Ask Gerber: How Can I Recognize and Overcome Temporary Failures?
MARCH 26, 2019
As a business grows, failure is a pertinent threat. That doesn’t necessarily mean the business will fail entirely, but depending on the stage of your business, failure can have a different impact at different times/stages.
However, it’s important to address the difference between temporary and permanent failures, and what you can do to minimize your risk.
Losing a major client or key employee can easily feel like the end to your business. When you’ve experienced a personal setback that limits your ability to run your business, you can’t see how overcoming it will ever be an option.
The good news? These are temporary failures!
The path to success takes time.
Many entrepreneurs experience temporary failure time and time again, without ever giving up entirely. Instead, they continue to redesign, reformulate, refocus, and/or (in some cases) come up with entirely new ideas.
The trick to preventing a temporary failure from transforming into a permanent failure is first to recognize it, and then to approach it correctly. Sometimes overcoming temporary failure is as simple as:
- Recognizing the need to hire a new team member
- Being flexible enough to take the business in the direction it wants to go rather than the direction you originally planned
- Maintaining the gumption, enthusiasm, and optimism needed to start again after a first, second, third (or more) attempt at success
First-generation entrepreneurs are uniquely qualified to view failure as a steppingstone for success. Since failure is a common occurrence when you start a business, possessing the personality characteristics necessary to overcome those failures is a blessing. The key is keeping a positive attitude.
Share with us on
Facebook,
Twitter or
LinkedIn!
