True entreprenurs love to take risk. Some do their homework better than others before taking risk. Taking risk might lead you to success, but at the other side, it might lead you to failure. When you read the success stories of entrepreneurs, you also find out their previous failures.
Why am I writing about taking risk, and learning from failures?
I have recently had some conversations with a few friends about starting a business. These friends of mine work corporate jobs, and always searching for opportunities to start their businesses. I have observed a particular difference in business perspective between them and myself. When they talk about a business opportunity or make a business plan, they are looking for absolute ZERO risk. They always mention, oh of course you have to take risk, but when it comes to reality, they are scared to take risk. They know it, but they don’t accept it. One thing I have learnt as an entrepreneur is “Failing is a part of entrepreneurship”. If you take risk to achieve big goals, you will not be 100% successful. You will fail along the way.
I took a risk, Failed, then what?
Always re-evaluate your business along the way. You will make many small mistakes, it is normal. If you can find out what you are doing wrong, correct it, and learn from your mistake, you are doing the right thing. Even if you fail, the key is trying to learn from your failure.
Never get discouraged
Keep your motivation at the maximum level. I set goals with daily sales for instance. If I can’t reach that level, I work harder. If I reach the level, then I set a higher goal. Setup your daily, weekly, monthly (short term) goals, even write them on a post-it and put it on your desk, wall, monitor. Never get discouraged if you can’t reach your goals, work even harder.
The Biggest Successes are Often Bred from Failures by Randy Komisar (8 min. video)
According to Komisar, what distinguishes the Silicon Valley is not its successes, but the way in which it deals with failures. The Valley is about experimentation, innovation, and taking new risks. Only a small business that can deal with failure and still make money can exist in this environment. It is a model based on many, many failures and a few extraordinary successes.
If you don’t like the idea of taking risk and failing, here’s a short but useful formula:
NO RISK = NO FAILURE
Article by Ahmet Kirtok
Ahmet KIRTOK is a New York City based entrepreneur and small business consultant. He is the founder & owner of Small Business Arena
Ahmet has contributed 69 articles.
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{ 7 comments… read them below or add one }
Mike Ditka, famous Chicago Bears coach said: “Success isn’t permanent, and failure isn’t fatal”.
Great blog Kirtok, i’ll be checking in more often…
Hello Kirtok,
I have been browsing the web to find some real useful suggestions on e-commerce, esp. for beginners and found your blog, which is very instructive. Thanks for sharing!
I am in China and have access to loads of products with good quality and great price — some are OEM products of name brands, some local products, and of course also lots of fakes (but mind you they are also of very good quality).
I have considered trying ebay, however, I tend to believe that most US buyers don’t trust Chinese sellers，– and sadly, I understand why L and shipping cost is too high, hence not good for retailing.
So I am seeking your advice as what would be the best way for me to marketing to those ebay resellers?
Thanks a lot!
My MSN: monica_0118@hotmail.com
Hi Monica
Did you try eBay Reseller marketplace? Check out my post about it:
http://www.smallbusinessarena.com/2007/11/04/selling-at-ebay-reseller-marketplace/
It might be a great venue for you to do wholesale business with US Customers.
Failure can spark imagination as well. I succeeded in a web based business that brought tremendous financial gain but a short market life. The search base was small and the searchers for the service had all seen my opportunity after about six months. Sales started dropping and the user base started leaving and in less that a year, I was back at square one again.
It was the best thing that ever happened to me, looking back. At the time it was not a positive thing. But the knowledge and experience that I gained that year is worth a great deal more than I made in those ten months.
I totally agree with this post. Some job interviewers like to ask a job candidate what their greatest failure was and what they learned from it. Those who say they haven’t truly failed are pretty much doomed for that interview.
Nobody likes or enjoys failure. The few who can endure it are the names that we will honor and adore.
I agree with people, who understand failure as a lesson or a life message that one should go in the other direction. And, it’s always better to talk about success rather than failure. Don’t you think so? Looking back too often can just only give too much of pain. For me, the success in small internet business is knowing the right things like… the market situation, the target customer position and economic situation and of course, to have the right tools to proceed (the software tools I mean). I bet, tools make wonderful things. at least, I’ve been lucky with them so far. Soon going to check the Glyphius copy writer tool. People say it’s increasing sales, but It’s hard to belief before trying. Folks, pls, wish me luck in that! Fingers crossed, for NO to failure!