- One of the best ways to fail in business is to leave your secure job with no savings in the bank so that within a matter of weeks money becomes a big issue to you. You become desperate to earn what you can, show your desperation to everyone, complain that money just isn't coming in and panic at every opportunity. But in that moment that you walk out of your job it's just so exciting, you've got this great idea, your friends have all told you they admire you for what you're doing and they love your business idea, and you know that if you believe hard enough you'll manifest everything you need. Sadly, it just doesn't work that way. Most failures in business come from lack of cash flow - and this can happen at any stage with a business. No money in the bank, no money to pay the bills, no money to pay you, and then the panic sets in. Be sure to have no cushion of money at all if you want t achieve failure fast with your business
- Next, doing the wrong things, and working so damned hard at those wrong things that you exhaust yourself is definitely a quick route to failure. What do I mean by 'wrong things'? Well, it can include not doing your research and selling something people just don't want, just as much as it can mean spending 80% of your time working to get just 20% of the income you're capable of earning, or it could be about spending all your time on so-called marketing by putting most of your energy into social media that isn't targeted, and is, in truth, more about you socialising with friends than it is about marketing in a way that will bring you income. To avoid the failure we need to be working 20% of the time on 80% of the income, something only the successful do.
- The third way to pretty much guarantee failure relates to how you handle what's going on around you - difficulties in your business, difficulties in your personal life, what your competition does, the economic climate, changes in technology, changes in buyer behaviour, changes in what buyers want and so on. Those who fail in business take the same difficulties that everyone else in business encounters, and turns them into personal attacks, reacting emotionally to what's going on. Everyone has the same issues to handle in business, and pretty much in life too. What separates us apart is what we do, how we react, what we want to happen. For failure to happen, the best thing to do is to take everything personally, react emotionally, and wallow in your sadness, whilst sticking your head in the sand and ignoring what's going on around you.
And so if you do these three things you're pretty much guaranteed failure - but let's get something clear. Failure isn't a bad thing. Failure can be some of the best learning we'll ever get. It can help us grow, and it can be a fundamental part of your future success.
Remember, some really famous people failed many times before they encountered success. Oprah was fired from her TV job; J.K. Rowling had Harry Potter rejected by 12 major publishers before Bloomsbury took the risk with her first book; Bill Gates failed with his first business; it took Henry Ford 3 attempts to get things right with his business; and Walt Disney's first business ended in bankruptcy. Great reminders that failure can be part of the journey to success. But here's a thought, instead of accepting the inevitability of failure, why not become someone a failure spotter in your business, and make the tweaks as you go so that you can enjoy success after success. You've got to admit, it's worth a try!