There are persons who tend to move from one business to another. Once they do not get the desired results on their first business, they simply move to another one, with the believe that they failed because that business in particular was not the right one for them. But the truth of the matter is you might also end up not doing well in the new business. Instead of moving from one business to the the other, find out what you did wrong and learn from it, if you still choose to try out another business, then you would be trying the new business with more knowledge than you had before.
Would you start a new business if one fails?
- Thread starter eldavis
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It takes real grit for a person to quickly hop from a failed business idea to another venture. An individual may have spent considerable time and money into the failed business venture, meaning that he would be discouraged from launching a new enterprise.
I have seen those kinds of people. Today, they are selling cake, and tomorrow, they are selling goats. Those kind of people build businesses on hear say. And when they don't find what they heard, they move to another one they are hearing about.
Well, this would obviously depend on how much capital I have. If i have enough capital, then I would definitely think about starting a new business that may prosper and thrive in the future.
It depends on your motive for starting the business. If it is mainly driven by survival, you would go and start another one. If it is driven by passion, you would hang on and make it work.
It is ideal vto study why you failed in the first instance rather than abandon the first project and go for another project. There is no sin inb failure, instead it makes us strong and preparable for future challenges.
There are circumstances though where common sense and analysis demand that you quit a business. When a business is no longer viable you have no other option than to quit it and look for something else to do. Example cyber café and the lots.
If your business fails, think of the reasons and learn from mistakes. See if there is anything you can do to save the business such as looking for investors. If you cannot think of any way to save the business, think of other alternatives such as working for someone or start a new one.
Mistake is a school of correcting wrong misdeeds and learn from it. Mistake is not what should be considered as drawback. When a business fails, attempt should be made to learn from it and make a correction to redress theb situation.
There are many people who who are so passionate about the business that they never tend to quite and they think that they will certainly gain success, no matter what. This is the kind of spirit people need in order to become successful.
You are right , not getting it once doesn't mean you should be done with it yet , there are lots of successful business owners out there that didn't get it right st first but with consistency and trials they were able to return on track.
