Starting and running a business is a lot of work. There are a lot of times when you need to try different things, some work and others don’t. When you’re putting so much time, effort and money into a business, failing to make a profit or lack of growth can be heartbreaking.
BUT, allowing this to influence the way you work is even more detrimental. Don’t let failure run your business. Here’s why:
First of all, your wellbeing and business outlook takes a hit. If you keep focussing on the failures, working on your business passionately becomes even harder. Often as entrepreneurs, you have to do multiple tasks all by yourself so being motivated is really important. Focussing on failure reduce could reduce this motivation and mean that you don’t get the work ahead of you done. Instead, it’s better to learn and move on to remain productive.
Secondly, you will stop taking risks. If you expect failure, your willingness to try different approaches and take risks will be lower. Experimenting with different tools and strategies is essential to understand what works best for your company. Not just that, taking risks and thinking beyond your status quo is important for growth. Continue trial and error rather than focussing on failure.
Thirdly, failure can be a blessing in disguise. It lets you know if something isn’t working and will help in understanding how to run your business in the long run. Making mistakes earlier rather than later means that you’re making appropriate changes as you go. Make sure that you make the changes that need to be made, otherwise the learning curve is pointless.
Focusing on failure allows for a readily available excuse for any issues that might be going on. Instead, reframing that mindset to increase motivation and focus will be much more beneficial.