Failure is a Part of the Success Process By: Jackie Robinson

​It's not a secret that approximately 50% of small businesses will fail within the first 5 years of operation. For me, as a success-strategist, that's not the most compelling factor. What's most interesting to me is what the entrepreneur does after the fail. Do they wave the flag of defeat or do they give it another go?
It has been tried and proved to be true that the reasons new entrepreneurial pursuits don't make it past the five-year mark is due to correctable mistakes on the part of the entrepreneur. These are most likely mistakes that could have been avoided had more thought been put into the planning and strategic process used to launch the business. Below are a few common mistakes that cause businesses to fail early in the game:

• Lack of research and proper planning- Many novice entrepreneurs are excited about the awesome business idea that they have but fail to conduct thorough research of the industry for past, current and future trends to find out if it is a business that is viable, relevant and sustainable.
• Lack of adequate business acumen- The aspiring business owner has a great idea and a little cash to launch their business but that's all they have. They don't understand business operations, business development, marketing and promotions, profit and loss, etc. In essence, it appears as though they believe they just need to open the doors of the business or announce the availability of the product or service and that's all they need to do for their business to grow and flourish. Huge mistake!
• Failure to understand the target market- A lot of business owners attempt to sell things without determining if that is what their target market wants or needs. Some don't even define a target market. If there is not a demand for the product or service, there will be no sales, which will result in a failed business. Business owners need to find out as much as they can about the people they want to become their customers and then figure out how what they have to offer can meet those potential customers' needs, if at all. It's important to find out what the needs of the market are first, then tailor your product or service to that need.
• Premature launch of business-We live in a fast-paced economy where everyday a new business is launching; businesses of all sizes. Anxiety can sometimes get the best of an ambitious entrepreneur, causing them to prematurely launch their business. In my professional opinion, you don't have to be the first to be the best. I know the sense of urgency to be the first-t0-market to attempt to capture the lion's share of business keeps some folks up at night trying to beat their competitor to the punch but it might be best to slow down and wait. We have all heard the saying "The early bird gets the worm", but what if the bird that comes along later gets more worms. Figuratively, there may have been only one worm available earlier but later on there was a whole harvest of them. Friends may be launching their businesses, your competitor seems to be moving along faster than you are, and others are pressuring you to launch, but it still might not be the right time for your business. What if your product or service is ahead of the market? This can be good sometimes, sometimes not. If the economy is not ready for your product or service, you can go weeks and months without respectable sales, which can cause a business to fail. Not that it was not a a good product or service, it was just introduced at the wrong time. Sometimes it's worth the wait to sit back, watch, learn what to do and what not to do, and then launch. Learn from the mistakes of your competitor!

The great news is that an entrepreneur can recover and bounce back from these mistakes!! Since these mistakes have become common, they are also normal. There are 3 key characteristics that one must possess to determine if they will be able to get back in the ring and start a successful business:

• Perseverance-Hanging in there, believing in yourself, and not giving up on the dream of entrepreneurship is crucial to the bounce-back. 
• Endurance-Being able to endure the negative feedback, lack of support, and all that the failure cost you is important to being mentally prepared to get back up and try it again.
• Flexibility-So something didn't quite work out right the first-go-round. Think about what worked and what didn't. Evaluate those circumstances carefully and identify ways things could have been done differently. Many times we don't realize we are about to make a mistake until after the fact. Be willing and flexible enough to change your vision, tweak your product or service, and/or change your approach to your target market. You might even need to be flexible enough to go in a completely different direction and offer a completely different product or service than before. Being flexible will ensure that you will be able to bounce back with a little more ease.

Let's face it, failure has become a normal part of the success process. You definitely want to try to avoid it but if it does happen, embrace it as a learning experience and prepare for the next business being a success. Don't abandon your dreams and goals of starting and growing a successful business just because one failed. After all, you need a rough draft before the masterpiece!

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