Expert articles have taught you how to be successful at setting up and running an online store. Most of your challenges- real or perceived- are addressed and you have access to some great business advice as well as free resources to use.
So are you now protected against business failure?
A huge number of ecommerce stores struggle to survive because they fail to address the cracks that begin to show in their journey to success.
The reasons for failure will be as varied as the people or products online.
Many fail because they have not actually analyzed the needs and demands of target customers beforehand and may not draw the attention of customers when they launch. Lack of planning leads some to burn all their cash and collapse financially. Even promising startups are sometimes unable to stay in a competitive market and make meaningful marketing efforts to grow and connect with potential customers.
While this may be the brutal truth, it need not be the path to doom for your online business. There are powerful and unexpected lessons you can learn only from your failure, that you would never learn unless you experienced failure yourself.
Infact Failure Is A Great Teacher
In the famous words of J.K. Rowling; author and creator of Harry Potter; “It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all, in which case you have failed by default.”
As an entrepreneur, you know the value of these words very well.
So What Business Lessons Can You Learn From Failure?
- Make decisions quickly and then take action quickly too. Remember things move very fast in the internet age and someone else will do what you drag your feet on.
- Some things take time to materialise; so learn to factor in adequate time where needed before you expect results.
- Stay connected and relevant to your customer. The product you sell should ‘fit’ your customer at all times and should add value to their lives. Don’t waste time on a product that no one will buy just because you like your own idea.
- Be creative and flexible when looking for solutions. Business owners and entrepreneurs need to be responsive to changes in the marketplace and make the most of a rapidly changing landscape.
- Take responsibility for actions and outcomes. Passing the blame will only kick the can down the road – it will not fix the crack you saw or help you understand the cause.
And What Personal Lessons Can You Learn From Failure As A Business Leader?
Failure encourages resilience and persistence.
Failure ultimately makes you more confident.
Failure produces better habits. It offers the opportunity to reinvent yourself.
Failure makes you take responsibility.
It encourages innovation and risk taking.
It Depends On You
A company that is afraid of failure is rarely going to be a success. Equally, if you learn from setbacks, you will know how to turn those failures into success.
If you ask the important questions without fear and explore what brought about failure, you will know this is not a personal defect; rather a business learning that helps you become a more effective business leader.
Someone who learns to come out shining as a result !