Bouncing Back from a Failed Attempt
One of the realities of starting a business is that there’s a chance of failure. Almost all successful entrepreneurs, online or offline, have failed at least once, if not many times. It’s pretty rare to hit it big with your first attempt.
Risk is a necessary element of entrepreneurship, and without risk the reward would also not be there. The risk is what keeps a lot of people on the sidelines, leaving plenty of opportunity for anyone willing to work hard and take some chances.
Whether your online business is a blog, an e-commerce site, a membership site, affiliate marketing, a service of some type, or anything else, failure is a possibility. For most entrepreneurs the difference between success and failure is a major motivating factor that drives them towards their goals. For many of us, dealing with and overcoming failure will be necessary at some point in order to keep moving forward.
Doing Business Online
Fortunately for online entrepreneurs, the internet provides unlimited potential with a relatively low level of risk. Because of this there are obviously millions of people across the world working online or attempting to make money with an online business. The reasons that internet entrepreneurship appeals to you (such as low cost of entry, low overhead costs, no need for employees, flexible schedule, global operation, and unlimited opportunities) have also drawn plenty of others as well.
Reasons to Bounce Back from a Failed Business Attempt:
Most Don’t Succeed Right Away
It’s pretty rare to find an entrepreneur that achieved big success right away. A natural progression involves some failure and the ability to bounce back and keep trying.
It’s What Separates the Successful from the Unsuccessful
If you aren’t willing to pick yourself up and make another attempt, you’re guaranteeing that you won’t be successful as an entrepreneur. Those who are willing to keep going and keep striving for success will be pretty likely to achieve it at some point.
You’ve Learned from Your Failed Attempts
The best thing about failure is that it can be a great learning experience. Most of us learn more from our failures than we do from our successes. Everything that you learn from a failed attempt can be used to improve your effectiveness and your efficiency in the future, putting you much closer to success.
There’s No Need for a Huge Investment
As I said earlier, one of the main reasons so many people are turing to the internet as a way of doing business is because there isn’t really a need for a large investment with most internet businesses. If you’re running a traditional bricks and mortar business and it fails, you’ve probably lost a substantial investment. In order to bounce back and try again you’ll need to take another big risk financially. With internet businesses you can start something new with very little financial risk.
Tips for Bouncing Back:
Keep Your Ultimate Goal in Mind
I think all of us have something that makes us want to succeed with an online business. Money is an obvioius motivational factor, but many of us also desire the flexibility that comes with working online. Whatever you ultimate goal is, try to stay focused on that motivational factor and you’ll have an easier time overcoming your failures because you understand that bouncing back is necessary in order to meet your goals.
Evaluate What Lead to Failure
Failure is only a learning experience if you understand what caused the failure. Rather than jumping into something new immediately, take some time to evaluate what worked and what didn’t. Can you continue to build on the things that worked and make some changes to the things that didn’t work? Find a way to implement what you’ve learned into your new venture.
Build Your Network, Leverage Your Existing Network
Networking is important for any entrepreneuer. Sometimes those who are building an internet business tend to overlook the need for networking because the internet can easily be cold and impersonal. However, building a strong network can help you with any online business that you want to build. Once you have a network established find ways to work with others to use the connections that you have made.
Keep an Open Mind
Try not to box yourself in when it comes to your online business ventures. There are so many different paths to making money online that you need to keep an open mind. You may think you have a particular method that is the right path for you, but don’t be closed to other valid options that may arise.
Get Help When You Need It
One of the tendencies of most people who start an internet business is to try to do everything on their own. A few weeks ago I wrote a post about expenses being a necessary part of doing business online. Most of us are hesitant to pay for any type of product or service that isn’t completely essential. However, there are some services that could truly benefit your business depending on your needs. Concentrate on what you do best and find others who you can hire to take care of other aspects of your business.
Make it Happen
The biggest difference between those who have succeeded with an online business and those who haven’t is the simple act of making it happen. Don’t sit on the sidelines, take action and move towards your goals.
What Are Your Thoughts?
Have you had to bounce back from a failed attempt?
This post was written by Steven Snell.
