Building a business venture and ensuring it runs successfully needs dedication and commitment. Entrepreneurs work hard to ensure that their business ideas are of utility to their target customers and gain more mileage. As they devote their time and energy to make a product or service successful, they have fear and anxiety running at the back of their minds. Entrepreneurs are afraid of many aspects. They are always worried about their business success, getting replaced by other market players, not having sufficient business capital, and experiencing any unforeseen crisis.
Eric J Dalius on entrepreneurial failures
Some entrepreneurs don’t wish to fail for a single time in their life! While that makes them work extra hard and get more cautious, but it is a Utopian situation. Eric J Daliussays that eventually, everyone fails and learns from their failures. Hence, there is no reason to get scared by business failures. Instead, it is essential to look towards defeat in a positive light and work towards the solution. He suggests insightful ways to young and successful entrepreneurs to overcome failure.
- “Go beyond the phobia,” says Eric Dalius
The majority of entrepreneurs get scared about failing because they have strange and bizarre notions about the same. It is necessary to address their fear phobia and move beyond it. Entrepreneurs should ask themselves the reason they are afraid of a business crisis. And that might make them mull over a few questions like:
- Is my business not competent to bounce back?
- Do I feel creative inadequacy?
- Are my beliefs about entrepreneurship frightful and limited?
- Do I lack capital and human resources to make a comeback if there’s a need?
These questions will help them get to the root cause of the anxiety and help them approach any crisis with better knowledge and calm.
2. Failure is an excellent teacher
Let’s not paint failure in a negative light! It is an excellent teacher, as well. According to Eric Dalius, a business letdown sometimes teaches them about the weak areas of their organization. It is essential to look at these overlooked aspects and get more competent. It helps entrepreneurs learn more about the art of business, marketing, understanding the customer and employee pulse, the relevance of launching a marketing campaign at the correct time, and many more. And all these contribute to business success.
3. Failure can also be coincidental
According to Ej Dailus, the majority of entrepreneurs think that they are accountable for a failed business campaign and other losses. While it is good to take complete ownership of the business predicament, it is not correct to get tensed and worried. Also, it is essential to realize that entrepreneurs fail to make the desired profits or garner the customer response they aimed for, purely because the time wasn’t correct. Luck does have a small but relevant part to play in business success and failure at times. And that’s why entrepreneurs should feel they are incompetent or inadequate.
Once entrepreneurs think in the ways mentioned above, they will start to relax and look at failure or crisis with a different perspective. It will allow them to plan better and make informed decisions.