WHAT TO DO AFTER GETTING FAILED SEVERAL TIMES?


What to Do After Getting Failed Several Times?
 Congratulations! People fear from starting one and you’re done with many.
ANALYSE YOUR FAILURE:
  • As far as its about giving up, its your choice. Take a break, analyse what went wrong so that when you start again at least you don’t fail in a similar way. If you don’t learn from your failures, then all the effort goes waste. For example:
  1. If your expenses were much more than revenue than which particular thing cost this difference. Is it marketing, execution(logistics), poor clients.
  2. If your clients didn’t repeat orders from you then whom did they turned to and what deal he offered them.
  3. If your sales force didn’t work effectively then which kind of clients they were not able to convert into results.
  • See if you’re financially able to take risk one more time or its time to settle down. Read book “Rich Dad Poor Dad” if you haven’ t read already. It’ll teach you a lot of basics about getting successful.
  • About failing, I’m sure you’ve run those business for quite some time. So there must had been a time when it was successful. May be it didn’t end in the way you wanted to but that doesn’t mean you failed completely.
  • May be you’ve failed several times, but there’re people who’ve failed more than you can even think about.
PLAN YOUR NEXT MOVE:
  • It always depends on what you want to achieve. Priorities your life. There’re a lot of things in the life than just doing a business and earning money. I’m not demotivating you but sometimes people try that they don’t really want which end up in failure.
  • Ask yourself if you have attained what you wanted.
  • Choose a field of your interest and try setting up a business in that field. Your chances of getting success increase by a huge margin this way.
HOW TO BRING EFFICIENCY IN YOUR WORK:
  • Build up a good team. That ensures all your plans are executed in a good way. Also, saves you a lot of time otherwise wasted in bringing the efficiency in the system.
  • Learn to analyse your efforts periodically so that you don’t end up wasting time.
  • Use a horizontal approach in your business.
  • Try to automate the work. Automation is the key to success. A business that can’t be automated only degrades its value.
  • Learn the principle of 80/20 in life. It says that 80% of your success comes from 20% of your efforts. Now, figure out which tasks to do first in order to succeed.
How to Automate Your Business:  Automation is a process and it varies for business to business. You can’t automate your business from day one. In order to achieve it:
  • Stay away from your business: Take breaks and see how your business works in absence of yours.
  • Divide your business in as many small parts as possible. For ex: sales, logistics, marketing, operations, IT, accounting. Now , see how every component is related to each other. And, what is your role in between any 2 parts. If your role is approving the results from one department to another, create a guideline so that each department can take the decisions on its own.Image result for business automation
    For ex: If you need to approve budget for marketing, give directions to account department for the upper and lower limit of the budget.
  • Outsource: Outsourcing is the easiest way for automation. You need to work with several vendors in order to find out which one is reliable and suitable for yours. Outsourcing includes a cost but the results are humongous.
  • Use automation tools: Use CRM, Mailchimp, Hootsuite etc. Below is a list of some great automation tools.
Learn the principle of reverse engineering: According to it, in order to learn innovation, first copy something. Once you’re able to replicate something. Then, try to find out the logic behind that. Once you’re able to find out the logic behind that work you can easily start creating your ways out of that.
How to Use the principle of reverse engineering: Suppose you want to create a social net working platform.
  • First list down all the important features of a social networking platform (say facebook).
  • Now try to find out the flaws in the system. For ex: FB annoys you in the exam time. It shows you the unnecessary posts at the work time. It uses too much of your internet. It doesn’t show you the posts of the people that you’re not connected to but you may like to. It doesn’t show you what the most creative posts around the internet. It doesn’t help improve your GK until or unless you subscribe to specific pages.
  • Now, see how you can solve these features. For ex: you can create a system to put off notifications in the exam time so that you only see the important stuff. You can create a system to select topics that you might be interested in.
WHAT OTHER OPTIONS YOU CAN EXPLORE:
You’ve opened up a lot of opportunities for yourself. The person who has failed can give the best of advice to anyone.
  • You can write a book about your business experiences and it can be a bestseller.
  • Open a consultancy firm and start advising young entrepreneurs. They really need persons like you who can guide them in their journey.
And many more.
Good luck!
image credit: How Toastmasters helped me overcome fear of failure, http://kirabrighton.weebly.com/my-blog/successful-people-who-failed
http://businessautomationplatform.com/HowToAutomateMyBusiness/index.php/nuhrture/business-automation-coach/business-coach-melbourne
12 Famous People Who Failed Before Succeeding
8 Successful People Who Failed Miserably Early in Their Career

Comments

Post a Comment

Popular posts from this blog

5 ways to Make Money Online

Image
Earning money online  probably is the most trending topic after world politics. In this blog, I'm presenting you with the most used ways for it. This blog gives information about the different ways to make money online with or without spending much time, money and effort. The best part is that most of the methods don't require you to be a pro. Even just being patient and dedicated enough will serve you sufficiently.  You just need to choose one or two of the following ways at a time. Set your goals: The most important reason being  why do you want to work online . You need to assess these points very sincerely before leaving your job. Read the full article below only if you're sure to dedicate sufficient time and energy as many of the options would require good amount of time improving your skills. Manage your time: Now, there're a lot many options available that can make you earn a lot and that too at the comfort of your time and place. But its...
Read more

11 Reasons Why We Should Blog

Image
Ever wondered about writing a blog? If you're thinking whether you should write or not then the answer is definitely:"Yes". How to start Blogging: More precisely you're asking yourself when and how should you start. The problem is that you've a job and you don't often get time to speak your heart out with your writing. I know this as I myself have faced a time in my life when I feel stuck with my job and thought to start something on my own that could give me pleasure but never knew where to start. I've explained various ways in the content below. Reasons Why You Should Blog Keep yourself Alive: Writing to a blogger is like painting to an artist, games to a player and running to an athlete. So if you want to be alive or keep your passion alive you must write at least once or twice a week. Offload your thoughts: All the great personalities used to maintain a diary in which they used to write their daily endeavours or experiences. I...
Read more

How To Market Your Product By Seth Godin

Image
In this blog, I'm providing you 11 proven  marketing strategies described by Seth Godin in his book " Purple-Cow-Transform-Your-Business-by-Being-Remarkable ". Seth Godin is the author of four worldwide bestsellers including Permission Marketing, Unleashing the Ideavirus and Survival is Not Enough. He is a renowned public speaker and is contributing editor at Fast Company magazine. You can find him at www.sethgodin.com 1. Create that extra effect: Your customers will probably buy your product for free delivery, return policy or if your website loads faster rather than normal product features. In a time when there're more than 100 websites for any particular item, you need to make sure your item is unique enough if at all you want to drive sales. In general, I prefer to buy from amazon as I can track when my product will arrive and I can also exchange or return the products if I don't like it. Probable I will never use these features but still it gi...
Read more