In order to ensure you are tenacious to survive in the cut-throat world of business, this week on the Htet Tayza blog I wanted to let you know how to bounce back from failure.
Anyone Can Go Down in Flames
When they start up a venture nobody wants to think that it’s going to go down in flames. That won’t stop it from doing exactly that, and you’d be surprised how many people see their business fail.
Just look at the world’s most famous entrepreneurs – Alan Sugar, Donald Trump, etc. At some point in their careers, they have all failed, and failed big. Therefore, it stands to reason that at some point in your career, your business could fail too.
Even Richard Branson Has Failed
However when you do, you shouldn’t let it put you off diving back into the world of entrepreneurship. You should use the disaster to enhance your experience as a business professional so you’re less likely to fail the next time you try.
If you need an example of how it’s done, look at Richard Branson. The founder of the Virgin Group is one of the most successful men in the world. Yet even he has gone down in flames, and he recently spoke out on how he bounced back from that failure.
Going Against Virgin’s Cardinal Rule
The failure in question; Virgin Coke. I think we all remember what a disaster that was. It didn’t have a hope in hell of succeeding because it was entering a market that was crowded to the point of breaking. Even he admits that the reason it failed was because Virgin went against its own cardinal rule – only feature unique products – to launch it.
Thanks to his experience with Virgin Coke, Branson learned that you cannot launch a product in an overcrowded market and expect it to prove successful, without making it unique. He took this lesson and used it when launching Virgin Airlines in a similarly crowded market, ensuring the Airline offered a service that could be found with no other. Virgin Airlines was, and continues to be a huge success.
Failure Enhances Your Skills as an Entrepreneur
In other words, if you want to bounce back from failure, you need to learn from it and use it to make your business better. This explains why nearly all of the world’s most famous entrepreneurs have all failed at some point. It’s their failures that equipped with them the knowledge they needed to build their success.
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