Entrepreneurs, Turn Past Failures Into Successes (Part 2)
photo credit: hans.gerwitz
In part one of this post we discussed the fact that many entrepreneurs allow their past failures to hold them back. We discussed 3 bite-sized nuggets that entrepreneurs should consider to help them move past these failures on to success.
In this post, we will introduce and discuss the four remaining nuggets.
Seek the advice of others who have gone before you – This is probably a step that many entrepreneurs skip. I think for many of us it is a pride thing. However, it is imperative that we take this step my entrepreneurial friend. Seeking competent advice is very wise. You should seek advice on three levels:
1.Seek advice about whether you have properly defined the failure . Knowing how to properly describe and define the failure is key in determining the causes. It is also a key factor in ensuring you don’t have a repeat performance.
2. Seek advice about whether you have correctly identified the 1 or 2 key factors that led to the failure. It may be hard to be objective about what caused the failure. Discussing your list of possible key factors with a competent advisor can help you clearly identify the key contributing factors.
3. Seek advice about possible approaches to circumvent the failure in the future. This is very important if it turns out that your failure was due to an error in judgement. We all have blindspots in our lives that others see clearly. By seeking advice about solutions you will multiply the odds of succeeding this time around.
Create an action plan – After you have sought competent advice and combined it with the information you gleaned from your own analysis, it is time to create a plan for moving forward. Take your time and consider all the steps you need to take to move forward. A great action plan should include steps to take, deadlines for completion of each step, resources needed to complete each step, possible obstacles to completion and steps to circumvent any known obstacles.
Implement the action plan – There is no need to create an action plan if you are not going to put it into action. At this point, you need to commit to the action plan and get started. After each step, review your plan and see if you need to make any adjustments. Remember things change and we need to be flexible.
Review - After you have accomplished your goal it is important to review. You want to see what went right and what you can improve. The key is to understand the process so you can improve it and repeat it.
When you face failure this way you will no longer fear it. You will eat failure for lunch. As always, I look forward to your comments.
Seek the advice of others who have gone before you
I have done this almost all of the time in one of my most failure riddle areas. I can say that it does work. It works however, over time. I have changed but by baby-steps, little by little, over years. Now I am much futher along. During the process it did not seem like i was learning anything but one day i look up and i was no longer the same charlene i was. So in business i will start by seeking the advice of others from the beginning.
Create an action plan
Making a plan, a map for your business will give you direction. It will make everything clear so that there are less mistakes.
Implement the action plan
Now I can move foward. I have the map to show me each step of the way. I can move with more confidence.
Review
I can now look over what I have done to see what went right and work on what went wrong. I can also see how I can improve on what went right.