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Tags: business | setback | success

5 Ways to Turn Business Setbacks Into Success

5 Ways to Turn Business Setbacks Into Success
Aprescindere | Dreamstime

By    |   Monday, 13 November 2017 01:03 PM

The business world, just like any other aspect of life, is constantly changing.

New models of doing business are rapidly evolving and so is the competition. The evolution is cutting across every business clime, from manufacturing to services, from fashion to entertainment, from artificial intelligence and television to the upward surge of cryptocurrencies.

As an entrepreneur, who is bent on succeeding regardless of the business condition, I foresaw these rapid changes and I took necessary steps to keep my businesses up with the trend.

The last thing you want to do as a budding entrepreneur is to allow the fast flowing waters in the business environment sweep you away.

I had to take these steps over the years as I had practically watched some of my startups collapse right before me. This happened to me on five occasions.

I was in bad shape and in a bad place. You know the feeling when people believed in your business idea and invested money in anticipation that you will build a great business and it’s suddenly crashed. It was very depressing and devastating, but I gradually found a way to survive and get myself back in business.

I took these five steps, and I'm still practicing a couple of them now.

1. Critically Evaluate Your Methods

One of the things we tend to do as entrepreneurs is total dependency on a method that has brought us great results over time. As a result, we become so relaxed and lazy to outsource new methods.

The truth is methods change with time and smart entrepreneurs take time to personally review and access already existing methods in order to ascertain their workability. It will be a tragedy to let your business crash on you when you could have avoided such.

In reality, your business is not going to crash without the signs. You will notice the drop in numbers (sales, cash flow, customer base etc.). When it begins to happen, you then need to critically evaluate your methods and processes.

2. Be Ready to Revise the Course of Your Business

As a matter of fact, this is one of the major steps that helped me get back on my feet. I decided to do a critical assessment of what the consumers' priorities were, with respect to the services I offered. I drew up an opinion poll to know how to refocus my business on the path of boom again. This was critical because, during my evaluations, I realized that the challenge was that I was losing more customers.

Most often, we start a business without proper evaluation of our business ideas. After a while, we realize that we do not have all it takes to push the business through a reasonable level of success. It is never late to change course. If it is not working, it is not working. Instead of trying to revive a business that has taken a downward trajectory to perpetual failure, start a new one.

3. Study Those Who Succeeded Against All Odds

One of my greatest success keys is learning from the stories of other entrepreneurs. This is because I believe that whatever phase I am in business today, someone has been there and survived. Success stories inspired me a lot to look beyond my limitations and challenges with the intent of making it a success in this ever changing world of business.

Harrison Ford was a carpenter for 12 years, and was told by movie executives that he didn’t have what it takes to become a movie star. Ford followed his intuition against all odds, and became one of Hollywood’s top paid stars with many classic hits. Ilan Oron of NetBet was able to established one of the most popular UK online casinos despite the ever changing and turbulent nature of business environment fraught by technological change, government regulations and unhealthy competitions.

I also read about Paul Kraus whose survival story became a major business breakthrough for him. He survived the Nazi genocide of World War II and yet again survived a rare kind of cancer caused by asbestos known as mesothelioma. He did not coil up in self-pity to await the slow pangs of death, rather he went ahead to start a website that detailed his journey and that site is the most popular site on the mesothelioma and has sold 17,500 copies of his book.

I also studied about Maurice Blackmore, of Blackmore Vitamins, the Australia leading natural health brand. One thing that astounded me about Maurice Blackmore was his addiction to his field. He was a master of details and knew a lot about vitamins and kept on reading piles of books on anything vitamins.

Even when his business was struggling in the start phase, he wasn’t known to be deterred but stayed hours upon hours in his laboratory testing and getting to know one drug or ingredient after another.

Now, when you read the profiles of some of these people, your lack of enthusiasm starts to fade off and you begin to see possibilities in your fallen state.

4. Don't Be Afraid to Seek Advice

The role of business mentorship still remains crucial even today. There are people who are constantly updating themselves with information about new trends in business. Outsource them and hear what they have to say.

If you cannot find any in your locality, there are great business consultants online that will guide you through on keeping your business moving.

5. Roll With the Flow

You cannot afford to be left behind in this flow. I made it a point of duty to know what is trending in the world of business and apply it in achieving great results. Knowledge that is not applied is a waste of resources. Know what is working on your line of business and apply it.

Richard Agu is a Researcher, Entrepreneur and Freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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The business world, just like any other aspect of life, is constantly changing.New models of doing business are rapidly evolving and so is the competition.
business, setback, success
Monday, 13 November 2017 01:03 PM
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