How to Learn from Mistakes and Succeed Again in Business

Entrepreneurs are often pioneers in the business world. Willing to take risks for their dream of owning a successful business, entrepreneurs use their passion and strong work ethic to make their dreams a reality. However, when adversity and obstacles hit, many new business owners become discouraged and simply give up. Here’s a hypothetical story of a typical new entrepreneur.

“Nothing ventured, nothing gained!”

Curtis Creator opened three pottery stores where customers could make their own artistic pottery to decorate and take home. As an artist himself, Curtis believed in the power of artistic expression and wanted to share that gift with his customers. Even though his stores were a relative success, Curtis had difficulty making ends meet and accumulated over $200,000 in personal debt. After several years, Curtis had to decide whether to give up his dream or learn from his mistakes and try again. Taking time to evaluate his mistakes, reflect on his business model and appreciate his newly-acquired professional contacts, Curtis decided to revamp his business and make a fresh start.

Lessons Learned

When you see your business fail, it can be difficult to step back and see how far you have come since your business first opened its doors. Even though you may have debt instead of positive cash flow, think of the network of suppliers, vendors, investors, employees and loyal customers you have established over those initial years of your business. Especially if you treated your professional relationships with honesty and integrity, many of those people would be more than happy to help you again.

You should also look at what was missing in your first business attempt. Did you have a good marketing team? Were you satisfied with keeping up with the accounts by yourself? Perhaps it is time to get a professional accountant and business lawyer working with you to free up your time, passion and drive to grow your business.

Keep the Dream Alive

Armed with real world experience, a revitalized business plan and quality professionals to help you succeed, you have a much greater chance of success the second time around. Remember to stick to your strengths and delegate the rest to what others do best.

The blogs posted on our website provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

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