There’s two opposing groups when it comes to failure – those who accept it as an opportunity for growth, and those who view it as a symbol of weakness.
Either way, let’s be honest - failing sucks.
Yes, there’s a lot we can learn from our failures, but they still hurt.
As an entrepreneur you’ve got to expect the “F” word to become a frequent visitor in your business life. But don’t worry, it’s all part of the process.
Trust me. Some of your greatest lessons and breakthroughs will be a direct result from your biggest failures.
My only hope is that you’re not currently doing one of the 3 things that are guaranteed to destroy your business.
3 Steps for Destroying a Business
Obviously you’re goal is NOT to destroy your business.
There’s some things that are beyond our control such as market conditions or losing a large client. But what about the things we CAN control? These are things that should never go neglected.
The following steps are the most common mistakes i’ve witnessed entrepreneurs take as they’ve attempted to grow their businesses.
These are the 3 simple steps for destroying ANY business
Step #1 – Lack of vision
“Making money” is not a vision - it's an outcome.
A vision is something bigger. It’s a clear picture of the principles and goals that drive your business. This is the lens through which all of your decisions must be made.
Without a vision you’ll quickly find yourself seeking money making opportunities, instead of clear and lasting goals.
This is exactly how fledgling businesses find themselves consistently competing on price and hiring sub-par employees - there’s no guiding vision.
Step #2 – Try to please everyone
Besides accepting the fact that failure is part of the entrepreneur’s lifestyle, it’s also a good idea to accept the fact that it’s impossible to please everyone.
I’m sorry to say it, but you will have haters that love to drink the haterade!
No matter what you do, your decisions will always leave someone unhappy. The faster you can accept this, the better off you’ll be, and the easier you’ll be able to think of big ideas that can change your industry in a positive way.
Everyone that expresses an interest in “working with you” or “helping you” has their own agenda in mind. There’s no way you can work with everyone so choose your business relationships wisely.
People pleasing is a guaranteed plan for failure.
Step #3 – Use money to solve ALL your problems
Money can’t buy happiness, but it can definitely solve a lot of problems.
I’m not going to sugar coat it for you – there are problems your business is currently facing that money could instantly solve. I know that.
What I’m saying is that you’ve got to be selective about which problems you choose to solve with capital. It’s easy to begin to lose the creativity and hustle you once had the moment the profits start rolling in the door.
Don’t allow laziness and a lack of creativity to be your excuse for throwing money at your problems. This is how you’ll quickly lose your creative edge and set yourself up for a “wipeout” when the REAL problems come looking for you.
Always ask yourself “How can I solve this without money?” or “How can I solve this with as little cash as possible?”
Don’t be embarrassed exchange services or barter for things you need. These were probably the practices you once used - don’t be afraid to use them again.
Remember, cash should always be your LAST resort when dealing with problems.
“Knowing is HALF the battle”
Remember that famous line from G.I. Joe?
What’s true in the battlefield is also true in the marketplace – knowledge is only half the battle. The other half is what you choose to do and what you choose not to do.
So Remember:
1. Don’t surrender the vision or leadership of your business to anyone.
2. Forget about trying to please all people.
3. Use money as a last resort when solving problems.
Lewis Howes is the author of The Ultimate Webinar Marketing Guide and LinkedWorking. Learn more about how to grow your business through online marketing strategies by following him on Twitter and sign up for his newsletter at lewishowes.com.
