Statistics on business failure are a matter of heated debate. Back in 2014, a study in The Washington Post rubbished the oft-repeated claim that “nine out of ten businesses fail,” saying that it had “no statistical basis.” Even so, a more accurate figure from The Small Business Administration still points to only around half of businesses lasting beyond five years.
As such, there’s still a 50/50 chance that your first startup will fail. If this has happened to you, it’s unlikely to have been a pleasant experience. But does that mean that every bit of the time, money and effort was wasted? Absolutely not. In fact, the value of failing has been discussed on this site before.
As Henry Ford said, “The only real mistake is the one from which we learn nothing.” One thing you can be sure of is that in the wake of a failed start-up, you’ll have a heap of lessons to learn from. Every one of them represents an opportunity to do things better or differently next time and increase the chance of your next business being the one that truly goes the distance.
Here are three big reasons why the failure of your first start-up could prove to have been a blessing:
1. You know which tasks not to expend time and money on
It’s pretty much impossible to get a business off the ground without making some mistakes, especially when it comes to putting time and effort into ideas and activities that don’t move the company forward.
However, it’s easy to forget and write off, for example, a futile Google Ads campaign or a pointless dalliance with Instagram if the business goes on to be a success. However, if the company fails, then these drains on time and money suddenly come into far sharper focus.
This being the case, the chances are you’ll have quite a sizeable “never again” list, even if it’s only stored in your memory. Everything on that list is an opportunity not to make the same mistake again whether it’s a web developer you’ll not be using again or acquired knowledge on which advertising strategies do and don’t work. You have a body of knowledge that’s going to ensure your next venture is leaner, meaner and more focussed.
“You have to work on the business first before it works for you.” – Idowu Koyenikan
2. You know what did go right
Of course (hopefully) you got some stuff right too? This knowledge is equally valuable. One way of looking at it is that your next start-up business can operate like a carefully edited and curated version of the first one.
All the ideas, working practices and promotional avenues that delivered results the first time around are things you can potentially recreate (albeit obviously only where the business similarities are relevant!) What’s more, because you’ve done these things before, they should take you less time the second time around.
There may even be documents, contracts, databases and various other things you can repurpose for your next company. This can result in big savings in both time and money. Just because the business failed doesn’t mean there aren’t considerable resources you still have to show for your initial efforts.
The same applies to the contacts you made and the suppliers and companies you used. That network is still there, and once again it’s now a “curated” network – you know exactly who to work with again, and who to swerve.
3. You’ve learned a valuable lesson in resilience
Gever Tulley is an American writer, TED talk host, and founder of San Francisco’s Brightworks school. He says that “Persistence and resilience only come from having been given the chance to work through difficult problems.”
This is very relevant in start-up businesses. Entrepreneurs who find huge success with their first business actually miss out on a valuable and crucial part of the learning curve, and this can come back to haunt them when there’s an unexpected bump in the road further down the line.
Yes, watching a much-loved business fail can be upsetting and demotivating, but coming out the other side still willing to have another go is undoubtedly a bold and determined move to make. It’s almost inevitable that the process will change you, and will certainly change the way you do things.
“I can accept failure, everyone fails at something. But I can’t accept not trying.” – Michael Jordan
But it’s no bad thing to be more sceptical as to the claims companies make when they sell you something, tougher when it comes to price negotiation, or more cynical about the benefits of jumping onto the latest online bandwagon.
The last quote which I shall use to tie this up is from an unknown source, and it says that “the only person you should try to be better than is who you were yesterday.” If you can stick to that rule and use the failure of a business venture to bounce back with humility and determination, it should set you up well for your next attempt.
All the work that went into that “failed” business still has a huge amount of value. So move forward, concentrate on one thing at a time, and you should stand a good chance of success the second time around.
What failed venture are you grateful for in your life? Let us know in the comments below!
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While starting your own business is an exhilarating experience, many start-up founders struggle with successful marketing more than any other area of business. So if you’re thinking about starting a business, here are some of the key things you need to know about marketing before you take the plunge. (more…)
Lessons I Have Learned About Scaling a Business as a Startup Founder
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5 Hacks to Improve Your Writing Skills in English for ESL Learners
Studying in college is hard for everyone, but ESL learners arguably suffer the most. Moving to a foreign country, learning a new language, and keeping pace with the rest of the class may seem like an unbearable burden. It’s okay to feel overwhelmed, but you have to pull through and not give up.
In moments like this, it’s always a good idea to seek help. Whether you go to WriteMyPaper to order an essay or just talk to a friend, admitting vulnerability is an important step towards improvement. In this article, you will find some tips on how to get better at essay writing, even if English is not your native language.
Control Your Environment
Improving your language skills is all about constant practice. Living in an English-speaking community is the first thing you should do to start your practice. It might be tempting to surround yourself with people who already speak a familiar language. However, this way, you won’t be practicing English on a daily basis.
You need to make those lessons almost intuitive in a way that you don’t have to do anything to learn the language. If you live in an English-speaking community, for example, if your roommate speaks English, you will have to practice the language, whether you want it or not.
Still, make sure you don’t take it too far. Taking care of yourself is still as important as ever. Feeling like an alien for the sake of education is not worth it. Remember to keep in touch with your friends and family, talk to them as often as necessary.
Practicing language is not just about doing your homework. You can make practicing English a normal part of your daily routine by watching TV, listening to music, and reading books in this language.
Yet, this is a bit tricky. When being surrounded by white noise, people tend to learn not to notice it. You need to ensure this doesn’t happen. As you watch movies or read books, maintain your attention on what you’re doing. If you hear or see a word that you don’t understand – translate it and write it down. Be mindful and remember what you’re doing this for.
Writing Is The Answer
If you want to specifically learn to write, you need to do one thing, and that is to write. Continuous practice will help you understand what mistakes you often make and, in time, eliminate them. Focus on your goal, and don’t get discouraged when something’s not working. After all, even Rome wasn’t built in a day!
Get a journal and write in it daily. Pick a new topic every time and note everything you can think of. It’s also important that you write by hand, a spelling checker in your computer is tempting, but it will not help you remember how to spell words correctly.
Besides, journaling as a habit has multiple health benefits, and it can be therapeutic. It can help you get in touch with yourself and process your emotions better.
Learn In a Group
It’s proven that learning in a group is more efficient due to the sense of competition. Find a bunch of like-minded people who want to study with you or join an already existing one, like a speaking club.
The benefit of such activities is that you get all these people from entirely different backgrounds who are all good at various things. This will help you exchange experiences, which is impossible if you’re alone.
Schedule regular meetings, come up with topics to discuss and activities to do. You could watch videos or movies together, or talk about common things. Having assignments like describing an event can also be beneficial for the entire group. This way, while one person speaks, the rest think about how they would say the same things differently.
This will help you feel more confident in your skills and, consequently, speak and write better.
The most important thing about learning a language is not to be afraid of making mistakes. It’s inevitable; you just have to take it as a natural part of a learning process.
A child that is learning how to walk doesn’t give up after falling once, and you shouldn’t either. It’s most likely that your friends understand that you’re just learning a language, and they won’t laugh at you for misusing a word or a few.
Get over that fear of error and make as many mistakes as it will take. Treat it lightly, and don’t beat yourself up for it. On the other hand, try to attend as many events as you can that will expose you to the foreign language. Not only will it boost your English skills, but also improve your social confidence!
Learning a language is hard; there’s no arguing about that. However, it’s going to get easier with time. Take every hard thing that life throws at you and turn it into a lesson.
Watch your favorite movies in English, converse with native speakers, and you’ll see the improvement very soon!
Remember to be patient about it. Don’t give up, and don’t beat yourself up over something that you have so little control of. Good luck!
Remote Work + Education: 3 Tips for Students Who Want to Have It All
Probably one of the greatest changes for the last year is the shifting to distant learning and working. There are many advantages to the issue, like, not having to commute every day, staying at a cozy home for a whole day. It makes our lives easier in terms of saving time and energy.
If you’re a student, you don’t have to bust out your textbooks every time you go to university. Instead, you have everything close and on the tips of your fingers.
However, within all the positive moments of distance learning, it is highly challenging for many of us. At college or in the office, we have a schedule, a plan which we simply have to stick to.
There is also a boss or a teacher who gives us tasks, checks and monitors our performance.
Well, now, we are our own bosses and teachers and have to come up with the plan and track our tasks independently.
So, how to stay tuned and efficient if you work and study from home? How to get the most of it and not drown in the ocean of procrastination? In this article, you will find three tips to help you out!
Set Up Your Workspace
When many think of a distance learning or work, they imagine themselves wearing pajamas and lying on a couch all day with the laptop. No more dress code, make-up, early mornings, coworkers or group mates, paradise!
This is a common misconception of remote work. If you want to work and study from home, it is crucial to create a space where you would stay focused and productive.
Still, if you have had a hard day and feel like having rest on your comfy couch, but there are assignments to be done, leave your worries to professionals in paperwritingservice, just place an order and enjoy your day.
When we both work and study from home, we stay with all those household essentials and, at the same time, have to focus on tasks. That is why a perfect workspace has to be created. So how to reach this ideal atmosphere at home? Here’re some pro tips.
Separate Spaces for Everything
This is a common problem for many that they sleep and study at the same place. Our body is a smart mechanism, which gets used to conditions very quickly.
So, as you sleep in your bed, every time you lie on it, your body gets ready to relax and concentrate is the last thing it is ready for. This principle is applied to any other space in your house.
So, your workspace should be particularly aimed at learning or/and work. Every time you get there, your brain will be ready to do the job.
Get Rid of All Distractions
This is a very important step if you want to stay productive at home. Your home may be a dangerous space in terms of concentration. To make it easier, help your brain and get rid of everything that might attract your attention and ultimately prevent good performance.
Plan Your Day
Every morning when you wake up, you approximately know what the tasks for a day are. So, what’s the sense in planning a day if you already have it all in your head?
This is one more important concept that helps us have everything done on time. Planning a day saves you time and boosts motivation and disciplines.
Here’s how it is done:
- You write down a list of tasks that have to be done;
- Prioritize them from less important to more important;
- Hang this list somewhere, where you can always see it;
- Mark completed tasks.
When you mark the task as accomplished, you’ll get a sense of satisfaction, which may be compared to some sort of praise. There are many tools to write a to-do list from paper to online apps.
Dedicate Time for Yourself
When you work and study from home, there will be a risk of abandoning our personal time in favor of more important matters. This factor leads not only to great results but also a concept called burning out.
When people face it, they feel exhausted, demotivated, and apathetic. To avoid this, it is crucial to have time for things you enjoy. It may be a sport, hobby, listening to music, watching movies, seeing friends. Your brain has to relax and get positive emotions to be more efficient in the long run.
No matter if you want to work and study from home, these principles can be applied to any activity. To manage it all, just follow these basic rules, and you’ll see how your productivity boosts.
Good luck with all your endeavors!
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