Saturday, February 18, 2012

It's Shocking But True - Failure Can Be Good for Business - 7 Reasons Why

"Failure" - one of the most dreaded words in the English language, is for most not an option. Simply mentioning it as an option may sound foolish; even insane to a seasoned entrepreneur. Especially when it comes to business. Because - really - who wants to fail?

And when it comes to business failure, even simple ones, it's enough to stop many a biz owner cold. No re-thinking; no desire to regroup. Instead scrapping the questionable idea, product or service. Worried even a fully reorganized scenario might cause added financial problems, loss of clients and stature. That others may perceive them as poor decision makers, taking inappropriate risks. Someone to be avoided.

That said, it's important to come to terms with failure.

It's always an integral part of life. Something which cannot be avoided. Whether you're investing time or money in a product or service, deciding on a new car, additional education, hiring a new employee, the decision you make always has risk attached to it.

Unfortunately the psychology behind failed risk is such most will avoid it at all costs. There's no doubt it's hard to reorganize, go forward optimistically. Make the most of the resulting negativity. What can hamper you moving forward could also be your alternate bouts of anger and misery over the outcome. The ruminating over your decision making capabilities or lack thereof.

It's important to understand each failure brings with it invaluable lessons which can help an entrepreneur become more effective; to better achieve their goals. It's no secret the most successful entrepreneurs embrace it. Think about the huge risks entrepreneurs like Jobs, Gates, Buffet, film makers Spielberg and Lucas have taken. They've frequently failed miserably. Yet gathered themselves up and started again. Eventually thriving and prospering.

Further, if you've clearly thought out the risks, and understand the payoffs of those risks you're about to take - like they did - you have a greater chance of overcoming them. Rewarded once the goals you've planned for arrive.

How can failure be good for a business?

1. When it stops you from heading in a direction likely to bring financial loss.
2. Provides ideas you can tweak to better reach your goals.
3. Brings new investors and joint venture opportunities.
4. Presents visions for expansion, sales increases, new products or services.
5. Introduces viable models for revamping your business; bringing greater profits.
6. Shows you how to re-evaluate and move beyond a current problem.
7. Points you in the direction of the help or expertise you need.

Bear in mind what entrepreneur and author Ralph Heath says in his book "Celebrating Failure: The Power of Taking Risks, Making Mistakes and Thinking Big" - "Take action, move forward with your thoughts and ideas to accomplish something, instead of waiting for something - or nothing - to happen".

And remember, every failure brings with it seeds for success. But only if you first consider what happened, why it may have happened and what resulted. Only then will the failure provide you with practical, tangible business ideas. Along with methods for effectively dealing with the setback. And while failure can be ugly, never discount your own experience, and ability, to take up the gauntlet and advance once again.

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