Failure: It’s an ugly word, and for many business owners, it is a word that probably keeps them up at night.
You see, statistics around business failure rates do not make for happy reading. As can be seen here, https://www.fundera.com/blog/what-percentage-of-small-businesses-fail, only 50% of startups survive after five years in business. So, you might beg the question, why bother starting a business at all?
But here’s the thing. You shouldn’t let the fear of business failure deter you. It all depends on your mindset, so consider the following pointers.
#1: Have a glass-half-full mentality
Okay, so 50% of businesses fail after five years. Bad news? Erm… yes and no! You see, while you could let that fact give you sleepless nights, you might also take assurance that 50% of businesses actually succeed. That’s good news, right? So, don’t let fear take hold, because as can be seen in this article, https://www.entrepreneur.com/article/299403, it can be the fear of business failure that can actually cause you to fail. Be positive then, and strive towards the other points within this article with a half-full rather than half-empty mentality.
#2: Reduce the risk of business failure at the outset of your business
Take steps to overcome anything that could hurt your business in years to come. So, rather than fail in business because your finances have dried up, get the advice of an accountant when you begin your business, look for ways to save money, and find ways to fund your business that don’t necessarily require the use of a loan. Rather than fail in business because of legal issues you weren’t ready or aware of, seek the advice from an attorney at the outset of your business, and visit https://www.golegalyourself.com/product/go-legal-start-essentials-california/, to download any essential legal documents. And rather than fail in business because you don’t have any customers, research your business idea, and make any necessary changes to ensure you aren’t about to start a business that is too similar to others in your community.
#3: Embrace the fear of business failure
Don’t let the fear of business failure hold you back. Rather, embrace the fear and let it spur you on into making your business work. So, let the thought of fear drive you into finding ways to beat your competition. Read our article https://start-up-booster.com/5-tips-for-your-business-to-beat-market-competition/ for useful advice. Let the thought of fear make you market the hell out of your business. And let the thought of fear give you the impetus to work hard, rather than taking half days here and there because you can’t be bothered to put the effort in.
Finally
Business failure is NOT an inevitability, so don’t let the thought of it deter you from starting a business, and don’t let it grind you down when you encounter obstacles on your business journey. Your might be within the statistics of business owners who succeed, so follow our suggestions, and commit to research online so you can improve your chances of surviving in business.