Connect with us

Success Advice

5 Steps To Turning Failure Into Business Success

Avatar

Published

on

When you start a business you aren’t guaranteed success. But you can be sure that failure will happen, usually sooner rather than later. A lot of people give up at the first failure, some make it through two or three. They don’t believe this simple fact: failure is the catapult which will launch them to their greatest success.

Any experienced entrepreneur will happily let you know that without failure you will never have real success. So it’s time to not just embrace failure, but make it your friend.

Here are 5 steps to turn your big failures into even bigger successes:

1. Take time to grieve

Perhaps you just lost an important client. Maybe you invested months or years into an idea, only to discover that the market just didn’t see your vision. Possibly a business partner left you hanging.

No matter the cause when you have a failure it is an emotional event. Take a little time to let it go. This is a loss and grief is natural. So give yourself a day or even several to get over the fact that things won’t work out as you planned. Once you’ve grieved you are psychologically ready to take steps in another direction. Not grieving may leave you with emotional baggage that will hold you back later.

 

2. Do a post mortem

After grieving take time to discover exactly what went wrong. Perhaps there was a miscommunication with the client. It could be there wasn’t sufficient market research. Even a lack of a proper contract can sour a potentially lucrative deal.

The post mortem shows you why things fell apart. Missing this step is a huge error. Here experience is converted to wisdom. Remember, if you don’t learn from the failure then you’ll likely repeat it.

“When you come to a roadblock, take a detour.” – Mary Kay Ash 

3. Move ahead quickly

After grieving and the post mortem, it’s very important to get back into the game. Meet with a mastermind group and hammer out a better plan. Brainstorm new product ideas or ways to grow your customer base. Don’t wait.

Just as grief is necessary to let go of the failure, moving ahead quickly will give you the confidence that you can still have the success you deserve. Mindset is the key. Action precedes emotion. Take action to get yourself in the right place mentally.

 

Stephen-Richards 1
 

4. Adjust on the fly

Many entrepreneurs fail because they either didn’t have a plan or they rigidly clung to a plan that was clearly not working. It’s a lot easier to adjust course while in motion rather than starting from scratch.

Once things are ramping back up take time to talk to customers, partners and mentors. Find out from them how it looks from their perspective. Make adjustments based on clear and logical feedback. Discovering and correcting small errors now will steer you more clearly toward your destination of success.

 

5. Fear not and fail more

Failure tends to make us more risk averse. Fear creeps in and tries to convince us to play small. Don’t let that happen. Once you know what caused the failure in the past then you can avoid it and move forward.

Other failures may yet be in the future, but each one will teach you more about your business, more about relationships and more about yourself. Take risks and accept failure as a welcome companion on the path to success.

“Only those who dare to fail greatly can ever achieve greatly.” – Robert F. Kennedy

Most new businesses fail because the business owner simply quits trying. It is the rare person who will push through, repeatedly stepping up to the line to start again. Your success depends on many factors, but perhaps the most important is your ability to learn from and build on failure.

You will have failures. They are unavoidable. But if you grieve briefly, do a post mortem, move ahead quickly, adjust on the fly and keep hustling despite fear then success will be inevitable. Don’t hold back, go all in and when failure comes just smile a bit. Failure without quitting is the greatest sign of your success to come.

Which one of these is your biggest setback and why? Please leave your thoughts in the comment section below!

I help people develop amazing relationships and love what they do every day. I'm a writer, speaker and coach and you can read my articles on great sites such as the Huffington Post, Addicted2Success, the Good Men Project and Lifehack. Happiness in life and passion in your work are my goals. Meet me at TroyStoneking.com and Troy Stoneking on Facebook.

Advertisement
7 Comments

7 Comments

  1. Avatar

    ejikeme augustne eloka

    Feb 16, 2016 at 6:56 am

    Thank you very much for this great content.

  2. Avatar

    Lawrence Berry

    Dec 30, 2015 at 11:59 pm

    This is some great advice that can help someone turn something that they once failed at into success. When it comes to having a successful business, alot of it can be about trial and error and learning from your mistakes. The post mortem and moving on quickly are the two most important steps here in my eyes because success comes from learning what you did what and trying it a different way.

    • Avatar

      Troy Stoneking

      Jan 17, 2016 at 7:38 pm

      Thank you for your positive input Lawrence! You are exactly right about trial and error and learning from your mistakes. Figure out what went wrong and get back to the hustle! Thanks again for reading and commenting!!

  3. Avatar

    Tim Denning

    Dec 30, 2015 at 1:19 am

    Troy for me it’s number two as I don’t usually do a postmortem to understand what went wrong. I am someone who just goes straight to the next thing and doesn’t dwell on the failure.

    Thanks for sharing your advice.

    • Avatar

      Troy Stoneking

      Jan 17, 2016 at 7:41 pm

      You are very welcome Tim. To tell you the truth the postmortem isn’t a natural for me either, but I’ve found it’s critical to not keep making the same mistakes. Hopefully we will both do a better job at this. Thank you so much for reading and commenting!! May your future success go beyond anything you have yet imagined!

  4. Avatar

    Addicted 2 The Grind

    Dec 27, 2015 at 8:39 pm

    Failure hurts, Most people can achieve great things but they let their fear of failure get in the way.

    If you can find a way to get over failure and the fear of failure the possibilities are endless.

    • Avatar

      Troy Stoneking

      Jan 17, 2016 at 7:46 pm

      No question about it Addicted 2 The Grind. Most people get burned a time or two by failure ans go back to a “safe and secure” job. Of course we know there is no such thing. We need to run toward fear and failure! As George Addair says, “Everything you’ve ever wanted is on the other side of fear.”

      Thanks so much for reading and commenting!

      -Troy

Leave a Reply

Your email address will not be published. Required fields are marked *

Success Advice

Success Is Never Owned and Rent Is Due Everyday

Avatar

Published

on

Image Credit: Unsplash

I coached the basketball team at the University of St. Francis for 34 years. In December of 1987 we went to the west coast to play the University of San Francisco. We were a small, liberal arts university in Joliet, Illinois. I would guess the players on that San Francisco team had never heard of us. (more…)

Continue Reading

Success Advice

5 Smart Goals to Make This Year Your Most Successful Ever

Avatar

Published

on

Image Credit: Unsplash

Setting goals at the start of the year means you will know exactly what you need to do throughout the year to be successful. By setting goals, it forces you to build a plan about how you intend to achieve those goals. By having a plan in place, you will wake up every morning with a clear idea of what it is you need to do each day. Just by writing down your goals, there is a 42% greater chance you will achieve those goals than if they just stayed in your head. It may seem like a small thing but actually creating goals every year and then writing them down significantly improves your chances of success. (more…)

Continue Reading

Success Advice

7 Ways to Face Adversity Using the Power of Extreme Ownership

Avatar

Published

on

Image Credit: Unsplash

Adversity is an inevitable part of our lives, and it is an important and defining factor of our personal story. The stories we build for ourselves in the face of adversity will either empower or discourage us emotionally, help us move forward or remain stuck in the past, allow us to grow or to decline. (more…)

Continue Reading

Success Advice

Why Your Confidence Needs to Match Your Competence

Avatar

Published

on

Image Credit: Unsplash

Even if you produce amazing results at your job or in other areas of your life, others may still not see you as being competent if you lack the confidence to back it up. If you are good at your job, exuding confidence will ensure others also recognize your competence in your area of expertise. And research backs this up. (more…)

Continue Reading

Trending