You can be discouraged by failure or you can learn from it

“Would you like me to give you a formula for success? It’s quite simple, really: Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that’s where you will find success.” Those are the words of Thomas J. Watson

One of the biggest mistakes people make is to quit when faced with temporary defeat. Business owners will have a much different story to tell if they operated as if their lives depended on the success of their business. The story of Thomas Edison is quite an inspiring one, he may hold the record for most failed attempts before reaching success on a single project. Edison failed several thousand times before inventing a functional light bulb. His response has become famous to entrepreneurs, “I have not failed. I have just found 10,000 ways that would not work.”

Failure is inevitable in business, so it’s important to learn how to manage it. In today’s article we share some insightful tips from Andrew Griffiths – serial entrepreneur and author on ways to get through any tough time in business.

Here are some of his suggestions:

• Don’t make things worse by doing nothing, instead leap into action.

• Deal with facts not fictions. Don’t freak out based on what could be. Get all the information on what is going on and only deal with facts.

• Cement your relationship with your existing customers. Many businesses stop servicing their existing and loyal customers during tough times. However, it’s in tough times that you need to build bulletproof relationships with each and every customer you are fortunate enough to have.

• Rethink your business. Crossroads provide an opportunity to make hard decisions about what is working and what is not. Use the time to reflect on your business and make the changes necessary.

• Get out and chase business. When times are tough, you have to ramp up your business development and push through the hard times.

  Failure is tough, especially when it is consistent. However, successful entrepreneurs respond to failure with a positive attitude, it is accepted and leveraged.
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