Ready, Willing and Able. Are You Ready to Become Your Own Boss

You have been dreaming about it for some time now. You talk about it with your friends and family, you are certain you have a great idea, and you may even have an elaborate business plan. Someday soon, you will be your own boss. Yet there always seems to be something that keeps you stuck as a “wantreprenuer”, and no closer to realizing your vision of becoming an entrepreneur.

What’s holding you back? Is it lack of confidence, fear of failure, a shortage of cash, or a combination of obstacles? All of these challenges, and more, are what keep some people on the sidelines while so many others charge ahead and launch their own business. Some of these challenges are perceived, and others are undeniably real. The question is, when and how do you know if you are prepared to become your own boss?

In my experience, it can be summarized by assessing if you are ready, willing and able. You have to be mentally and emotionally ready, you must be willing to sacrifice the time and effort required, and you must be able to afford the investment of time, money and energy.

By honestly assessing what is holding you back, you can begin to make real progress and get started on your journey to realizing your dreams.

Are you mentally and emotionally READY?

For most people, the fear of personal failure is often the biggest obstacle. Are you afraid of the embarrassment of personal failure – having to tell those you care about that you failed – or is it the fear of financial failure (i.e. you’ve taken a second mortgage on your house, borrowed against your 401(k) or used all of your savings)? There is a significant difference between these two types of fear. The former is mostly perceived and self-imposed, and the latter is a harsh realization of the potential impact of failure on your personal and family finances.

If your business idea requires you to risk everything you have financially, and failure would put you and your family in a precarious position, then it’s fair to say that you are likely not ready. You either need to adjust your business idea, or wait until you are in a more stable position financially.

How do you view failure? Is it something to be avoided at all costs, or something you can learn from? Once you have identified your financial exposure, the fear you must face and conquer is of the personal and perceived variety. You must overcome the fear of embarrassment. More debilitating than embarrassment, however, may be the lack of confidence in your ability to succeed. The story you tell yourself is probably one written for you by others who also remain permanently on the sidelines. The story you write for yourself is about having confidence in your abilities. Courage is not the absence of fear, but experiencing fear and moving forward anyway. Successful entrepreneurs harness that fear to fuel their intensity and desire.

To help you assess if you are ready, ask yourself these questions:

  • How do you view risk, and what type of risk (reputation or financial) are you really concerned with?
  • Do you have a solid plan to succeed, but are prepared to fail?
  • If the business fails, will that put you and your family in a dire financial position?
  • Are you ready to face and overcome your fears and get started?
  • Do you have confidence in your abilities (and of your partners and your team) to succeed?

Are you WILLING to put in the time and effort?

What are you willing to sacrifice for the sake of your business success? Are you willing to give up hobbies, free time, family time and hanging out with friends? Your success in business, as with many things in life, is directly proportionate to your discipline and sacrifice. Business success is typically a long-term journey, filled with setbacks, demanding consistency and dedication.

There are few “overnight successes” in the business world. It may seem that way, as we are constantly exposed to glamorized examples of huge and seemingly immediate success. Indeed, there are certainly plenty of instant success stories. The reality for most small business owners, however, is that it takes time to build a profitable venture. More often than not, a successful entrepreneur’s journey is marked by overcoming challenges along the way.

As a business owner, you will likely work harder than you have ever worked before. Once you cross over into the world of entrepreneurship, you assume the ultimate responsibility for everything. There will be times when the work to be done seems endless. To get through it all will require your maximum possible effort.

Here are some additional questions to help you assess your willingness to start your own business:

  • Are you willing to work harder than you ever have?
  • Are you willing to be challenged constantly and always be learning new things?
  • Do you have a passion for your business idea?
  • Are you ready to delay gratification, or are you searching for immediate results?
  • Are you desperately looking for a get-rich-quick scheme or are your willing to build your business over time?
  • Are you prepared for the impact on yourself and your family?

Are you ABLE to afford the investment of time, money and energy?

Starting and managing a business requires a significant investment of time, money and energy. As I mentioned above, you must be able to sacrifice the time you currently spend on other activities and interests. You will need to be prepared to dedicate most of your time to your business. While you can definitely start out small, there will likely also be a personal financial investment. Of course, to top it all off, you must be able to physically and emotionally handle the challenges and stresses of being your own boss.

Time is our most precious resource. Managing and allocating your time will be critical to your success. You may have to keep your current job while you build your business on the side. If you have a family, then you definitely have responsibilities you must continue to make time for. You must consider everything that requires your attention currently, and then honestly assess what you are willing and able to sacrifice. In my personal experience, starting a new business requires considerably more time than you might expect or plan for.

A lack of capital is perhaps the most common reason people site for not starting their own business. As you develop your business plan, and in particular your financial projections, it’s critical that you calculate the financial investment requirement as accurately as possible – and add an additional contingency amount. The most common reason small businesses fail is they run out of cash.

You must be ready to invest your own money, and also need to be ready and able to guarantee any amount you borrow. If you don’t have the financial wherewithal now, then perhaps scaling or delaying your plans may be the best approach. Adjusting your idea may mean starting out smaller than you initially envisioned, and then growing methodically through bootstrapping (reinvesting your profits). It may also mean keeping your day job until you can move into business ownership fulltime. It often also means adjusting your spending habits and reducing your debt.

It requires boundless energy to start and build a business. The initial excitement will provide you with a tremendous boost, but the long-haul business building journey will require significant energy and stamina. Your personal health will largely dictate your ability to persevere.

Assess your ability to build a business by asking yourself these questions:

  • Are your personal finances in order and are you credit worthy?
  • Do you have savings and assets to invest or pledge as collateral?
  • What’s your worst case financial scenario if the business fails?
  • How will you recover financially if your business fails?
  • Do you have the support of your family, and should you do it anyway if you don’t?
  • Do you have the energy and health to endure the long and arduous process of starting and growing a business?

An honest and mindful assessment is the key to determining if you are ready, willing and able to start your own business. If your timing is not quite right, then you can immediately start identifying and addressing those areas which are holding your back. Develop a plan of attack for addressing your shortcomings, and prepare yourself properly for your journey into entrepreneurship. Delaying your start does not mean that you are giving up on your dreams. It means that you are diligently working on the foundational components that will put you in the best position possible to realize your success. Starting and running a business is hard work, but the rewards can be tremendous. If you still think business ownership is for you, then start charging ahead today and begin your exciting entrepreneurial journey.

How Well Do You Treat Your Business Ideas

How Well Do You Treat Your Business IdeasDo you do give your business ideas a chance to flourish? Or do you easily surrender to negative influences?

Before discarding an idea, you need to remember that every business, every manufactured article, every thriving service began as an idea, as author Richard Bauman notes. So when you have an idea for doing something in a more efficient, economical, or quicker manner, and want to market it, don’t let others dishearten you. Before giving up, make sure you have conducted proper research which has convinced you that it is not going to work.

Your Sales Pitch

Every idea which entails changing standard practices, launching a brand new product or offering a new service requires funding; in other words, you will have to sell it to others. So you’d better be prepared for your sales pitch. This means doing your research meticulously. You need to predict questions and doubts and be ready to argue with facts, not viewpoints. So it is important to be adequately prepared to discuss not only what you intend to do, but also the reason why your idea is preferable to what is now available or standard practice. It also important to remember that the presentation of charts, pictures, statistics and working models can be convincing.

If your idea is rejected, you can present it elsewhere- it may take some time before you meet the people who will be receptive to it. Some of your ideas won’t be sensible and will justifiably be rejected. But others will be extraordinary and deserve to be tried out. At any rate, don’t be influenced by those who will easily dismiss it. There are many examples of people who faced the rejection of brilliant ideas, including inventors such as Thomas Edison, and writers such as J.K. Rowling.

Why Your Brilliant Idea is Turned Down

Your idea may be turned down not because the person to whom it is presented is not clever enough; they just may feel comfortable with the way things are and be afraid of change. So they prefer to be blind to the potential of your idea; they shield themselves from disruption, because it challenges their familiar world, the privileges and comfort already enjoyed in it. They fail to acknowledge that their world too can benefit from your brilliant idea.

As a woman entrepreneur, you may also face some additional reservations about your business ideas. So it is helpful to seek and leverage the power of a like-minded community having similar issues: Several women are still having trouble securing funding for their startups – including celebrities who have decided to begin a new venture. You may need to build this community from scratch – but it will be a rewarding endeavour.

The Hidden Costs: 5 Key Considerations When Starting a Business

So, you want to start a business and are wondering where to begin and what it will cost… most would advise that you start with putting together a business plan, and I don’t contest that… you should, but it’s essential that you’re aware that most business plans, including all the research and financials that they include, do not give you an overall picture of what your start-up costs will be. This article gives an overview of the ways to determine, realistically, what the costs involved in setting up a business will be.

A solid plan? Probably not! A well-formed, flexibly applied plan? Absolutely!

It’s true that the usual manner in which businesses start up, is through an opportunity being identified, determining the ways in which this opportunity can be milked for all it’s worth, (carefully explained in the business plan), and figuring out how much capital is required in order to build the business as outlined in the above-mentioned business plan.

Whilst this is ‘the usual’ and can often work, there is one flaw with this model… It is all developed on the premise that the business will work out right, and as planned, the first time! The reality, is that it is exceptionally rare that everything goes exactly to plan, and most often, even if it does, it’s not first time around.

Often, between the time that a business plan is written, and the time comes to implement, it’s hardly worth the paper it’s written on. Harsh, but true.

In order to more accurately, and relevantly determine your start-up costs, it is essential that you reflectively review assumptions held within the business plan, and be prepared to adapt toward a more flexible approach. Now by no means am I advocating that you don’t need a business plan… I think they are immensely helpful for allowing us to consider as many of the elements required in starting and growing a business as possible… but the plan is only as good as the action you take, and to get the greatest return on action, having plans that are relevant and based on the most current context is key.

Part of your plan should always be to revise the plan… You may have to change things repeatedly as you learn more, determine the impact of what you’ve learned in your business, and then add it to the plan accordingly.

Consider Scaling Down and Pilots

I know what it’s like… you have a fantastic business idea, you see the potential, you see how great it can be, and you want to put in all you can to make that vision a reality. While this is the only way to go for some business concepts which are pretty much, ‘Go Big, or Go Home,’ this isn’t always the case.

Where it’s possible, consider the option of scaling down, and testing the concept. This will allow for you to start up, while saving money, learning from the pilot and being able to action changes, and raise more funds based on proof of concept. This approach not only reduces start-up costs but provides valuable insight around the business, in real terms. It may not generate much profit, but it will offer a wealth of verified information that will help you to determine the next steps… If you decide to proceed with expansion, it is a great basis for second stage funding.

Consider Realistic Timelines and Pricing

Part of calculating your start-up costs will involve figuring out your initial cash flow. Without having actually operated the business this can be tricky. It’s also not uncommon to fall into the trap of under-pricing products and services in order to stand a better chance of competing, and to ‘tempt’ in more business. Be aware that you don’t necessarily need to do this. If you do, raising prices to the market standard could become difficult at a later stage, and you’ll have to do a lot more work in order to break even. My advice- recognise your worth, and price it accordingly.

Consider a Realistic Time-frame for Starting-up

Time is always potential money, and when you’re starting in business, this is true even more. If you’re going to have fixed costs like property leases, if improvements or modifications are required prior to opening this impacts on both time, and money (quite directly). These additional costs add to your start-up costs, but also add to the time before you can start earning. Don’t fall into the trap of under-estimating when you’ll be ready to trade, and build in a good time cushion before you ‘need’ to see funds coming in from business activities. Failure to do so could result in a significant amount of stress, and in some instances, can even result in a business shutting down before it’s even had the chance to take off, simply because there wasn’t enough time allowed to give it a chance to get going.

Consider the Cost of Money

Many entrepreneurs who have a great idea that they believe strongly in, will make the decision to finance the business themselves. At times, this can be at great personal cost, using the credit on credit cards or loans, and tapping into equity from homes etc. While for some smaller ventures the impact may be negligible, for larger ventures, self-financing should be considered exceptionally carefully before committing to this option. If funds are in abundance and potential delays, changes, etc. will have little impact and will be offset by the return, however long it may take… then go for it! If this is not the case, and any delays and progress are not going to plan will cause a great deal of personal and financial strain that could jeopardise business success anyway, then definitely consider other options.

To Conclude…

As you can tell, starting a business does not begin and end with a business plan, but goes beyond that to wider considerations. This article lists some of these.

10 Leadership Tips Startup Entrepreneurs Should Know

An entrepreneur does not run a business with his or her acute business acumen alone: it comes with leadership skills.

Here are 10 tips for startup entrepreneurs:

Be a good example. Startup leadership entrepreneurs must be able to lead his or her business by example. Coming to work early and leaving the workplace late could send a message to the employees that their employer works, too. His or her work ethic must encourage others to follow his or her lead.

Exude confidence and optimism. A startup deals with what can be called a “baptism of fire.” There are challenges that a startup hurdles as it goes through the crucial first year of operation. In these trying months, an entrepreneur must exhibit confidence and optimism to encourage his or her staff to also believe in the company and the product or service. It is bad marketing for the company if an employee is himself or herself a non-believer.

Be a doer. An entrepreneur does not only deal with paperwork and financing of the business; he or she is also ready to roll up his or her sleeves and ready to do the work.

People are your asset. A successful entrepreneur knows that his or her greatest assets are people. A successful entrepreneur surrounds himself or herself with good-quality employees and experts. He or she values the opinions of his or her employees. He or she treats them as family, not servants.

Be tech-savvy. Every entrepreneur these days must be tech-savvy: must be able to do business using mobile devices, network with peers through Facebook, LinkedIn, Twitter, Instagram, among other social media; must recognize that business must conform with the sweeping changes in technology and employees must be attuned to these changes; must understand that the use of some applications or software could lead to better efficiency and productivity at the workplace.

Education is key. A successful entrepreneur sees the values of education; he or she constantly sends his or her employees to trainings to keep them highly skilled.

A leader commands respect. A successful and good leader not only commands respect but also inspires people.

Communication is important. No successful entrepreneur shuts down the lines of communication to his or her staff. Through a healthy conversation, an entrepreneur understands what his or her employees’ needs are and what they believe would make the business succeed.

Share blessings. A successful entrepreneur knows that the key to longevity in the business is getting the community to support his or her business. As a token of appreciation, an entrepreneur always has the best interest of the community in mind. He or she sees the community as a partner in building the business. Some big companies take their social responsibility seriously. A startup enterprise must see this responsibility as important early on, too.

Take calculated risks. A successful entrepreneur knows how and when to take calculated risks. He or she makes an informed decision before taking on any risk.

A successful entrepreneur knows that leading a business requires the right blend of character, business acumen and motivation to make the business succeed.

A Simple And Unusual Way To Help Increase Your Stamina As An Entrepreneur

Don’t even think for a minute that choosing to embark on your entrepreneurial journey means you get to be lazy! It’s a misconception that most marketers are feeding unwary minds, which many people are finding quite appealing, especially those who want to be digital entrepreneurs earning an income online.

If someone has led you to think that becoming an entrepreneur means less work than being employed, they are totally lying to you!

Whether you are employed or self-employed, all good businesses require a certain amount of commitment, persistence and effort to grow into something healthy and profitable. The only difference between choosing the entrepreneurial business and working for a boss is that this baby you’re working hard to grow in a healthy and profitable way – is your baby!

But the business growth does require its own natural gestation period and while going through that process, many entrepreneurs really struggle to keep up.

It won’t be so hard to look around and find all kinds of entrepreneurs (regardless of the nature of the business), straining and having a hard time consistently keeping that perfect balance and high vibrancy.

Some might actually increase in profits and grow their businesses but lose their level of health or mess up their love life or family life in the process because of fatigue, overwhelm and stress etc.

Believe it or not, this isn’t normal and certainly not the only way to building a thriving business. It might be the way everyone around you did it; it might even be the way your trusted gurus and success experts did it but it still doesn’t mean it is the only or best way to establish your entrepreneurship.

Certainly in our entrepreneurial community we do as much as we can to encourage, support, educate and empower ourselves each and everyday so that the natural growth process of entrepreneurship doesn’t get to us, but I know for a fact that most digital entrepreneurs who don’t have access yet to a community like ours really struggle.

So if you do run a home based business or if you are an entrepreneur of some kind in whatever field and you don’t want to join our community yet, applying this surprisingly simple and little understood way for maintaining your stamina into your daily life will really help especially if you are a newbie struggling to keep up with the entrepreneurial world.

Pump up your intimacy instead of your stimulants

– Rather than following the masses advice and using coffee as your method for building your stamina, try increasing love in your life!

This might sound strange to you but it works like a charm!… Seriously!

Most people tend to cut off on intimacy with their partners when going through challenges or during the building of their business. Instead what do they do? pump up their caffeine! More coffee, more espresso shots, more cigarettes, more alcohol etc..

But I believe that being in love and pumping up your intimacy whether it’s as simple as regular cuddling, chatting, calling regularly, making love more or taking more romantic dinners (if you can) – is a far better way of maintaining your stamina and focus during tough times than drowning in toxic stimulants.

We are a society that is undergoing a chronic deficit of love and we see it as a once in a while thing instead of a way of life.

Love should be the glue that holds your life together and if you could just find more ways of increasing it in your life, you’d have an easier time maintaining your enthusiasm, energy, hopefulness and level of endurance even when times are tough.

There’s enough scientific proof today that shows the benefits of being in a state of bliss – and love certainly mothers the state of bliss. But if we really understand this truth, why then do we make bliss or love something secondary and only to be enjoyed as an occasional event rather than using it to help insulate us from destructive measures?

So rather than using the mass way of enduring the challenging times that naturally come in the initial stages of setting up a successful business, why not run with your bliss and pump up your stamina with an increase of love rather than caffeine? It will not only benefit you and strengthen your relationship with your partner but as well promote that perfect balance in your life where nothing gets compromised while you build your dreams…

Will you find most people encouraging this as a practical way of handling the challenges of entrepreneurship? Heck no!

Society makes being tough and ruthless more cool than being graceful and full of joy! Coffee rather than cuddling and hugs are the best way to deal with stress in our modern society and yet we wonder why bodies are breaking down so rapidly for the goal achievers!

… So you may not yet be among those entrepreneurs who are more consciously awakened and aligned with the laws of success, but since you’re reading this, why not give it a try – see where this kind of attitude around love might lead you?

 

Tips To Open A Successful Coffee House

Opening a coffee house has good business prospects. The population of coffee drinkers is very large and this is the reason the coffee industry is booming. If you want to combine your love for this beverage with your entrepreneurial spirit, you should consider opening a coffee house.

Starting a coffee house needs a lot of considerations. You have to think about your margins, meeting industry standards, set targets for yourself and your staff, apply for correct licenses, marketing, budget and think of new products. Here are a few tips which can help you in opening a successful coffee shop:

Create a Business Plan– Your business plan should be fresh, unique and exciting. This will be your first step and explains what exactly your business will be, how it will be profitable, what your customer base will be, competitor study, growth plan and strategies to achieve your goals.

Location– Selecting a good location for your coffee shop is very important. A centrally located place which is easily accessible to people should be preferred.

Interiors– You should take care about creating a good floor plan for your coffee house. The interiors should be appealing and attract people of all ages. Everything should be placed properly and there should be ample seating space for people to spend some quality time while enjoying their cup of coffee.

Staff– The employees play a very important role in the success and failure of every business. You should properly train your employees to be helpful and courteous. They should be knowledgeable enough to help customers make an informed decision.

Coffee Roaster– A good coffee roaster will roast the coffee to perfection and deliver it to customers on time. He should also be trained to answer questions by email, social media and phone, throughout the day.

Love what you do– As the owner of the coffee house, you should love your work. When the owner is passionate about his job, the employees feel motivated and enthusiastic. This makes the whole experience enjoyable not only for you, but also for the customers and employees.

Marketing– Don’t want for the opening day to start your marketing efforts. The marketing should start months before you open. Some of the affordable marketing options include, offering free coffee samples at a few local events, making use of social media for promotion, giving advertisements in the local newspapers highlighting the unique things about your coffee house and sending discount coupons to local residents.

Price– Pricing can be a complicated issue. You should do a competitor study to know at what prices your competitors are selling different types of coffee.

You should be well aware of your business goals before you start the coffee house.

 

4 Startup Tips For New Entrepreneurs

4 Startup Tips For New EntrepreneursThere is a little more structure to being an entrepreneur as well, and it’s not all ‘flying loose and free… ‘ The name of the game is having a goal, seeing the big picture, developing a plan, learning and re-assessing constantly, being adaptable, and following through.

This article offers up a few tips and some practical help to guide you on the start of your enterprise.

1. If you’ve got a job, don’t quit straight away!

This is something which I did myself, and it really was the best thing to get me started. It allowed for me to start up allocating the time and finances I could afford to invest in the new venture, while maintaining a level of stability. It bought me the time to be able to make a few mistakes, learn the ropes, and become confident enough with the direction that things were moving in, to be comfortable with giving up the day job without going into a state of panic.

It can generally take around six months to a year, (if not more), to get a business going, and where it’s possible to develop this while benefiting from the regular income of a nine-to-five… I’d recommend you do just that!

2. Discover your ‘Thing!’

‘Sameness’ will get you nowhere… in a time where prospects have an incredible range of choice, and can look for the best deals available almost instantly, you really need to set yourself apart to get ahead. Consider how it might be possible to specialize… Find out what people need, and offer it in a way that others, (especially larger companies, who are more likely to be able to beat you on price), can’t or don’t!

3. Increase your Visibility

Consider all the ways in which you can create brand awareness and brand recognition. Aside from promoting yourself and your business in person, and locally, (offline), it is essential that you develop an online profile. It doesn’t matter if you don’t trade online, the internet is still a valuable tool allowing for you to extend your reach dramatically and rapidly. Draw up a list of every avenue you can use to promote yourself, and then devise a plan to utilise as many as possible of these. Remember to capitalise on free advertising avenues too.

4. Adapt & Stick with It!

In order to succeed you need to be creative, maintain a level of energy and stay motivated even when you hit obstacles and delays. Reflect on all that does not go to plan, learn, regroup, adapt, and persevere. Remember that a majority of the most successful people in business didn’t become overnight successes… it took time, effort and determination. With this mind-set, you’re in good stead for success!

Article Source: http://EzineArticles.com/9413667

Business Success – Getting Back To The Basics

In business it’s easy to become demotivated by making your business too complex. To succeed it’s important you find a way to keep the overview, get back to basics and understand exactly what the important elements are in your business that you want to be focusing on.

Get Access To Outside Information

You’ve got to keep yourself motivated by listening to outside information. This is a must. It helps you to broaden your perspective and puts what you are doing into a wider context.

If it’s about building your business, learn from those who are successful, and who have built successful businesses. Decide what success means for you, and focus on that whilst taking on board what others say. Investing a small amount of money in order to get the information needed that’s going to widen your view will pay you in the long run.

Want To Do Something Different

You also need to want to do something different from what you’re currently doing. If you are in business, and you want to expand your income by doing the same as what you’re currently doing, chances are that income is going to stay the same.

Unless you have a strong desire to move beyond what’s comfortable and familiar to you, things probably won’t change much on the income and profit front.

You have to make business a priority in your life. That means that you have to study it, get to understand it inside out, and keep going until creating a thriving business becomes second nature to you. This may well involve you, again, doing things that you wouldn’t normally do:

  1. Listening to audios on business development or watching videos
  2. Going to training seminars
  3. Getting some coaching, mentoring or business advice
  4. Learning new material
  5. Trialing and testing things that may or may not work out

It is all part of the business journey, and you have to be OK with all of this.

Be Prepared To Take Calculated Risks

In order to be successful in business, you have to be willing to take risks. Your business will get to a stage where either you need to invest more into it to get the resources you need to expand. This could be:

· Time

· Money

· Effort

· Energy

Not wanting to make those investments may mean you are stifling the development of your business.

You may well find that you are faced with cashflow issues for instance, where there’s no physical money available in the business to pay the bills that are coming in. You may need to make a decision in that moment that you need a quick loan. But the risks you take need to be calculated.

Are you guaranteed the level of income you need in the next six months, year or five years to cover the loan repayments? If not, is it wise to take out the loan? If you can’t see any funds coming in on the horizon to cover the bills that are facing you, you have to take a cold hard look at your entity and ask yourself whether you have a business or a hobby.

Ask Your People

You have to go out and physically ask people to buy what you have to sell. You have to ask people whether they even want what you’re selling. If they don’t, and you’re passionate about the thing you’re trying to sell, you have to sell to them exactly what they’re going to get out of investing in your product or service.

If they are still not interested, maybe what you have is, again, an expensive hobby. You need to make that decision. Maybe you need to keep the hobby and find something else you’re passionate about to sell.

If you have nothing else right now, partner with someone who has. If what you have to sell is not quite what people want then tweak what you have (asking people as you go along) until it matches what they want

 

The Entrepreneurial Benefits of Failure

The word “failure” has many negative connotations. As an entrepreneur, you have to get used to the word and to the idea that sometimes an idea simply doesn’t work. But this does not mean that a goal is not worth chasing, only that there must be another way of achieving it.

It is important that entrepreneurs learn to see the benefits of failure and learn to identify the lessons that can be learnt from it.

Further, it is important that we learn to be resilient: it is easy to be disheartened by a defeat and to become convinced that the idea is not worth pursuing. But no experience should be disregarded, no matter how unsuccessful the outcome.

Failure, in one form or another, is inevitable for everyone, but particularly entrepreneurs. The first thing to do when facing disappointment is to take account of the facts – don’t ignore what’s happened or try to put a too-positive spin on it. Be honest about what’s gone wrong so that you can you accurately identify the lessons and take action.

For entrepreneurs, not knowing whether or not something would have worked can be worse than failure. Thomas Edison is claimed to have said of inventing the lightbulb,
“I have not failed. I’ve just found 10,000 ways that won’t work.”

Whether or not Edison actually said this doesn’t really matter. The point is that someone did and they were right: when an attempt fails, we do not have the result we were looking for but we do have a result. We know how not to achieve something and that is in itself a lesson.

Failure has its benefits

For one, in crisis we find clarity.

When something is going wrong we are often at our most clear-headed and decisive. We are able to think critically and thereby better isolate problems and find solutions.

Furthermore, crisis tends to have the result of polarising employees. When things are going wrong, the strongest members of the team will be the ones helping in whatever way they can and coming up with innovative solutions. Those that are ambivalent, defeatist (not to be confused with realistic), or simply unwilling to help, may not be employees for long.

Defeat is an opportunity to be creative. Now you know what doesn’t work, you can approach it from a different angle. Most entrepreneurs are creative and resourceful thinkers who thrive on challenge and risk, and are always keen to learn.

Not only does failure tell us what not to do but it gives us an opportunity to start fresh, imagine new ways of tackling a problem, and acquire new knowledge.

Finding success in defeat

Although failure is not ideal it should not be seen as a black mark. Instead, consider defeat as an experience. Experience is what makes us capable in life, hireable on a CV, useful in a crisis. We need experience in order to succeed; thus we need failure in order to succeed.

Indeed, we could argue that an entrepreneur that has failed more has simply taken more risks. Indeed, Elon Musk said, “Failure is an option here. If things are not failing, you are not innovating enough.”

We can see failed attempts as simply part of the process of iteration. In attempting to achieve a goal, we must assume that we will at some point fail. But failure is just part of the process. This is particularly true for serial entrepreneurs who, I would go so far as to say, would not be serial entrepreneurs were success always guaranteed.

Because failure can be so devastating, we often attribute that which is beyond our control to some individual flaw. The tendency is to take it personally.

Rather than being disheartened and discouraged, consider these questions:

• What were we trying to achieve?
• How much preparation was done? Was this enough?
• What was the approach?
• What were the problems with the approach?
• Of those problems, which are in my power to change, and will doing so change the outcome?

The answers to these questions will help you to construct your next, more successful approach.

In conclusion

Failure is only truly failure if we do not learn from the experience or if we choose to give up before extinguishing all other options.

As entrepreneurs, we cannot succeed without taking risks and some of those risks will inevitably be unsuccessful – this is an integral aspect of entrepreneurship and as necessary a part of it as success.

Make Money And Quit Your Career Here Are Two Success Stories

Over the last 20 years, there have been many people who have managed to quit their day job and enjoy true financial freedom. There have been many success stories, and with these successful stories, there have been many failures. Most of the top earners in the home business industry struggled for some years. Luckily for you, if you learn from their mistakes, you can make your journey to financial freedom even quicker.

Below is a closer look at two people who make money and have quit their careers. They come from different backgrounds and come from different continents. But the thing to take away is anyone from anywhere can achieve success. If you take the time to find the right business opportunity, you to can quit your job, join the new wealth club, and live in the home of your dreams.

George Zalucki

He is by far one of the most recognized top earners in the home business industry. He is a UK senior vice president who started in the network marketing industry over 23 years ago. He also was a psychology professor and a business college dean before he got started. After his success, he created a program called the” Principles of Human Achievement”, which motivates people for financial greatness.

Art Napolitano

This is another incredible success story. He was a member of a rock band until he was 31 years old. He seemed like the type of person who typically wouldn’t be a part of the home business industry. He eventually abandoned his rock band to pursue a better alternative to earning income and being able to provide for his family. Network marketing sounded like a great opportunity, so he dived right into it. Just like Zalucki, he has built a team of European representatives which helped him reach the “Circle Of Champions”.

Between him and Zalucki, the built a team of nearly 50,000 representatives.

Your Own Success Story – Is It Possible?

It is possible for anyone to make money and quit their careers. But in order to be able to quit your job and live in the area of your dreams, you must be involved with the right business opportunity. In addition, you must seek help from the experts who have been in your shoes before.

Luckily for you, there are organizations of experts who offer free reports to anyone who wants to make money and quit their careers..