Excerpt from Entrepreneur Magazine
Business Fell Flat? No Use Whining About It. Here's How You Can Bounce Back.
by Nicole L. Torres
Some of the most successful businesses in the world only came to be after a few serious failures. From prototypes that don't work to a service that doesn't sell in your local area, a first business can quickly turn into a first failure. But can you as an entrepreneur come back into the fray and start again--successfully?
Absolutely, says Raymond T. Yeh, co-author with Stephanie H. Yeh of The Art of Business: In the Footsteps of Giants. In the book, the authors cite the histories of such companies as AOL and Intel, noting how many times failure entered the picture and how the entrepreneurs battled back. "Business failure is part of the process," says Raymond. The brightest minds allow themselves to make mistakes, learn from them, dust themselves off, and start again.
After surviving a business failure, the first thing to do is step back and take stock. "Make a list of what you did right and what you did wrong," says Raymond. "If you see the whole picture, and you're small in it, that gives you a good perspective." No matter how busy you may be, definitely set aside some time for reflection. Ask yourself objective questions, and be honest with your answers.
If your business has failed and you want to start anew, Stephanie H. Yeh, co-author with Raymond T. Yeh of The Art of Business: In the Footsteps of Giants, suggests asking these questions about your first business venture:
Did I put the customer at the center of my universe?
Says Yeh, "Entrepreneurs can get fascinated with whatever hot idea [they have], and they don't see the customer."
Was I passionate about this business?
Why did I want to do this? Was it just for money?
Did I target a niche?
In a competitive space, did I make my company offering different? Was I better, cheaper, faster than the competition?
Honestly examining these issues can help you prepare for a new business