Re-starting The Same Business After You Failed - Right Or Wrong?

[Rachael]

As business owners, we are faced with different challenges in business and from my experience and personal research, it is not always the happiness of any business owner to quit his business. The decision to quit a business line, not minding what people or onlookers would say about an entrepreneur comes with excessive thinking from the business owner. Before a business owner decides to quit his business, it means he has thought about it over and over. I have seen situations where a business owner kept incurring losses and at some point, he started loosing customers and when once customers who are the life-wire of any organization is lost, the business can never thrive because customers are the ones to patronize. Their money is what you out for and when that money is not forth coming, it means that something is wrong somewhere. The man in question suffered depression of the stereotype belief that people would take him to be such a failure. He was able to summon courage and quit the business but the next time he set up a business after 2years interval, he went back to re-start the very same business that failed but was in an entirely new location.

From my observations, I think, he had gone back to his business plan to recheck and re-strategize on new and creative means to revive a dead business but in a new style and a new agenda. Till today, the business is booming and from all angles, this time, the business has really come to stay. Well, people would always talk both positive and negative and so was the case when the man set up the same business but in a new dimension. Most people had said that he should have done something else, which makes me ask, would you start the same business again if you failed to make it successful?

 

[eldavis]

Well it depends on the individual though, we have heard of cases where some persons, failed during their first and second or even more than that but in the end finally got it right. If you truly believe it's worth it go for it.

 

[Jasz]

"Am I allowed to re-start the same business after I failed?"
The answer is definitely yes, but there are a few things you should keep in mind.

First, think about why you failed. Was it because you didn't have enough money? Was it because you didn't have the right product? Did you not have enough customers? Did your customers not like your product? Did your customers not pay on time? Did you not get paid for your work?

Now that you know why you failed, take some time to really think about what you can do to avoid making those same mistakes again.

It's also critical to do some research before starting up again. Look into your market and find out as much as you can about what's going on right now. Obviously, there are going to be some things that are different than they were when you first started your business, so make sure these new things will work with whatever changes you plan on making to improve your business model.

You can also reach out to other people who've been through the same situation. Oftentimes the best advice comes from people who've had similar experiences, and they can give you good ideas.

 

[Sotherefore]

A lot of people may consider this to be a bad idea but I do not think so because if you failed in your business because of misunderstanding or because of lack of appropriate information on how to manage the business successfully and now you have come to understand what is needed to manage such business again , I don't see the reason why you shouldn't start up the business if you are hundred percent sure that you will succeed in the second attempt .

It is the right thing to do and I don't just see it as anything wrong because if you have been able to research and understand the reason why your previous business was down and you are now interested to start up the business again the rate of success will be higher and you can be able to manage the business better for profits and continuous progress .

I even believe this to even be more better than establishing another business you do not have an understanding about because in most cases the new business you will be establishing might also be at risk of failure when you don't really know how to manage it perfectly .

 

[Bookwormlux]

Restarting a business is not bad at all, especially if you really have a lot of passion for that particular business and you are sure that it has got a lot of potential to get you the kind of profits that you are having in mind to generate .

After a business failure , every successful business owner has to try as much as possible to see how they can work out their own way out of their problem .

This is only obtainable was sitting down to have a clear re think of what really cause the business to fail , and then coming up with better solutions as to how you will be able to contain yourself and not repeat the same mistakes you did in the past .

If you have not taken time to do something of this nature , then it is not going to be a good idea for you to start the business again because you will definitely be making the same mistakes since you have not made up your mind to change or to do something that is new in order to avoid previous mistakes .

There are so many things that you have to go and get yourself going again to the top in the same business , even after you may have failed .

 

[Kendy]

I have seen similar situations where an individual ventured into the same business which he failed and in the two cases I was an eye witness, they excelled greatly in the business at the second or third attempt. There is one intriguing virtue about persistence although it does not work for everybody but I tend to think that when you persevere in a particular business, it means that you are really passionate about the business which is the reason some business owners despite failing at the first attempt, they will not minding trying the second or third attempt until he or she gets it right. This is a first step to a successful business in my own perspective because when once you are driven by the passion to set up a business then, there is a likelihood that a business would be sustainable for a longer time.


Well, there are also some cases where people ventured into the same businesses where they failed, perhaps they did not go back to their drawing board to carry out an in-depth research or consult professional advice and they still failed in the second and third attempt and probably had to give up trying harder. For me, I am not moved by what people say. If I have passion for a business I would go for it and whenever I want to start another business, it would still be a poultry farm but this time, I would make sure to get it correct.

 

[Augusta]

There's nothing wrong with going back to the same business one had started and failed in it. I even think that's is the best as you would have known that which will not work and that which will work to be able to succeed at it.

I don't see this as a failure in the first place I think it is learning in the process. For the mere fact you didn't back down when you didn't make any headway with it shows you were just exploring and experimenting so nothing failing about it

so to succeed you just have to pick up the lessons and the points you know would help you succeed at it and start all over again I'm very sure they'll a headway after all.

 

[Shaf]

It's much better to restart a business that has failed, which you know has the possibility of surviving and succeeding than jumping from one business model to another all in a bid to see which one works. In the previous case, you have experience and failure to guide you and you know the reason(s) why the first one failed.

Going into a different niche means you are starting afresh. I say this because I've done this multiple times, and the experience gotten from my failures has not obly helped me but others who come to me for advice to avoid the doing the same thing.

I tried blogging and I know that it's lucrative, but I did not have the necessary skills, patience and resources to make it work. My second trial, even though a free blog was much more successful than the first blog that I paid for hosting and domain name.

 

[Ramolak19]

According to my own view, Right or wrong is not the issue because every humanity mean to fail in business, but ability to learn from your mistake which is going to helped you building your business experience.

 

[Chibson]

It is quite possible for people to restart a business that they have failed in after some time and succeed.

What matters is your level of knowledge at the time of you are starting the business and at the time when you initially started it. The truth is that a lot of people go into businesses without being prepared and thinking that things will just fall into place and they will be successful.

There a lot of things you need to know if you really want to succeed in business, first of all you must understand that there are a lot of competitions and if you're not prepared enough your competitors will definitely kick you out of the game.

This is one thing that a lot of people who are venturing into businesses do not know. if you're going into a business it is also very much important you try as much as possible to have a lot of capital.

Lack of capital is responsible for many people who have failed in businesses. Even if you have the right idea and mindset and you do not have enough capital, there is a possibility that you would probably not succeed on the long run.

 

[TOZZIBLINKZ]

In most cases it is not considered to be wrong to go into a particular business which you have initially tried but failed . it is important that we become aware that most businesses fail today as a result of not putting some factors that affect a successful business into proper consideration and analyzation . no one start a business in order to fail but rather the main purpose of starting a business is to accomplish it purpose which is to satisfy the members of the public thereby making profit and income . But no matter how hard we hide the truth , most business will always fail as a result of negligence and ignorance to see all to put some major factors that makes a business to be successful into proper consideration .

We must learn from our mistakes and arrows and just as it is often said " if you fail to plan then you plan to fail " is applied to a business which you intend to restart after fell in the previous time , if you fail to plan this time , possibilities are you will always go back to the previous state which is failure .