In a Business, Failure is a normal thing. Almost every business face failure but what separates a Successful businessman or businesswoman from the failed one is the way he/she face Failure.
If you face it in a Negative way, then you and your business will never see the light of Success. Instead, you could face mental health problems such as anxiety and depression.
On the other hand, if you see failure in a Positive way, you can learn and then you can apply that learning in growing yourself and your business.
Everything depends on “How would you perceive Failure?“.
Would you sustain even after Failing 5 times or will you give up after Failing only 2 times? All depends on that.
So, lets first see some Business stats before getting into “How failure in Business can cause you depression?”
Business Failure Stats
20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.
Top 10 Reasons for small Business Failure
- No market
- Ran out of cash: 29 percent;
- Not the right team: 23 percent;
- Got outcompeted: 19 percent;
- Pricing / Cost issues: 18 percent;
- User un-friendly product: 17 percent;
- Product without a business model: 17 percent;
- Poor marketing: 14 percent;
- Ignore customers: 14 percent; and
- Product mistimed: 13 percent.
How Failure in Business Cause Depression?
When you face failure in a business and you don’t know how to face it in a positive way then, negative feelings such as sadness, hopelessness, worry, low- confidence, stress, irritation, and anger will be generated inside you.
Along with these negative feelings, negative thoughts such as, “I can’t do it”, “The business world is not for me”, “I’m not smart enough to run a business”, “My life is Over now” will generate more negative energy inside you.
Now, if you keep dwelling on these negative feelings and thoughts for 15- 20 days without doing anything to get rid of them and also don’t learn “How to Face Failure in a Positive way?” then the negative energy generated by these feelings and thoughts can take you to Depression.
You will not go in depression in 5-8 days but if you keep harboring these negative feelings and thoughts inside your mind for at least 15 days, you can go into depression.
So How to Face Failure?
This is a Million dollar question and our Schools and Colleges also don’t teach us “How to face Failure in Life?” but the answer to this question is very simple.
Failure is Success; Without Failure there is no Success.
Failure is like a Teacher who comes to teach you a lesson which if you apply, can help you in the growth of your business.
Whenever a Failure comes, see what is there to learn from this failure and then implement this learning to improve your business.
Many business owners or entrepreneurs learn from failure and they also apply this learning but they keep doing the same mistakes which failure had taught them, again and again.
You can’t keep on making the same mistake again and again, it is a Blunder and businesses don’t run on blunders.
When you face failure, bring positive thoughts in your mind such as, “What can I learn from this Failure?”, “How Can I improve my Business processes?”, “How can I make my business more Technology Friendly?”, “Is My Business running hand in hand with Technological advancements or am I lagging behind?”, “Do I need a Business Advice?” , “How Can I Improve my Profits?” , “How can I do Better marketing?” and…
Then focus on finding the answers of these questions.
When you Focus on PROBLEMS, you create more Problems and when you Focus on SOLUTIONS you get the Solutions
Also, many business owners don’t apply
And in this Modern IT world, things are changing every day, if you don’t keep pace with these advancements then you will be left behind and no one buys an outdated product or Service.
The business world is Cruel, so you have to be Smart.
1.Learn from Failure.
2. Apply that learning in your life and Business.
But don’t repeat the same mistake again
Things to Keep in Mind if really want to Become a Successful Online or Offline Business Owner
Well I’m not a startup guy but I’m a small online business owner and these are some points which every business owner should keep in mind.
–Learn from your Failure but don’t repeat the same mistake again and again.
-Never stop Learning, take Business advice whenever required.
-Don’t work for money, work for a purpose like my purpose is depression awareness and Money is just its By-product. Offline and Online Business Owners such as Bill Gates, Mark Zuckerberg, Steve Jobs, Tony Robbins, Jeff Bezos and…
-Outsource if you can’t do all the work on your own.
-Always keep yourself abreast with Technological Advancements.
–Meditate everyday for At least 20 min.
-Read more and more.
-Do what is good for your Business and not for your Ego.
-Never Belittle your Employees.
-Get rid of Anger.
-Listen More and Speak less.
-Never Blindly Trust Anyone.
-Work in a smart way, not in a hard way.
-Never mix up your Professional and Personal Life, always keep them separate.
-Never Reveal your Business Secrets to Any single person, no matter how close he, or she is to you.
-Know your Worth.
-Focus on Marketing.
-Be Consistent and have Patience (Anything Worthy takes time).
“Never let Success get to your head and never let failure get to your heart”