All people must not want to get any failure on their business. But no matter how great, talented they are and how hard they try, failure is always appeared to everybody who wants to be successful. Many people cannot move on once they get failed from their business. On the other hand, many other people succeeded started from their failure such as Steve Jobs, Walt Disney, Oprah Winfrey and many others more.
A research has been conducted and it was found that the businessmen who are sincere facing their failure will get much better employees and better financial performance. There are four lessons you actually can learn from your failure in establishing a business. Those are:
1. Know when you should stop
You can learn from a social media website which has ever been popular than last couple years, MySpace but finally deceased by the newer one, Facebook whereas MySpace spent so much bigger fund to rise up. So, when you take your entire energy, time and money to reach something but then you are failed, it might be the right time for you to stop. If you do vice versa, you will bear the more loss.
2. Stay focus
You know an accessory company, La Gear which experienced failure in getting quick profit that makes them try various kinds of business. This company sell products with so great discount but not branded. Also, it invests their fund to basketball shoes which is also not their typical product to sell. So fast expansion will make your business growing faster but most often they will lose their focus.
3. Do not be panic Facing Competitors
Do not be panic when you should face your competitor. If you spend too much time to focus to the business run by other people, you will be so much easy to get down. Thereby, place the competitors to be your motivation to reach your own success.
4. Learn to Delegate
There is the first woman CEO on a well-known company, Mattel named Jill Barad. She is very intensive and she focuses to the detail of her work. It is very good for product manager but if she do the same and refuse to delegate to her lieges. It made her job bothered and less productive. Finally she pushed to get out of the company.
Thereby, do not be too selfish to do what you master about something in your job. There is a time when you need to allow your lieges to show their capability while you give your capability for them. It is okay for sharing for the sake of company development.