Starting a business after failing the first time may not seem like the best option, but if you think about it for a while, you will understand that there’s a lot of benefits, and it may be the best time to start a business. Undoubtedly, there’s a lot of disappointments after your business fails the first time. Thousands or millions of naira might have been invested and now it’s all gone, it’s never easy to take in. Looking at the bright side of it though, you’ll realize that failing it the first time will give a chance to do it better the next time. Roughly, 50% of businesses have failed in the first four years. Looking and following every successful business person in history and present, it’s rare, and I say very rare to find someone who got it perfect the first time. Several challenges and hurdles must be crossed. Here are some of the reasons why you should consider starting a business even after you’ve failed.
1: Know what you’re passionate about.
Ever wondered why business experts keep emphasizing the importance of having a business you’re passionate about; this will ensure that you’re able and willing to weather through the challenges and stay resilient. It is very important that you understand your passion. So, perhaps you started a tech-based business and failed, in the process of setting and running a business you seem to have lost interest and remained frustrated all the time, it might be best to rethink a business idea. It may be okay to start a business because it’s profitable, but in the long run, only passion will keep you going.
2: Lessons Learnt.
Once bitten, twice shy. Repeating a mistake is a habit, some might say. Using a tech business as an example again, it is important that you take note of where you might have gone wrong and other several things to correct. This is a strategic way to approach a business and ensures that same mistakes are not repeated. Perhaps you started a tech business in a rural environment, the next time you set out, you’ll consider changing a location.
3: Stronger resolve.
It is said, “What doesn’t kill you makes you stronger”. Failing at a business is hard and disappointing, most people give up at this point and rule out the chances of them succeeding in a business. When life throws lemons at you, throw them back and ask for chocolates (grins). Failure may represent something good only if you look at the bright side. You’ll build a stronger conviction to succeed at your business if you’ve failed the first time.
4: Work with a team.
When you’ve resolved to start a business after failing the first time, you might consider working with a team. This allows you to focus primarily on what you’re good at, causing you to be more productive. Also, working with a team helps in the delegation of activities thereby eliminating stress.
After all is been said, starting a business after failure is never easy, but maybe the best time to forge ahead. Starting a business after failing would need some critical thinking and analysis, so take time for yourself, rethink, and conclude. In the meanwhile, read books about personal development. A person’s attitude greatly affects his business productivity. Also, read books about business and economic factors, most times the cause of business failure may be external factors. Invest in yourself. Knowledge fails no one.