Businesses Fail Through Lack of Confidence
We tell ourselves stories and sometimes we’re not aware we’re doing it. Think of times you have contemplated a course of action and not taken it because it is too risky. Right or wrong, you told yourself a story. If you are not aware this is story, then how do you know whether it is true? These stories undermine confidence.
I’m not saying anything is possible but how do you know until you try? Confidence is not solely being prepared to try, it is not being stopped by failure. It’s the ability to pick yourself up and start over.
Tenacity
Tenacity works when it is perceptive. Attempting something that never works is probably not a good idea. After any activity, ask yourself what went well. What could have gone better? Learn from mistakes. Find out more about the barriers to your objective. Apply what you learn to your next attempt.
Remember, the biggest reason businesses fail is when the owner gives up. There are times when you have to conclude it is better to call it a day. But usually, when you learn from experience, it is worth another try.
Consistency
Adapt your strategy to meet your learning but don’t forget why you are in business. Your new strategy must be consistent with your business aims.
People around you will offer advice. Listen carefully. Do they help you understand what went wrong or do they offer a solution to the problem, as they understand it? Beware of solutions – they are often not what they seem. Solutions, offered in a spirit of helpfulness, are rarely right for you or your business.
Ask why they think that solution would work. Try to get to their analysis of the problem. Then thank them and work out your approach, consistent with why you are in business.
The Stories You Tell Yourself
“I am not the sort of person who …” Maybe that is true for now. But you need to see where your experience of failure points. Repeated failure may mean you need to try things you genuinely believe are not right for you.
Trust your subconscious mind. You accumulate experience all the time and when faced with something new you are not keen to try, tell yourself a new story. You could fail but equally, you may be on the brink of something new and exciting.
The alternative is to give up. That’s how businesses fail. Draw inspiration from others in your field. Their stories may help. But beware! Your heroes may not be as heroic as they appear.