Should you try your business second time after initial failure?

[hastral45]

Most people who are interested to have their own businesses always failed to resuscitate the business back after it failed in the first attempt.
They felt despair and believe that the business is not lucrative. Many may even be discourage as a result of their friends attitudes or reactions in the business failure. What they don't realize is that downfall of a man is not the end of his life.. The facts that the business failed in the first instance does not mean it can not be successful again.
One just need to be resilient and determine. Never mind the discouragement or mockery from friends and relatives.

 

[Shortie]

Most people when they start a business and then see it fall with no way of being able to stop it often start to feel discouraged and that is what prevents them from trying again.

If you have a business that failed once, the best thing to do is to take a step back and look at what you did and what you could do to make changes that will help prevent the same issue from happening again that first caused your business to fail. If you are unable to learn from your mistakes then you will be destined to fail every time so it's about realizing what you did wrong and how you should fix it.

 

[enehemie]

It depend if to start the business the first time you needed a big amount off investment that you lost after all its fine to stop for some period of time and analyse what has gone wrong until you find the solution its better to not start a second business right away at least dont invest too much money and pick something that work out realy fine.

 

[uptrendfinancialsignal]

It is better to keep trying until you become very successful in a particular business.

 

[IB D]

My business failed twice and I came back and still rallied round and made it work. Failure is a vital part of every business. It is part of the learning curve of any business.

 

[Springtime]

That depends. If my business failed, I would analyze the reasons of failure. If it is due to a wrong business idea, I would close the business. However, if failure is mainly due to mismanagement or overspending, I would learn from mistakes and try again.

 

[IB D]

That depends. If my business failed, I would analyze the reasons of failure. If it is due to a wrong business idea, I would close the business. However, if failure is mainly due to mismanagement or overspending, I would learn from mistakes and try again.

I even believe that a bad business idea can be realigned and tailored to make it work. It is all about strategy. If it is location that was bad, you change it strategically to a better location.

 

[Shavkat]

If it happens to me, I will definitely not going to venture with this business again. I would rather find a new business. Then, I need to conduct feasibility study. It can be the best option to determine if it is viable or not.

 

[IB D]

If it happens to me, I will definitely not going to venture with this business again. I would rather find a new business. Then, I need to conduct feasibility study. It can be the best option to determine if it is viable or not.

That is not the spirit of an entrepreneur. You can only give up if you had made mistakes in the foundation of the business. Beyond that, you have to stick around because the failures are schooling you.

 

[hastral45]

If it happens to me, I will definitely not going to venture with this business again. I would rather find a new business. Then, I need to conduct feasibility study. It can be the best option to determine if it is viable or not.

Will you abandon your horse when you fall of it?. Will you say just because you had an accident, abandon vehicle?. Or are you going to stop living inside building just because you saw another building caught fire?.
I'm sure the answer to the above is No. Therefore, you cannot quit a business just because it failed once. You keep trying.

 

[aovurevu]

I believe one should be able to try business out even after failing in the first or even the second instance as the case may be.sometimes, things don't always work out the very first time you try it .On this note, there is need to examine the cause of the business failure and work on it.

 

[Shavkat]

Will you abandon your horse when you fall of it?. Will you say just because you had an accident, abandon vehicle?. Or are you going to stop living inside building just because you saw another building caught fire?.
I'm sure the answer to the above is No. Therefore, you cannot quit a business just because it failed once. You keep trying.

I am sorry to say that it is my person to stay in a failed business. I would rather declare bankruptcy. Besides, I need to conduct business feasibilty study to determine its viability.

 

[AruneBend]

Keep trying after all failure is the best teacher analyze your mistakes and learn from them many bussness fail and it's not the end

 

[Heatman]

Most people who are interested to have their own businesses always failed to resuscitate the business back after it failed in the first attempt.
They felt despair and believe that the business is not lucrative. Many may even be discourage as a result of their friends attitudes or reactions in the business failure. What they don't realize is that downfall of a man is not the end of his life.. The facts that the business failed in the first instance does not mean it can not be successful again.
One just need to be resilient and determine. Never mind the discouragement or mockery from friends and relatives.

The reason why you are failing in your business is because you are not doing something right but as long as you manage to fix that a error in managing your business, you will find it very easy to grow the business.

 

[hastral45]

Keep trying after all failure is the best teacher analyze your mistakes and learn from them many bussness fail and it's not the end

Yes, failure should be seen as a teacher. It is from a failure, one should learn lessons and not despair. Failure of business should not been seen as the end of it. Try it second time. Examine and assess the factors that caused the initial failure and think about the possible solution. It is not ideal to quit business because of the initial failure.

 

[eldavis]

If you have Passion for the business and you really want to do it, i don't think you would wait for someone to tell you to try again or not. There would definitely be a push to want to give it another goal.

 

[Stardom22]

Personally, I would prefer to keep trying and trying doing business even after I have failed for the first or second time. The best thing in trying is that you get to learn through your mistakes and soon you would become so perfect.

 

[fcbetting]

I think we should. I will do definitely will some little different model or bigger rewards. Ask for help from others, do survey and start again. Rare who made from first atempt.

 

[Bango]

Well, what is clear is that after every failure, you learn and become more experienced. You should try not to repeat your mistakes, then the probability of your success will increase

 

[hastral45]

Well, what is clear is that after every failure, you learn and become more experienced. You should try not to repeat your mistakes, then the probability of your success will increase

Mistakes should not be seen as barriers but rather learning tools to correct any anomalies experienced during business failure. As a beginner in business operation, you should not expect effective running of the business. You should be expecting some challenges which are to be utilized in correcting the occasion.