Why business failure is not as bad as you think

JALUUM HERBERTS

One of the things that hold back most people from starting a business is the fear of failure.What if the business doesn't work!?

What if I lose all my money!?

These questions create a deep feeling of self doubt and fear among most that sees them not taking the courageous steps to bring their ideas to life.

Truth is all of us have fears and doubts at some point and it's only human.

This fear is derived from the fear of the unknown.

The fear of what may happen next that's hidden from us as humans.

I am not here to try and give you false comfort but I will tell you something if it helps anyway.

All the successful business people you know had doubts about their ideas at some point.

All experienced the fear of failure.

So it's very human to feel that way because by nature, humans are averse to uncomfortable situations hence the impulsive desire to want to keep away from them and any likelihood of going through them (uncomfortable situations).

Failure is a very uncomfortable experience to go through but is also the most rewarding experience to go through depending on how you handle it.

Your attitude towards failure is what makes the difference.

Lets look at failure from a business point of view.

Whats the worst case scenario if your business failed!?

You'd lose money, get ridiculed, what else!?

For as long as you don't stand to lose your life, everything thing else only makes you stronger and wiser.

If it would take five attempts to get it right, every failed attempt is a move closer to getting it right finally.

Every failed attempt is a barricade taken out of the way and a step made towards the finish line.

Its wise to have failure at the back of your mind and work with it from the view from your side mirror as it's come slowly after you.

Failure is like that car slowly coming behind you on a long trip drive. You shouldn't be focusing on it that much or else you'll crush.

A glance every few kilometers is enough to see how close it's getting to you so you'll either hit the gas pedal to move far away from it or keep a reasonable distances in-between so it won't over take you.

That way you'll keep ahead of it and should it over take you, then you have to drive fast pass it again not terminate your journey instead.

Just get it from me, failure is part of the success equation.

The quicker you wrap your mind around this the better it is for your success chances. Once you've achieved that then you are one step closer to success.

Next is to plan with failure in mind and this is where most people get it totally wrong.

They don't plan with failure in mind. If you are starting a business with 100M as capital, be cognisant of the reality that failure is part of the success equation of this business. So plan accordingly and make sure the room for failure is factored in your approach.

Instead of sinking all the Shs 100m in one go in the idea invest the money is phases. Start with 20m then see how things go.

If you blow all the money to the final penny, pick the lessons and carry on.

Now put in another Shs 30m because you'll have made enough mistakes with the initial Shs 20m that you won't make with the next round of investment of Shs 30m.

Your much wiser and smarter.

Ride on that for some time and trust me by the time you invest your last round of Shs 50m all the failures associated with the venture will be behind you and success will be insight.

This way you will have failed, learned from it and remained with a fighting chance to go the whole 12 rounds. Don't forget, just like in the sport of boxing for as long as you don't remain on the canvas after a hit you still have a chance to win the bout.

Just get up and throw harder punches.

Jaluum Herberts Luwizza is a Speaker,Writer, Columnist with the C.E.O Magazine and Contributor with the Nile Post.He is also a Business Consultant with YOUNG TREP East Africa's No.1 Business Management and Consultancy firm that helps people start and grow profitable businesses.