Overcoming business failures 2022

[Augusta]

Things in life don't work out the way they were anticipated. So you shouldn't beat up yourself when these things don't go as wanted because nothing is perfect in life. A business you had plans for might failed but as we all know it isn't about failing but how you have been able to bounce back.

So how can you overcome business failure to succeed.

1. Know that failure is part of life: This is one thing you would have to know failure of a business isn't just about you. it has happened to even the wealthiest of men. So first you need to embrace it that It has happened so you would have to live with it.

2. Stay motivated: This is not the time to wailed and be depressed. No it is a time to tell your self we move. This will encourage you to look at the bright side of things to forge ahead.

3. Pick up the lessons: Yes, when you fall you need to stand up by picking up the lesson you learnt from the fall. So pick the lessons and put them into practice to be sure they're going to be your stepping stone.

Have you ever failed in business, how did you overcome it?

 

[Rachael]

If we keep doing the wrong things, we cannot expect to have the positive results. There are many mistakes entrepreneurs make even at the onset of a business and definitely, it would have a backlash on the success of the business. Every business has its own challenges and also ways to go about solving these challenges. To avoid business failure this year, we should be motivated and determined to input quality time, creativity and innovative ideas into our business. One of the major causes of business failure is lack of planning. When a potential business owner decides to set up a business without having plans ahead of it, it means the business is likely to collapse.

The source of funding a business has to be ascertained to avoid going around to borrow money. Well, lack of planning has led many people to take up loans with high-yielding interest rate without even knowing how this can affect the growth of the business if not managed properly. There are consequences that brings about business failure. Situating a business in an area where you have no access to your target audience and vice versa is a bullet thrown at the business which can explode at anytime.

 

[Austinaldo]

Most times failing isn't really a bad thing. Not learning from our failure is what is very bad. In business I always advise sophistry and in-depth research. I advise advancement and improvement on any industry our business is operating in.

It is better to be among the leading firms in an industry than to be just another company. You must find ways to make a difference.

For mistakes, bad financial knowledge and skills can do any business a great damage. This is one mistake no one should make. Keeping the best financial discipline is the only way to avoid this.

Bad practices like illegal means of doing things can also damage our business. You can get caught by the government or any other governing bodies. So it's best to operate under the law. Keep the best profile and do not be a bad actor.

Businesses should also avoid mistakes like maltreating their workers. I can't stress this enough. We have enough bad people in the world already. If you treat your workers well, they will put their best to anything you give them to do. A very big mistake is being in the bad book of your employees - when they don't feel well compensated. You can't escape being harmed in this situation.

 

[Ithedicious]

There are so many things people have to do but when trying to make money or trying to establish anything we should try as much as possible to have the best location for a business because it based location who will always ensure that your business is exposed to thousands of people that might be interested but a situation in which the location is not suitable then you might not likely be able to make the best out of the business because location without people to petronize you indicate that the business won't be successful.

Another thing that could also help our business to grow this year is that the capital needed to run a business is very important and when thinking of starting a business the capital must always be in place because it is very necessary to have your personal funding.

People who are interested to start up a business shouldn't think of starting a business at the early stage with a loan because that really shows that the business is not well organised which might even lead to more risk of failure.

Starting a business with your savings will always be the best especially for a business startup and sometimes start it with a little amount of money and grow it as the business becomes promising.

 

[Setho]

People are usually very scared whenever it comes to business. There is a statistic that show that 80% of the people who have started businesses usually fail in their business before it is even up to three years. The failure rate is very high but then there are still some things that you can be able to do to ensure that you are going to be getting the best out of the business .

First of all you should never take an ignorant business decision because you cannot be able to make money in business simply by Luck. Are you sure take your time in order to decide very well about your prospect and plan very well for the business by meeting up with the right people and selecting the right conditions for the business.

The customers are the number one thing in your business and it is important that you should always make them to feel that way. You should set up good customer service support systems and you should always receive valuable feedback .

Forming of the right partnerships in business is also going to help you go a long way . You should always have meaningful conversations and helpful collaborations that is going to move the business forward .

 

[Chibson]

Many people have given up on their dream businesses because of the kind of failures they experience when the newly ventured into such businesses anyone who got this kind of mindset would probably not be successful in any business.

Before you venture into any business you must have at the back of your mind that failure is part of success but the only difference is that it is a learning process for you to be successful. You must learn from your failures in order for you to become a success and if you ask people that have succeeded in businesses, this is probably what they will tell you.

Most of the successful businesses you see today have experienced a lot of failures but they still succeeded. As someone who is venturing into a business you actually need to stay very motivated and positive minded. You cannot succeed in a business if you are not motivated on daily basis to work very hard towards the success of such a business.

Motivation will make you to make a lot of research and stay positive even if things are not going in the right direction. You also need to have mentors and role models if you really want to succeed in a business venture.

 

[TOZZIBLINKZ]

There is absolutely and obviously no one that establishes a business in order for it to collapse , fail or go bankrupt at the end of the day , or week , or month . The main purpose of going into business is to satisfy the numerous wants and needs of majority of customers , consumers , and clients who patronizes you in order for you to make considerable and positive business profits . But no matter how hard we hide the truth , some businesses are not doing well today and in fact most of them have gone bankrupt , liquidate , shut down , and collapse .

So what are the possible ways an individual can avoid his business from going bankrupt or failure . One of The possible reasons why most business go bankrupt or fail today is a result of not practicing the business concept of bookkeeping . It is possible for us to understand that it is one thing for us to practice book keeping and it is another thing as to assess the Essential books of business accounts . business that lack decision making is a business that does not practice bookkeeping . Bookkeeping help us to make proper and essential business decisions , according to the losses and profit accumulated in the books of account .