Failure It is easy to deal with success, but how do you deal with failure? Thousands of businesses fail for a variety of reasons. Most fail due to in adequate research, not clearly identifying a gap in the marketplace or determining their potential customers before starting out.
Every successful entrepreneur has had business failures. I have had several business failures. When I realized a company would not succeed, I accepted that the first cut is the cheapest and moved on. I had no problem in closing down businesses that were not going to succeed. Too many people let ego and pride get in the way and continue to run a business that is not profitable. Be ready and willing to cut the cord, and you will set yourself up to succeed.
Victor Green has a long record of founding and growing businesses in a variety of industries. Now retired, he lectures and mentors small business owners and new entrepreneurs in conjunction with SCORE and the U.S. Small Business Administration. For more information, visit Howtosucceedinbusiness.com.