Congratulations! People fear from starting one and you’re done with many.
Analyse Your Failure:
- As far as its about giving up, its your choice. Take a break, analyse what went wrong so that when you start again at least you don’t fail in a similar way. If you don’t learn from your failures, then all the effort goes waste. For example:
- If your expenses were much more than revenue than which particular thing cost this difference. Is it marketing, execution(logistics), poor clients.
- If your clients didn’t repeat orders from you then whom did they turned to and what deal he offered them.
- If your sales force didn’t work effectively then which kind of clients they were not able to convert into results.
- See if you’re financially able to take risk one more time or its time to settle down. Read book “Rich Dad Poor Dad” if you haven’ t read already. It’ll teach you a lot of basics about getting successful.
- About failing, I’m sure you’ve run those business for quite some time. So there must had been a time when it was successful. May be it didn’t end in the way you wanted to but that doesn’t mean you failed completely.
- May be you’ve failed several times, but there’re people who’ve failed more than you can even think about.
Plan Your Next Move:
- It always depends on what you want to achieve. Priorities your life. There’re a lot of things in the life than just doing a business and earning money. I’m not demotivating you but sometimes people try that they don’t really want which end up in failure.
- Ask yourself if you have attained what you wanted.
- Choose a field of your interest and try setting up a business in that field. Your chances of getting success increase by a huge margin this way.
How to Bring Efficiency In Your Work:
- Build up a good team. That ensures all your plans are executed in a good way. Also, saves you a lot of time otherwise wasted in bringing the efficiency in the system.
- Learn to analyse your efforts periodically so that you don’t end up wasting time.
- Use a horizontal approach in your business.
- Try to automate the work. Automation is the key to success. A business that can’t be automated only degrades its value.
- Learn the principle of 80/20 in life. It says that 80% of your success comes from 20% of your efforts. Now, figure out which tasks to do first in order to succeed.
How to Automate Your Business: Automation is a process and it varies for business to business. You can’t automate your business from day one. In order to achieve it:
- Stay away from your business: Take breaks and see how your business works in absence of yours.
- Divide your business in as many small parts as possible. For ex: sales, logistics, marketing, operations, IT, accounting. Now , see how every component is related to each other. And, what is your role in between any 2 parts. If your role is approving the results from one department to another, create a guideline so that each department can take the decisions on its own.
For ex: If you need to approve budget for marketing, give directions to account department for the upper and lower limit of the budget.
- Outsource: Outsourcing is the easiest way for automation. You need to work with several vendors in order to find out which one is reliable and suitable for yours. Outsourcing includes a cost but the results are humongous.
- Use automation tools: Use CRM, Mailchimp, Hootsuite etc. Below is a list of some great automation tools.
Learn the principle of reverse engineering: According to it, in order to learn innovation, first copy something. Once you’re able to replicate something. Then, try to find out the logic behind that. Once you’re able to find out the logic behind that work you can easily start creating your ways out of that.
How to Use the principle of reverse engineering: Suppose you want to create a social net working platform.
- First list down all the important features of a social networking platform (say facebook).
- Now try to find out the flaws in the system. For ex: FB annoys you in the exam time. It shows you the unnecessary posts at the work time. It uses too much of your internet. It doesn’t show you the posts of the people that you’re not connected to but you may like to. It doesn’t show you what the most creative posts around the internet. It doesn’t help improve your GK until or unless you subscribe to specific pages.
- Now, see how you can solve these features. For ex: you can create a system to put off notifications in the exam time so that you only see the important stuff. You can create a system to select topics that you might be interested in.
What Other Options You can Explore:
You’ve opened up a lot of opportunities for yourself. The person who has failed can give the best of advice to anyone.
- You can write a book about your business experiences and it can be a bestseller.
- Open a consultancy firm and start advising young entrepreneurs. They really need persons like you who can guide them in their journey.
And many more.