Why Businesses Fail and How To Avoid Failure

Before success, there was failure. This is a suitable phrase for most, if not all entrepreneurs.

We have a tendency to view successful people as superhuman, capable of doing things right.

In fact, most of the entrepreneurs that we read or talk about also experience their moment of failure. Some of them even fail so many times before gaining success.

There are many reasons behind business failure but in most cases, there are some similarities.

Here are some of the most common causes of failures:

  1. Choosing the wrong people to work with, including co-founders, employees or business partners.
  2. Being cheated or betrayed. This could come from your co-founder or entity outside the company such as business alliance.
  3. Lost too much time, energy and money on plan and activities that eventually don’t work.

If you take a look closely, the causes are mainly related to the personal characteristics, especially from the ones that are responsible to run the business.

Many entrepreneurs didn’t even realize the mistake they’ve done and kept doing it.

It’s like running in a hamster-wheel. Any reminders coming from inside or outside are mostly being ignored. They just keep on running.

On the other side, you can be very good in running a business, but knowing whether your partner is really capable or not is another story. Moreover, if he is trustable or not.

Guys with negative attitudes are everywhere. They are so good at hiding their true nature that you can realize them only to know it’s already too late.

And things could get worse.

Why Businesses Fail and How To Avoid Failure

So, what can you do to prevent your venture from these circumstances?

You need to work with smart yet trustable people. That includes your co-founders, partners, employees and other alliances.

Take a good learn about his daily behavior, emotional quality, and intelligence before asking him to join the business.

Positive people are difficult to find. It is so hard that you might only meet one or two in your whole life.

For many, the story about failure is not something we’d like to disclose. Some appear to be shameful, while others could sound stupid.

Actually, it’s fine to fail, as long as you learn something out of it. Many entrepreneurs fail multiple times before they gain the limelight.

They go through dark and gloomy times that nothing seems to work. It is so bad that all decisions being made could just go wrong.

One essential key that plays the best role is persistence. Successful entrepreneurs know this. They keep doing what they know best, fix the mistakes and stand up again when they fail.

At the end of the days, they succeed after countless attempt to conquer any challenges.

Business is a playground after all, and failure is one part of the fun.

If you fail, treat it as a learning process, an experience that will make you a better person. Grievance won’t help. Trust me. It’s not worth your time and energy. It makes things worse actually.

Try to think like a baby that learn to walk, though fall down so many times, he will stand up and try to walk again. He never thinks to stop. Why should you?

Wahidin Wong is a digital marketer. He is also a jazz and bossa lover.

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