There are certainly no “undefeated” records in business. Whether it’s being rejected by an established business, messing up prototypes, dropping out of school, getting fired from a job, or going bankrupt, everybody stumbles.
In fact, not failing is a sign that you aren’t doing anything of consequence.
I have failed, you have failed, and it’s good.
Elon Musk’s failures
At any given time, the founder of Tesla, SpaceX, The Boring Company, and others is at or near the top of the list of the world’s richest people. Musk has suffered failure along the way.
- Lost millions due to SpaceX rocket explosions
- Rejected for a job at Netscape in 1995
- Fired from Zip2, a company he founded
- Crashed an uninsured $1 million McLaren F1
- PayPal, a company he founded, was once voted one of the 10 worst business ideas ever
- Fired from PayPal
Musk finds ways to come back from failure. You can too.
Ways to convert failure into successes
- Use the failure as a memo pad. You have just learned something you aren’t good at. While that is painful, you also gained valuable clues about something that you ARE good at.
- The failure will help you clarify your WHY. No doubt, you ask yourself after failure exactly why you are doing what you are doing. If there is any benefit to laying awake at night pondering your problems, it is that answers eventually emerge. Maybe there is something wrong with your approach. This may be indicative that you are doing things for the wrong reasons, and knowing the wrong reasons will lead you to the right ones.
- Take a break, then regroup. Rest when you are tired, but don’t quit. Analyze what happened, accept the mistakes made, make a plan, and get back to work.
Ask the right questions
The book 99 Questions to ask BEFORE starting a business in the US gives entrepreneurs the opportunity to learn from two industry experts about the different aspects of starting, operating, financing, and marketing a new business in the USA. For immigrating entrepreneurs, learn about visa options for those who seek to migrate to the US through a qualifying investment. The book 99 questions is available on Amazon and through Balboa Press.
And finally…
Welcome to One Click Advisor! We would be remiss if we didn’t give you a brief tour of the site and what it can do for you, as an owner of a startup or small business. Your challenges and opportunities can be sorted into one of three areas.
Marketing, because it brings in the customers. That requires the right combination of price, product, promotion and place.
Operations, because it keeps your customers. A well-run business pleases customers and generates steady and reliable revenue. But to be well-run, you need reliable providers.
Finance, because it is the scoreboard, and keeps everybody paid. Change the “score”, find bookkeeping help, and find capital.
The One Click Advisor Business Builder connects you with all the fundamentals. Skip the hours of research and costly mistakes…we have done the work of locating the best small business services for you.