What entrepreneurs don't like to talk about but should - Oba Ilobaa
I honestly think there should be many books dedicated to it, with the big names used in illustrations. It is only fair that a truer picture is painted and for every colourful business success story there should be a balancing black and white version for the failures.
It serves no one any good purpose to tell only the Forbes-worthy start-up stories and merely glance over its more than likely counterpart; “ F A I L U R E ”
Failure can be painful, lonely, depressing and sometimes downright shameful –depending on the size of your ego.
Riddle me this?
How many books have you read that is dedicated to business failures and the lessons behind the failures? I’m an avid reader of HBR materials and I can tell you for free nobody really wants to talk about personal failures but, we all fail at something at some point and that’s a fact!
I failed last year and, failed so bigly that I almost lost sight of all the beautiful wins I have in my pouch, I lost cool cash, closed one business, doubted myself but, I have also done way better with my life since that time and here are 5 key lessons I picked up as I picked myself up.
- It’s okay if you fail
Just don’t remain on the ground whining or jump right up and into yet another venture to prove yourself. For every single Mark Zuckerberg or Elon Musk you see there are thousands and I mean literal thousands who didn’t and WILL NEVER make it to a brighter day.
Look here; http://www.businessinsider.com/biggest-product-flops-in-history-2016-12?IR=T/#1957-ford-edsel-1
- Keep your dreams close and, your current reality closer
I’ll let Henry Ford explain “You can’t build a reputation on what you plan to do”. Its Human nature to over-estimate our own capabilities, be real to yourself and while dreaming of buying that really nice pent-house on St. George’s Wharf Tower in London, be realistic enough to figure payment for your current house rent. Be brutally honest to yourself and if truly the failure has convinced you that indeed business is not for you? Don’t be dismayed for GTBank is hiring.
- Know when to cut your losses
This is the Silver medal of entrepreneurship, no point flogging a dead horse. Once a business is going moribund pull the plugs and don’t throw more money in. Sell off anything from the failing enterprise that can put some money back in your pockets. Speak with your landlord and quickly sub-lease your remaining rental period, sell off expensive equipment while they are still functional.
- Take a break
Take stock of your losses then, take a break to enable you refresh your mind and self-confidence. Take a walk along the beach, watch the birds fly across the ocean in search of food or shelter and take time to ponder on the overall insignificance of human activities and our time here on earth. The Earth is about 4.5billion years old, how old are you?
PS: Write a great deal during this break, maybe write some poems about life and your reflections.
- Start again, this time more intelligently
Bid your time and make that failure count, I mean you have learnt lessons haven’t you? This is not the time to drop out, you have paid tuition and attended classes –you might as well make it to graduation.
See you at work!