The Unexpected Reason Behind Why Businesses Fail (And How To Avoid It)Mar 29, 2023
When you start your business, your goals all include success, growth, and achievement. Right?
Your aim in business is to move forward in your relationships, your product development, and your sales.
Nobody wants their business to stagnate or to go backward.
But what happens when you have a setback? When your numbers drop? Or your product isn’t selling? When nobody shows up to your workshop?
You will feel like you've failed and that your business has failed. And maybe it’s time to put your idea back up on the shelf.
But stop right there. You have to understand this very important truth about managing a growing business.
Success and failure do not lie in the outcome. That is one of the biggest myths in business (and life)
The #1 Reason Businesses Fail
Failure has little to do with what happens to you along your business journey, and everything to do with how you respond.
And the #1 factor that makes it easy to spot whether a business is going to fail or succeed in the long run is perfectionism.
If you think you need to be the perfect business owner, your chances of a growing, successful business are very slim.
If you try to make sure you NEVER mess up.
If you are convinced you DON’T make mistakes.
If you CAN'T get over that need for perfection, it’s not just a funny personality trait, it’s actually a really BIG DEAL for your business.
Because some of the most successful people on the planet have fallen down countless times, but they have gotten up, brushed themselves off, and tried again and again. That’s how a business grows.
The Truth About Business Failure
The only way to really and truly fail is to quit.
Read that again and let it give you some perspective on your latest business setbacks.
Sometimes when you have a setback you give up after a few tries.
Sometimes you give up after the first try.
And the most heartbreaking is when you give up before you’ve even given something a real shot.
Before you’ve tried the first time, you avoid it out of fear.
“I have not failed. The light bulb is an invention with 1000 steps.” Thomas Edison
That’s how Thomas Edison replied to a reporter who asked him, “How does it feel to have failed 1000 times?”
He never truly failed because he never quit figuring out the lightbulb.
Imagine he had quit after his first attempt hadn’t gone well. Our world would be a completely different place.
When you stop “efforting” - when you don’t get back up and try again and again - that is when your business fails.
That’s when you actually fail yourself, and others. So many people will miss out on you, and how you can change their lives.