Derek Elliott - What to Do when your Business Fail

In General, can you show me a single successful businessman at all times?

In General, can you show me a single successful businessman at all times? The Success and failure are the two eyes of the business and many successful business persons have failed several times in several ventures. One of the important quote of life is that, in order to be successful you need to fail several times unless if you are lucky or if you are exceptionally good.

Whether we admit it or not, failure is not a fun. As a businessman it will be more painful than facing squarely the sad truth of your business which has finally come to the end of its rope. So it is the right time to close down your doors.

How to deal effectively with the business failure:
Normally, there are many important effective methods are followed nowadays to overcome the Business Failure.

The Change of perspective:
Mr. Thomas Alwa Edison is one of the greatest researcher and entrepreneur in the 20th century .At the age of 67 , his factory was destroyed completely by fire. His informative response was that, "There is a value in each disaster". So that, all of our mistakes are burned up. So that, we can start a new one.

Thus Mr. Edison, have already tried more than 1000 experiments before making his incandescent lamp invention work. He has also commented that there are 1000 times of failure in my life and some of them are not counted properly. Finally the incandescent lamp invention was a 1000-step experiment. Even a hard problem or failure will look too simpler, by the way you perspective.

Learn from this expensive lesson:
To fail, once is the part of your growing and learning process. But to repeat the same mistake is again a foolishness. So, try to learn and gather more details from your expensive failure lesson.

How do you learn from your mistake:
In such indefinite conditions, the process of post mortem analysis is proceeded. So, try to learn more from your precious lessons.

The Post mortem analysis is the process of analyzing the failed business venture. Why did your business fail? What can you learn from the experience? How can you do better next time? What have you learn from this situation? Then finally List down the answers to the questions and keep them in your journal, because it will be very useful when you start your next new venture.

Start again:
The Real entrepreneurs are relentless, persistent and stubborn. Most of the entrepreneurs feel the pain but they stand up again and try to do their best next time easily. If you need a break, try to take one. Then you can set your own time table to plan and can start another business.

Thus the business failures are common among the business environment. But it will be painful for sometime. Even many top level organizations have reached such greater heights due to their effort of breaking their failure. So, if you get a failure try to learn from the same and start a new one very soon!.

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