Business Basics

4 ways to turn failure into small business success

- May 30, 2017 3 MIN READ

Think back to the last time you didn’t achieve something you set out to do in your small business. How did you feel? Disappointed? Frustrated?

We are conditioned to see failure in a negative light and as a result we tend to emphasise focus from this negative perspective. What often happens next is we are reluctant to take risks or challenge ourselves to the extent where failure is possible. This means we can limit ourselves and cap our potential.

Here are four ways to turn failure into your next small business success.

Own it

Congratulations! You stepped out on a ledge and made an attempt to achieve a goal (even if it didn’t work out). While things may not have gone to plan, many don’t even try. This is an achievement in itself and something to acknowledge.

Don’t be discouraged

Just because things didn’t go to your plan, don’t let that deter you from continuing to take risks and challenge yourself – or even to attempt the same challenge. Think about it frmo a different perspective. You’re now in an even better position to succeed or get closer in following attempts. If we all gave up at the first setback, would we have ever learned to drive a car, or even walk?

Acknowledge your growth

Now is the time to focus on what you did achieve. What did you learn through the experience? How have you bettered yourself? By viewing the outcome through this lens makes failure redundant. What does this give us? We now have the opportunity to take risks and grow, to stretch ourselves and broaden our personal experience and skill set. This type of mindset can make you unstoppable in small business.

Find your feedback

Use your failure to serve as feedback. Failure is possibly the most constructive feedback there is, so use it to your advantage. If you’ve been unsuccessful for a job your small business was pitching for, request feedback and gain clarity around your gaps from an outsiders perspective.

Whether it’s a personal fitness goal or sales target where you fell short, take this opportunity to step back and be honest with yourself as to where you can improve. Not only do you put yourself in a position to learn where you can develop, but you sharpen your own self awareness and set yourself up for future success.

Direct your focus

Often our failure or otherwise all comes down to where you choose to direct our focus.

If you tuned into a dedicated heavy metal radio station when you wanted to hear some soothing classical music, would you resign yourself to listening to music you don’t want to hear and get frustrated? Would you complain, or even call the heavy metal radio station and grumble at the fact that they aren’t playing any classical? Or would you change the station and tune into the radio station that makes you happy? Take control!

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