How to start from scratch when your business fails
Virgin boss Richard Branson recently wrote on his blog: “Making mistakes and experiencing setbacks is part of the DNA of every successful entrepreneur, and I am no exception.”
Despite this, failure is considered something to be ashamed of, especially in Britain. Those who are self-employed, business owners or would-be entrepreneurs need to understand that failure is important, helpful and a catalyst for succes.
Starting a business is no picnic and many entrepreneurs have to overcome serious setbacks in their journey. Tim Sawyer, chief executive of the Start Up Loans Company, has pulled together his tips for starting a business during tough times, as reported by Daily Mail.
1. Be tenacious and perseverent in all circumstances
The majority of start-up business owners come from unexpected backgrounds. Those businesses are run not necessarily by those who own an MBA from a top business schools, but rather by the one who are brave enough to pursue their dreams and take a leap of faith.
If you want to start a business, you should write out your goals for the 12 months. Constant reviews of the list are necessary, as well as keping those goals written on the phone or on the fridge. You also need to remind yourself why you started this journey. If another business owner inspired you, keep him in the back of your mind. Sharing your goals with those you love can also be efficient, cause they will be your best business advisers without making you forget where you’ve started from.
2. When a door closes, another door opens
An obstacle in your jorney doesn’t signal an ending. Instead, it allows for a change of direction and the possibility to try out something else.
Remember the times when you had a “dream job” in highschool? Think about whether you should give that job a go now. You can also spend some time to write a brief business plan. If you feel inspired after this, you should devote yourself to building a solid business plan instead of polishing your old CV and applying for similar roles.
3. If it doesn’t work, don’t give up, just rethink your strategy
Many start-up owners think that their business will find success instantly. They get stuck on the idea that they must follow their original business plan, which often leads to failure due to the lack of adaptability.
You need to write a detailed business plan and constantly revisit it and improve it. You can’t predict the expansion of your business, so prepare yourself to rethink the original plan. A mentor could help you with this. Regular meetings with the mentor are recommended, as well as speaking with them over the phone or emailing them to ask for their advice.