and we have learned that no one is ever 100% with all of their respective projects. Most let this stand in their way of re-starting with something new, or whatever could be next.

    I think that budding entrepreneurs, no matter their age, need to understand that success is a cumulation of both failures and successes over time, especially as an entrepreneur.

    What's your take on this?

    Was there a time when this was a hurdle for you to eliminate, and if so, how did you get past it?
    Ladyferoz likes this.
  2. Corazon

    Corazon Member

    Failing in the business on the first time is devastating. The feeling was like losing a child. It was really a sad day when we decided to close that boutique, my first formal business, after just a year of existence. But on the second occasion when we quit our computer supplies retailing after almost 4 years of operation, it was not as devastating as the first one although the financial loss is much greater than what we lost in the boutique.

    I think one should have the courage and conviction when indulging in a business. Entrepreneurship is not for the faint of heart.
  3. davidper

    davidper Member

    My start was not earning any money within the first 6 months, and it made me feel bad
  4. ianternet

    ianternet Member

    failures are all about getting back up and trying again. I believe in failures, you need to fail before you understand your goals. because you can see the goal but you have to go through multiple challenges first. if you understand that then failing is pretty easy to understand. never take failure as a oss but looking at it from a gained perspective. Why it happened and how to improve
    T J Tutor likes this.
  5. j1984

    j1984 Member

    Failure feels painful at the time but if you can re-assess what worked well and what didn't, in addition to being brutally honest then it can work as an advantage for your next exploration.
  6. servite

    servite Member

    I failed in 4 previous business ventures before getting into my current one. The one I have at present has been operating more than five years now. My previous failed businesses operated between 1-4 years. It's not a joke to go through a business closure specially when people's jobs are involved. There is an emotional side to it over and above the financial loss. The biggest one for me is the impact to self confidence and self esteem. But if that entrepreneurial spark in your heart remains alive you can build a fire out of it. Maybe once an entrepreneur always an entrepreneur. Give yourself sometime to mourn, then you just have to dust off, recollect and move on. You might have lost some money but you always come out gaining some learning points and valuable life lessons that make you a better businessperson in your next undertaking. Life goes on and the cycle continues.
  7. djentre

    djentre Member

    Well, I feel that a person should fail quickly or at least realize quickly when they've failed. Not accepting failure is the worst kind of failure imaginable.

    Currently, I am looking to shutdown something that took me a year to build and it has done fine. But, I have not been able to find funding for it because it's not exactly the kind of thing people invest in. The money would have mainly grown in marketing and logistics. But, after bootstrapping it for almost 13 months and not seeing it grow as fast as I would like, I think its time to shut it down. I have other things to focus on. But, if I started thinking about how much time or effort or whatever it took me to keep the thing afloat, I would never have been able to come to this decision.

    That single decision to shut it down made me stress-free almost instantly. Now, I can focus on things that are growing and ideas that I wasn't able to execute while I kept trying to get this thing off the ground. I have learned a lot.
  8. Alaine

    Alaine Member

    My first three forays into business ended in failure and as I'd put in a lot of time and money into the business and lost everything three times, I took a step back and didn't want to start a business again. However back in 2014 I decided it was time to start another business but this time round I would spend more time doing market research, find out which business would be profitable, raise the capital and then get started.

    The business hasn't made me any money yet but since I've done all things right I expect that by December it will start making some profits.

    What I've learned over the years is that when someone starts a business for the first time, odds of that business failing are quite high. But their second attempt might be successful. This why one never should give up even if they fail once.
  9. briannagodess

    briannagodess Member

    I am also not a stranger to failures when it comes to business ventures. My husband and I first invested in a business opportunity that turned out to be a scam. You might recognise it as a networking or marketing/networking business. And we were first enthralled into joining because the owners were really good with talking us into it. We also believed in the product itself because we saw it has some potential.

    Later on, my husband's friend used the product on his car, it was an eco-fuel, and it destroyed his machine. Good thing that he was able to have it repaired. So since then, aside from major issues with the owners, we had to let go of the business venture and the down payment we paid.

    Later on, we tried another business venture which is a chicken rotisserie. Again, this business failed because of lack of promotion and simply because it cannot compete with the cheaper prices of the other rotisseries. It tastes good though, even better than most well-known rotisseries.

    Right now, I have invested in an online e-commerce platform. It's doing well although it's just a small business. So you see, despite all the failures I experienced, I continued on with trying and trying other business opportunities. The key is to keep trying until you find what business best fits you. Failures don't mean that you have to quit... It simply means you have to let go of what isn't working and find another venture that might work for you.
  10. ReadmeByAmy

    ReadmeByAmy Member

    If you had failed in your business endeavors in the past it does not mean that there will be no more second chances for you to do business again. All you have to do is to accept what had happened. Overcoming failure is all about finding it in yourself to start again. Remember that you must overcome the sense of failure and keep in your mind that each failure is a chance to grow stronger and wiser. And for every failure that you might had it represents you with an opportunity to learn until you get it right. Failure represents you with an opportunity to learn until you get it right. You should stop worrying about what happened in the past and focus on how you can start all over again.
  11. bob1978

    bob1978 Member

    I'm a builder at heart, I love building little worlds. My life path didn't allow me to become an engineer sadly, but I did thrive on that desire through design. When I failed numerous times in the past, I didn't really dwell too much on it. It was sad letting go sure, but I knew it was for the best. Those worlds weren't meant to survive. They exist now only in my memory. No one else in the entirety of the whole timeline of the universe will ever get to experience those worlds again. That makes them special to me. So I build a new world, to dedicate it to the last. The most exciting thing for me was starting a new adventure again, something completely different. A brand new world. It's not hard to get past it, especially if there's something new to look forward to.
    azgold and T J Tutor like this.
  12. Cameron Hunt

    Cameron Hunt Member

    Like many people have commented before, at the end of the day, it is all about learning... It's devastating to see something you worked so hard on not thriving like you thought it was going to. All those hours and money you put into it not giving back... but that's just a part of it.

    You can either give up and forget about your dream of being an entrepreneur, or you can grief, get up, learn from your mistakes, and move on.

    That's why a community like this is important... it's a lot easier to move on when you are around people that understand what you're going through.
    azgold likes this.
  13. Peyton White

    Peyton White Member

    Although, I did not have much experience about breakdown. I feel and understand everyone here, entrepreneurship is not an easy job. This takes more than one or two try to be successful. Anyway, I only know one thing, "do not let failures defeat you. Soon you will know why!
  14. YBells

    YBells Member

    Failure is not an option as the final outcome for a real achiever. Of course we have all committed errors that have turned into failures either in business or in personal lives. The truth is a real entrepreneur will acknowledge his failures and do whatever is needed to overcome them and keep moving.

    In business I have committed many mistakes, most of them due to my inexperience and some due to bad competition.
    Business is a tough world and will not be easy, it has not been for me.

    My name is Mike and I am 26, I started my ventures when I was 21 right after college with little money..
    I spent almost 1 year researching business opportunities and at 22 I took a trip to China. No I do not buy products from China I export to that great country. Everybody thought I was crazy and in my first meetings I had Chinese businessmen sit down ask my age and say thank you, goodbye!

    I made some money on my first 4 months close to 100k usd, and I felt as a badass! I felt I was on the right path but o boy had many things to learn and many errors to make yet.

    Long story short I lost almost all of that money plus the one I had saved to start up in the next 6 months. I felt terrible at that time and kept questioning myself what had I done wrong, spent hours lamenting myself feeling like a fool... But that did not stop me and I kept pushing with little to non money left. Fortunately for me I found amazing clients and a great investor/partner that believed in me.

    When we set up the new company with my new partner everything was going good and on our first month we had a 25% ROI on our exports, sounds great right?

    But then I encountered the sharks of the industry my competition who did really bad moves on my business! During the next two years we had ups and really bad lows, almost going bankrupt 3 times!!!

    Finally we got a break and things started to flow smoothly. I do not consider myself or my business bulletproof, I know we will still make errors in the future but hopefully not as costly as the ones in the past!!!

    I do recommend that whatever business you start make sure you love it enough to be willing to give it your all into it!!!

    It is just like a marriage and I spent 2 years with no salary in order to make it advance.

    Today we have 18 employees and revenues of more than $18mill usd per year!!!

    Hard work pays off just never get overconfident, love what you do, and work extremely hard to move on to the next step!!!

    My best wishes to all,

    VirtualGlobalPhone and CarlC like this.
  15. Jessica Danes

    Jessica Danes MVP Member

    My close friend and I first began in business by trying to open our own bakery. We thought being a graduate student meant we could stand our own two feet. We were completely wrong. Both of us had worked in different coffee shops and bakeries. We loved baking at home and trying new recipes for study group, but we did not have a complete grasp on the business side of things, yet. We found a place in a busy part of town not realizing it was nearly impossible for customers to find parking and actually get to our bakery. We also forgot to allow room for customers to sit and enjoy their baked goods in-store. With poor business and high rent, we didn't last a year. It broke us, but we learned even more from it than from the business classes we've taken since that year. It's the whole "When one door closes, another opens," concept.
    djbaxter likes this.

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