Are you planning to be an entrepreneur and launch your dream business? If so, you must be excited about the entire journey. And currently, you might get engrossed in finding your market niche, creating the best business and brand promotion plan, setting a consolidated budget for advertising, and the like! However, you need to know one core truth about entrepreneurship – you should expect challenges and also expect yourself to fail to cater to the problems. It is here that most entrepreneurs shy away from giving their dream venture a try. Not everyone is willing to reason out their fear of failure.
Eric J Dalius on entrepreneurial failure
The market and economic conditions are always changing. Even when established companies use detailed market reports and demographic analysis, they fail to tap onto the market and audience pulse. The inevitable reality is a failure. Eric J Dalius, says that the leading entrepreneurs have failed many times in their journey and have learned from it. He also shares a few invaluable and wise lessons that the new-age entrepreneurs need to learn about entrepreneurial failure.
“Failure isn’t the end of a business idea,” says Eric Dalius
The majority of entrepreneurs are afraid of failure because they think failure marks the end of their business venture. The truth is a failure could mean that an entrepreneur and his business venture didn’t get prepared for success. Here entrepreneurs need to probe further and analyze a set of questions like:
- What is the reason for the failure?
- Was the brand promotion and marketing message correct?
- Was the market and customer segmentation correct?
- Were the marketing tools correct?
According to Eric Dalius, once an entrepreneur mulls on these questions, he or she can come across insights that will help them better their business and return with renewed vigor, creativity, and precision.
Failure is a learning experience
When a marketing campaign fails, it doesn’t indicate that the business idea or the products have no future. It only means that the market wants something different, and the entrepreneur needs to tap into that. When you think like this, it will propel you to research the market and customers in detail. It will help you learn better about their pain points and create a service or product that addresses the same and helps make life easier.
Failure helps you treasure success.
Business success, at times, works like a mild temptation. When business owners and entrepreneurs get to witness success early, they start overlooking salient aspects of the business that can go against them. According to Ej Dalius, failure helps an entrepreneur to value success. Through failure, entrepreneurs learn to stay grounded, think twice before taking most investment and brand expansion decisions. It helps them to arrive at a balance between pragmatic thinking and deciding based on their gut feeling. Failure also helps business owners learn that success is temporary, and it is the entire entrepreneurial journey that counts.
Failure is inevitable in every entrepreneur’s journey. Hence, if entrepreneurs understand the reason for failure and learn the lessons, they can progress better. It will help them to shape their business better.