Turning Failure into Success

Turning Failure into Success

Turning Failure into Success

TURNING FAILURE INTO SUCCESS An important characteristic all small business owners should possess is tolerance for failure. Failure is negative only when you take it for what it is, a failure. But if you learn from one failed project or venture in order to create a new and improved project the next time around, failure can be the best thing that ever happens to you. While it might sound crazy, operating a small business successfully is a learning process and part of that process is failing from time to time.The wise business owner will learn from this failure rather than simply be frustrated by it or throw in the towel. Wayne Root, author of the book The Joy of Failure, claims he failed his way to the top. "Every time I fail, I know I'm that much closer to the success I want. Don't kid yourselfif you want to win big in business, you will lose big along the way," says Root. Root emphasizes that failure can lead to great things. Steve Jobs, Sly Stallone and Bill Clinton have all suffered big failures, although they definitely aren't described as failures today. Furthermore, in entrepreneurial hotbeds like Silicon Valley or Boston, failing at times is viewed as inevitable. At StrongBusinessCredit, we tell our clients every day that a positive attitude is essential if you plan to start or engage in operating a small business. "A lot of people identify with the results they produce, and think if their small business is failing, they're failing," says Nicholas Hall, founder of startupfailures.com. "The only true failure is never trying," he says. "Having that attitude makes it easier to bounce back."

AVOIDING ENTREPRENEURIAL SEIZURE Entrepreneurial seizure, as defined by E-Myth Worldwide Hasan Luongo, is a phrase that describes the belief that because an employee understands the technical work of a small business, he or she is qualified to run a small business that does that particular kind of work. For example, a plumber who has been working for someone else for 20 years who decides that he wants to go into business for himself. Like anyone who runs a small business quickly finds out, there is a lot more to be done than the technical job. In this case, he has a lot more to worry about than just plumbing. Previous experience in the field can be a great attribute. Do not rely solely on what you already know to influence your decision for starting a business. Not only do you stand to lose your job if you quitthinking you can run things better your waybut it may also lead to a significant loss of money down the line. Part of small business expansion is expanding business knowledge.The entrepreneurial willingness to learn and adapt will play an important role in the decision of opening up a business. Businesses don't just materialize out of nowherethey are formed by individuals with the knowledge, tools and motivation to persevere. Someone with no experience as a plumber but a lot of experience running a small business can start a successful plumbing business; however, someone with a lot of experience as a plumber and no experience as a business owner cannot necessarily start a small business on his own. Preparations required before starting your small business or considering business expansion include things like research, legal advice, paperwork, developing a solid business plan, securing your financing and, none the least, asking yourself if you are ready for the challenge. Don't think about being a plumber, think about owning a business. It's easy to get lost in the complexity of owning a business, but with hard work, persistence and patience, you can apply your skills to the everyday needs. Your experience in the field should be used to enhance your small business, not to work in it.

Sincerely,

Ilya BodnerSmall Business Owner

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