I started my first business a few years back after working full-time in the mortgage business and being a full-time student, I was definitely ready for a change.
I only had my first business for less than two years when I knew I had failed miserably.
Failure is a necessary part of life and this was a great lesson that I was able to learn at a rather young age.
I am thankful for my failed business and for what it taught me about myself and business practices.
So, I wanted to share with you all the reasons why I now know that I failed that first time around and what you can do to not make my same mistakes.
Here they are, (in no particular order): No support systems/I did everything on my own: I never reached out for help nor did I enlist the support of my friends and family in my business.
I now realize that not asking for help and getting support played a critical part of my past failure.
I also tried to do everything on my own, from teaching the classes, doing the marketing, bookkeeping, etc.
I had no idea who I was in my business.
I got burned out: Having a strong desire to succeed is one of the number one rules for success.
When we lack in desire, we are unable to pull through those difficult times.
Not only did I lose desire to work on my business quickly, I also got burned out trying to come up with solutions and began stinkin' thinking, believing that nothing would work.
I tried to be all things to all people: I did not really understand the concept at the time, but when I was working in this business every time someone wanted something I would change course and do what they wanted.
I never really followed what I wanted to do and I definitely did not narrow done to a small, specific and targetable market.
Instead of becoming an expert I was just a small fish in a pond that was too big for my britches.
I was too nice: I took no for an answer.
Instead of sticking up for my business like I would my little brother, I let everyone and circumstances dictate my success.
I was never really in control of my business, because I gave away all of my control to everyone else.
I lacked confidence/skills/knowledge: While I know now that all of these can be learned and acquired, I let these things hold me back.
It made me stay in the office and work in my business rather than on it, because it was safer, easier and it did not force me get out of my comfort zone.
I thought multi-tasking and completing a daily to-do list was success: I jumped from activity to activity without completing anything that really mattered or that brought me closer to customers.
I worked on activities that had no meaning or that I could have easily delegated to someone else so I could be free to work on the RIGHT things in my business.
I became a victim of circumstance: I begin finding every reason outside of myself as to why my business failed.
It was because I did not have a store front, it was because schools would not let me advertise, it was because I could not get the word out, because marketing was too expensive.
I gave my power away and I fell into the victim mentality.
Successful people are not victims, instead they take ownership of their business and their lives.
These are the lessons I learned from my first failed business attempt, I could choose to dwell on what happened here or I can choose to learn from it and make the most of out it.
I have chosen to learn and move on.
Whatever you do, do not be afraid to fail.
Failing is a part of learning.
You should only be afraid to fail if you are afraid to learn.