As the economy slides downhill and the unemployment rate continues to climb, businesses fail. It is important not to lose sight of the fact that businesses failed before the economic downturn. The facts are unmistakable, the failure rate for new businesses even during good times, is high.
With every failed business, comes a feeling of failure for the business owner. How is it possible to face those within the community, and hold your head high? How do the debts get paid? The feeling of failure can become overwhelming.
Athletes strive to win, they push themselves training long hours. During the Olympics, many hopefuls will go home without a coveted medal. Those with the heart of a winner will return, to fight again and strive for success. While it may take some time to recover from the initial feelings of failure, it is the drive to overcome and succeed that will carry them forward.
That same drive to overcome and succeed lives on in many entrepreneurs. While failure may set them back, the drive to succeed will again send them forth in an effort to conquer and overcome failure.
While it may take time to recover, financially and emotionally, recovery is possible.
St. Louis Source Link offers information for free through the Biz Library. Within that library is a document titled, Don’t Fear Failure, by Robert Kiyosaki., (content provided by Entrepreneur.com). Mr. Kiyosaki is author of the Rich Dad series of books. In his article, Don’t Fear Failure, Kiyosaki explains that many successful people have suffered failure. He recommends learning from those failures and turning them into success stories.
While failure may be difficult to swallow, it can be a learning experience. A point made by Mr. Kiyosake, study your mistakes. Accepting the reasons for the business failure, will go a long way to preparing for future success.
When a business fails, it is important to separate the actual business from the people involved. While a business may fail, the individuals can still succeed. Learning from the past and applying what has been learned to the future, will make success more attainable.
Those who are brave enough to step out into the world of entrepreneurship will make mistakes. They may make several mistakes. However, making mistakes doesn’t equal failure. It is from those mistakes that a business owner can grow and mature, moving toward real success.
There is a bright side to the downturn of the economy.
According to Joe Crawford (St. Louis Post Dispatch) in his article titled As Layoffs Grow, so do Start Up Businesses, a slumping economy may be the right environment for a new business. This article can be found on the St. Louis County Economic Council website.
While failure is a part of life, those who are brave enough to tackle owning their own business, should be wise enough to use failure as a learning tool. Grow from it, mature from it, and become successful. There is no shame in failure, if the lesson is learned and put into practice.
Become a winner.
When the sting has worn off, and the hopeful Olympian begins to dream again, they will strive to learn from their mistakes. As the loss of a business becomes less of an emotional burden, the hopeful entrepreneur will again seek success. It is that drive and desire to overcome that replaces failure with determination. Both the athlete and the entrepreneur share a very special bond.