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Meet the experts
How to Make the Most of a Failed Business Strategy
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They told you that entrepreneurship means taking risks. Putting yourself out there. Taking chances and being willing to fail. Sometimes people laugh at you. Sometimes you lose a lot of money.
Sometimes you end up with a failed strategy.
And this can hurt a lot. Sometimes, it feels as though you will never be successful and that other people seem to have it all figured out.
But let’s take a step back for a moment.
What makes a successful entrepreneur?
Successful business owners keep up on what is going on and stay informed of the latest trends, market shifts and opportunities so that they can take any advantage they can get to make their business grow.
So, how they stay in the loop so successfully?
People there in business for themselves don’t exist in a vacuum
Besides their customers, suppliers and all of the other support systems that they have around their business, they also have friends and colleagues that are also entrepreneurs and keeping up with these people is one of the best ways that they have a staying informed. They share information, give advice and keep each other updated about entrepreneurship.
One thing that you will notice
about those successful in the business world is they tend to read publications, websites or even social media posts about their business – and that includes books by some of the most successful motivational authors. The successful people like to stay informed and they like to learn new things.
All this information that they gather isn’t just going to sit stagnant, either.
They are going to use this information to improve their business, increase their revenue or bring in more customers. When they learned something useful they simply go and work to implement it as quickly as possible.
Another thing that you’ll see, is that they are always willing to help other people
. They have been where the starting entrepreneur is and remember what it was like to enter the fray with only the basics. Most successful entrepreneurs are more than willing to share their knowledge.
In the world of entrepreneurship there are times when your strategy is going to fail. Obviously, your goal is to minimize this is much as possible and work as hard as you can to make a strategy work so that it doesn’t fail.
But sometimes, there is nothing you can do to avoid it and you must cut your losses and move on.
Before you go on to the next opportunity, you should know how to make the most of a failed strategy and learn from it so you’ll be better in the future. How? Two steps.
Step #1 - Find out why it didn’t work
Your first task is to find out why the strategy didn’t work.
This might be difficult but it will be vital to not making the same mistake in the future.
Keep in mind, it is usually a combination of several factors that make a strategy fail and not just one single problem.
(Just because a business strategy failed doesn’t mean that you, personally, are a failure. In fact, the very fact that you failed shows that you’re willing to take a risk and put yourself out there).
Step #2 - Find out what did work
Finally, you’re going to break down the strategy as you’re looking for reasons that it failed and find out what things did work.
Knowing what worked and what didn’t can be a powerful asset in your next endeavor and understanding what actually did work can teach you a lot.
Look at it this way: if you treat every single failure as a chance to get better, then every single time you try, you will slightly increase your chances of winning big.
3 Powerful ways to recognize an opportunity
An opportunity to fill a much needed gap in the market or to change your business to take advantage of a trend could mean the difference between a failure, a little bit of success and an outstanding result .
Here are three ways to recognize an opportunity.
It Might Not Be Perfect
One of the earmarks of a good opportunity is that it doesn’t sound too good to be true. You’re going to have to do the work to make it into a successful venture.
, one thing that should have is potential. Someway, somehow, you know it.
It Is Built on Previous Failures -
The best ideas are the ones that have evolved over time because they have been honed through past failures.
In other words, you might want to give an idea time to fail a few times before you decide to run with it yourself, because otherwise, you’ll be making all of those mistakes yourself.
It Might Not Be What It Was Intended to Be Used for Originally -
Some of the best ideas that have ever been thought of were completely different takes on what a product or service was originally intended for.
The idea might’ve been a failure as it was intended but it sparked an entire new thought process and brand-new applications.
In the face of numerous obstacles, challenges and temptations that we face on a daily basis, we sometimes get overwhelmed by it all.
© 2018 by Marisa Specogna