“Failure is the path to success” – this or something along these lines has been told to all of us at some point in our lives. It’s meant to motivate us, to get us to look past our failures and keep moving forward. Many a time, when failure comes knocking on our door, the hardest thing to do is open the door, let it in and maybe even share a cup of tea with it. However, when you can do this and do it without hesitation, that’s when the path to success truly begins to show itself.
Business is an endeavor, no matter what field it pertains to, and failure comes hand-in-hand with a lot of valuable lessons. It’s almost impossible for a business idea to be successful at the first shot, no matter how brilliant the idea is. There are tons of factors that go into making a business work, and when all those factors don’t come together, failure is inevitable.
Now, failure comes in various degrees. Some failures are more like stepping stones or learning curves, ones that you can recover from and learn from, only to move a step closer to success. With the determination to prove yourself and your idea as viable, you can overcome failures and turn the tables around but, of course, there’s a catch to everything.
Ask Wallace Wattles, acclaimed author of the book “The Science of Getting Rich”. He speaks in-depth about how there’s a whole process that goes into becoming rich, and it involves both the mind and the body. Wattles explains that thinking in a certain way–including seeing failures as opening the door to bigger successes–can help you to make money.
Overcoming the failure of your business and paving a path towards becoming a millionaire involves a few simple but very important steps:
Denial can be the silence that will creep in without invitation and create chaos as time goes. Denying that there’s been a failure or that your business might not be moving in the right direction ultimately stagnates any further growth. As an entrepreneur and business owner, acceptance of failure is crucial. Accepting that your venture has failed and that you might have to go back to the drawing board and remap things can take you in the right direction. However, if you choose to say “No, this is just a minor setback”, you might just end up in a very major setback.
“Why?” Is probably the most important question you’ll ever ask. Why did your idea not come through? Why was there a setback? Why didn’t you see the failure coming? All the why’s eventually lead to the how’s, and how’s lead to the solutions. To be able to understand how you can pick your business up from the abyss it has fallen into, a proper analysis of the cause-effect of the scenario is required. And most times it’s not just a single reason but a combination of them, and that’s what you need to be able to decipher.
Trying to find a solution requires serious and planned action, with each series of steps falling in place at the right moment. All those steps which led to failure in the previous attempt need to be omitted, and also taken as a learning point. We often get so lost in the trials of failure, that we end up wasting too much time trying to bring ourselves to be productive again. For productivity to restart and unleash itself, there has to be unanimous will and drive to act on a brand new, improved plan.
Could it be possible that the founding idea for your business itself was flawed? Especially for businesses that are foraging into new markets, it’s highly likely that the base idea has some serious loopholes in it. This doesn’t mean that your business isn’t sustainable or needs to be discarded, but rather you need to go back to the drawing board, brainstorm very seriously and figure out whether you need a whole new idea to start off with, or your present idea needs to be reevaluated and redeemed. The human mind is capable of reinventing a previously failed thought process. The 7 Hermetic Principles, explained in length in The Kybalion, talk extensively about the mind and mental state. “All is mind” indicates that the mental state and the processes in the mind have a direct and significant effect on the consequences that proceed. So, if you can manage to re-ideate and re-think, there’s always a possibility of redemption.
5. Safety Net
Finances take a major hit when a business fails, and if your business has failed once, there’s no guarantee that it might not face some form of failure again. It not about being pessimistic but more about being realistic, because there’s no set number of times that you may need to try and revive your venture. Keeping this possibility in mind, you will need to create a safety net for yourself. This safety net is a financial net, where you’re making a conscious effort to maintain a reserve that you can fall back on if your business fails again. Having this system in place will prove to be quite beneficial in the future, and will also prevent a total meltdown in a serious scenario.
On the path to remaking yourself and becoming a millionaire, there’s a lot of thinking, processing and executing that needs to come together. However, even before you set foot into that boat, you need to have all your safety gear in place. Hopefully, the above pointers help you with reinventing your business and rising from the ashes of failure!