The author of an article on the addicted2success.com shared what she learned when her business, which she started one year ago, failed.
Sales in her new restaurant stagnated and then started to decline. What can you learn from these expensive lessons?
1) Starting a business requires resilience
Resilience is crucial for entrepreneurs. Why? That’s simple – because there's always something that will go wrong. When it happens, you can grieve, but life goes on. If you want to keep at it, you have to be able to get back on track even after a massive failure.
When author of the article thought about the debts accumulated by her restaurant, it was really painful. However, instead of feeling beaten and lost, she went on to look for buyers of the assets, which she would sell in order to get the cash she needed.
2) Failures don’t define you
The author felt like she was at the end of her tether. She thought she was a failure. However, a fair share of failures is normal for people who eventually find the idea that will work for them.
3) You won't make it without listening
Especially if you have no experience in the industry, it's easy to have ideas that differ considerably from reality. The author concludes that she should have listened to what naysayers were saying. Obviously only listen to those who have the credibility to back up their statements. People who can rely on their experience and are genuinely concerned for you are the people who should be listened to.
-jk-