Starting a business can be an adventure, even more so when you have just graduated. After leaving university, for the first time you are exposed to the real world. It’s also the time that you make the moves and take the steps to define the person you are going to be and the career you will have. You might be ready to dive into an office job by being an employee or you might have ideas that could make you your own boss.
Failing in business at some point is not only inevitable but essential. Failure is the biggest teacher, therefore there is always a lesson to be learnt. Failing at anything can be horrible and it can definitely knock your confidence, however, it’s vital that you get back up. As the small business owner and decision maker, you are allowed to fail, however, it’s your recovery that says everything about you as a leader. You need to make sure that you are leading by example and showing your team how to recover from a failure in business.
Where do you find your motivation, is it by following in the footsteps of your idols, or reading motivational quotes? Words have the power to achieve great things and coming from the right person, have the power to reignite fire in you, and give you the motivation you need.
It’s no secret that half of the start-ups started in the UK fail within the first five years of operating. Small businesses should consider surpassing the five year mark as a real accomplishment, as that is the point they are out of the danger zone. So, what are the reasons behind the failure of these start-ups?