Subscribe to Blog ContentThis sounds like a quote from one of those inspiring posters with a gorgeous photo and an inspirational quote. It's true that it's better to fail than avoid something because you're afraid of failure.
What is it that Thomas Edison said that puts failure into perspective? "I haven't failed, I've found 10,000 ways that don't work." Rather than seeing something not working as failure, he saw it as a step closer to making something work. He discovered another way not to make something. Learn from your mistakes and failures. If you don't, you're doomed to repeat them again and waste time.
Shake off your fear of failure and take risks. We've all failed. Yes, you, me and everyone we know. We just don't remember it. We're not born with the ability to walk. Unless a person has other issues, we all have to learn how to walk. It starts with us lifting ourselves up and hanging on the edges of tables and sofas. Then we'd fall down. Many times. Obviously, that didn't stop you. Some entrepreneur and business owners stop after falling down once or twice.
Think of those failures and mistakes as a step forward. You tried. You know what didn't work. Now adjust accordingly and try again. With each failure, you know more than you did before.
I remember reading Reggie Jackson, strong home run hitter, held the record for the most strikeouts. What does that tell you? The more he swung, the better chance of a home run.
So what are you waiting for to grow your business? Until you have X dollars in the bank? Until X falls in place? There's never a good time except "now." It's just a matter of businesses managing cash flow.
You shouldn't jump into a risk blindly either. Let's say you want to grow your business by adding another building. Don't just go to the nearest bank for a loan or line of credit. You didn't buy the first building you looked at, did you? Review your cash flow projections, gather information about your business and prepare your working capital questions before meeting with a lender. Also, investigate beyond banks for getting capital. You can try banks, community banks, private lenders and even family members (but you know that can strain a relationship).
Always aim high. Football teams aim for the touchdown rather than settle for a field goal. A touchdown is worth six points plus one point after touchdown and a field goal worth three. Here's a great article on going for touchdowns that backs up this belief.
What are you going to do? Go for three or go for six?
Hi five folks - I'm not so sure I can agree entirely with what your sharing here - I have a couple of friends that have lost their businesses because of the last recession 10 years ago and if you talked to them back then - it was not so much the fact that they had lost all their possessions as well as their businesses it was the emotional turmoil they had to endure by going through bankruptcy and then try and get over the fact of defeat? - one of them especially who happens to be my best mate who had a brilliant business mind has not bothered to work again from the defeat he still feels from working 30 years building up his families business and then losing it all including the roof over there heads - not because of his own business dealing only because of a world wide recession that was nothing to do with his business overspends but because of the domino effect it had on the companies he was serving failed and could not pay or deal with him because they had gone to the wall - its the banks that let you down when things get ruff no matter how good your trading history is - remember this folks -
Banks will lend you an umbrella when the suns shining - and then take it back when it starts to rain ...
That's the true fundamentals of the economy
Phillip Skinner
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