“Failure is the opportunity to begin again more intelligently” – Henry Ford
Whether this quote worked well for Henry Ford or not, he is still on point. It is, in fact, true in so many ways. I’m just a budding entrepreneur but I have seen quite a number of failed businesses. It may not be a complete business failure but some failures in some part of their businesses. I haven’t heard nor seen any businesses that skyrocketed without failing. I haven’t heard nor seen any perfect businesses. Perfect, in a sense that the business owners didn’t encounter any failures or problems in setting it up. Have you? If so, you can share it in the comments box below.
I have failed in so many ways in being an entrepreneur. From the first attempt into business, into second and even at some point when we are setting up our now new business, well they say that third time’s a charm 🙂
As the saying goes, which I also mentioned in my previous blog post, “Try and try until you succeed” not “Try and try until you die”.
Failed in choosing the right business? You can always give another type of business a try.
Failed to get the perfect supplier? You can always scout and find a better supplier.
Failed to get the right materials? You can always source for other resources.
Failed to meet the target sales? You can always use a different approach to marketing that could increase your sales.
It’s okay to FAIL as long as we keep on trying. Every time we fail and we try, we become wiser. We’ll definitely learn how our business failed the first time. What are the wrong things we have done? How should we have done things? When was the right time that we could have done things? Failing gives us opportunities to learn things and start all over again bearing the lessons we have learned.
What if I fail the first, second and third try? It could be because of the following two reasons.
1. NOT YET READY
Sometimes no matter how hard we try we still keep on failing. Some people tried once after failing and they right away become successful. Some people will only become successful after failing and trying 2 or 3 times or more. Being an entrepreneur and opening a business requires a very proper and thorough planning and readiness. Starting up a business is not easy as counting 1, 2, 3. We have to be ready for everything first before we launch our business. We have to be ready; financially, emotionally and mentally. Why would we want to launch a business if we are not yet ready to commit our 24/7 time to it? Why would we want to invest our money into something if we don’t have enough capital in the first place? Are you ready to face and tackle every problem and issue you will face in your business operations? If you think you can tick off your entire business readiness checklist, congratulations, you can go ahead and launch your business. If not, give yourself some time to prepare and be ready for what’s in store for you in being an entrepreneur. If you already failed once, twice or thrice, you can always try again.
When I started my cake business, I was doing it out of passion and love. I know I am not ready yet to really have an operating bakery. I know I’m not yet ready to commit another 8 hours or so because I still have a 9-6 job. I know that I am not yet ready to open a shop yet because I don’t have enough savings and capital yet. I know I’m not yet confident to face any issue I might encounter in this business. I know I am not ready yet but still, I pushed myself too much and it caused me big time and first-time business failure.
2. NOT YET TIME
You have may have ticked off all your items in your business readiness checklist but the market is really down, maybe it’s not yet time to operate. We as business owners should take big consideration of time and season when launching our business. Would you launch your business in the middle of a big recession?
When I quit my banking job and move to a new company I was in huge stress, I received a lot of orders for customized cakes and I got no choice but to refuse these orders because the timing is not right. I know that when I moved to a new company, I still have to get used to my work and time so I can learn how to manage my time in baking cakes. This cost me a lot of customers. Many of them are first-timers and they were disappointed at the first time doing business with me because I have to refuse them.
As you noticed, I said “NOT YET” because definitely later you will manage to break through. These failures are “NOT YET” but definitely in a matter of time will become “FINALLY”. Doesn’t mean we failed it means we’re doomed. It’s just another way of universe telling us “Try again, but this time be wiser”. I can say that I am happy I failed twice, if not I wouldn’t be able to come and do our new business. Not only our business but as well as my personal view of failures.
Lots of love,