Failure or Expensive Business Lesson?

Yesterday, I sold a piece of equipment at less than half the amount I would have wanted to.

Ouch…I decided to go ahead anywhere because I believe in bouncing back quickly after a setback.

Did I fail or was that payment towards my practical business education?

In the past 6 years that I have been in full-time entrepreneurship, I have tried several different businesses.

I have tried a running fashion boutique, web design, programming, photography, graphics design, buying and selling, cross-border trading, freelancing, fashion design, car hire, agriculture, equipment hire, network marketing, social media marketing, consulting and now writing, coaching and speaking.

As you might imagine, this has given me a wide range of exposure and experiences with different aspects of a business.

The three business success ingredients

Now back to that piece of equipment. It was meant for a business that I was passionate about but I was lacking in one of the three key ingredients to success.

I have a very seasoned business mentor and he tells me and his other students, that there are three key ingredients to business success.

The right vehicle

The right vehicle refers to the business type you choose, in other words, the means by which you decide you want to generate income.

The right knowledge

Here, there are two kinds of knowledge. The first kind is general business knowledge. This means production, sales and marketing, and finance. These apply to all kinds of businesses and every business owner needs this knowledge in order to succeed.

The second kind of knowledge is industry-specific knowledge. This means that whatever area of operation you choose, you must aim to learn as much as you can about it. If you are in construction, for example, you must understand different construction types, construction materials, project timelines etc…if you are in fashion, you must understand fashion trends, names and types of various fabrics, colors and textures and their different applications etc..

The right you

This part refers to your mindset, your character, your work ethic etc… As an example, you can have the right vehicle and the right knowledge but if you have fear, you will not act. Similarly, you can have the right vehicle and the right knowledge but with a poor work ethic, you really won’t go very far.

When I bought that piece of equipment, it was the right vehicle. I also have the right general business knowledge and the right mindset and work ethic.

Do you notice what I was lacking? The right industry-specific knowledge. I didn’t sufficiently research eh area I wanted to go into. I didn’t have enough knowledge, therefore, I found myself relying too much on somebody else whose standards I was not happy with. Then I found that surprisingly, it was hard to find the right workers.

I closed that business last year and yesterday I sold the equipment.

Have you closed a business or project before? Did it make you more determined or more fearful to try again? For me, failure is just another step towards success. I am glad it didn’t work out because now I am much more focused on writing and coaching.

If it had worked, my attention would have been divided.

How do you view failure?

Henry Ford says Failure is simply the opportunity to begin again, this time more intelligently

If you are currently struggling or you are just from closing a business, are you able to tell which of these three essential ingredients was missing?

What is your plan to overcome them?

I have 3 different email based free courses

One is meant to help with the first key which is the right vehicle. It’s called how to start a business.

The second one is meant to help with general business knowledge with a focus on marketing, it’s titled 10 days to better sales in your business

The third one is meant to help with the right you, your mindset. Its called how to overcome fear and limiting beliefs.

Pick the one that you feel most applies to you and enroll. It’s free.

 

 

 

 

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