Big Council is hosting a conference on Tuesday October 8, 2013 entitled, “FailCon- Embrace Your Mistakes, Build Your Success.” One may ask why a strong entrepreneurial support group would have a full day devoted to failure! The facts are that many startups fail and even the fear of failure can prevent entrepreneurs from creating startups. When running a business the uncertainty of future events lead to fear that can influence decisions. Negativity can prevent needed bold moves that could turn-around a bad situation or lead you to engage in a discussion with a prospective partner. Fear of failure can be more of a problem than failing! For these reasons and many more, the focus of the conference will help entrepreneurs understand the dynamics of failure and reduce their fears.
Businesses fail for many reasons. Issues with technology, regulatory, commercial, and human factors can drive a business to fail. Some situations are avoidable and others are not. Unknown events can greatly affect a business making the downward spiral irreversible. Great teams may devise ways to overcome the problems and find a new route to success. Even the best people can run a business that fails due to factors that alter the landscape.
It is important to understand that many famous business executives failed somewhere on their road to success. There are a few areas to remember when faced with impending doom or fear of failure.
1. Failure happens: Whether it is your fault or not, failure happens. The fear of upcoming failure only adds stress and alters good decision-making. Some narrow-minded people think because a business failed that you are no good, but the more knowledgeable people recognize that failure happens and you learned a lot that can help in the future. Your primary objective is to ensure you did everything humanly possible to succeed and made all decisions in a logical and informative manner. Do not fail for lack of trying, but try to take pride that you did try!
2. Fear increases risk: Consider you or a bosses’ performance in the present job. Ones concerns of losing a job often prevent you or the boss from trying something different; it happens. Fear can alter the ability to accept risks because of the uncertainty of the outcome. Try to use your logic and knowledge to do what is best for the business. Sometimes that is scary, but if you put the time into studying the issues and seeking advice, you may have a better chance than you think.
3. Learn from it: Failing comes with at least one upside, you leaned things along the way! The knowledge can lead to using different alternatives on the next venture thereby increasing the odds of success. Your biggest failure would be not learning anything or simply giving up. Great entrepreneurs know they will eventually succeed and keep on trying.
4. You will survive: Failure is not a death sentence and you will survive. It may not seem that way in the short term, but the facts remain that you are alive and can try again. The only thing stopping you is your fear of failure. Get over it and move on.
5. Take multiple shots on goal: Even in a successful business, developing multiple shots on goal can increase odds of greater success. Develop more than one path to the success of in the business. It may be evaluating more than one business partner and having competing deals. Perhaps you wish to develop two products initially, or add an additional business site. You must decide which added paths make the most sense for the organization, but the goal is to increase your odds for success. For example, buying one lottery ticket provides you with the least chances of winning when compared to buying multiple tickets for the same drawing. You may not win, but you odds for winning were greatly improved.
6. Success is up to you: You and only you can decide that success is important and that you want to try again. Nothing but you can prevent you from starting a new business. In the end, it is really up to you and having a great attitude can make a huge difference. You are a winner; all you have to do is find the correct path!
You can follow Taffy Williams on Twitter by @twilli2861 and you can email him with questions or contact him via company contact info in the website. More Startup information is contained in his personal blog.