Failure to Succeed

Failure to succeed in business happens daily, and the figures can be daunting to new and seasoned entrepreneurs alike. In Canada, the number of business failures will be high with the recent ongoing pandemic closures. Even before that, 20 percent of new businesses failed in the first year and 60 percent failed in the first three years.

The fear of failure is very real. What most entrepreneurs realize is that failure in some measure is inevitable, and even can be desirable when it opens new doors of opportunity. Factors outside of our control will impact our supply chains, our delivery schedules, our personnel, and other areas we rely on to run our businesses.

It’s how we as entrepreneurs react and gather information to make future decisions that really matters. Having a trusted support system of other entrepreneurs can be a huge help to both finding a solution and to keeping the emotion of fear in check. Chances are someone else in your network has faced a similar situation.

Let’s face it, change is not easy for most of us. I was a comfortable part time entrepreneur at my local Farmer’s Market for years, working full time during the week so sales volumes and such did not really impact my financial health. It was a fun hobby that made me some extra money and a way to meet great people and enjoy the outdoors. That all changed in a major way when my employer closed their business at the same time that I was undergoing major surgery that would leave me partially disabled.

Failure of my future plans arrived in a big way along with some significant fear. The challenge to find new income and accommodate my new health issues seemed overwhelming at times. It was time to dig deep inside myself, get past the fear of what could happen, and start to make a plan. I knew that I had knowledge of food safety and production from my education and previous career. I also knew that I really did enjoy sales and that I had developed customer service skills at the Market. My bright idea was to combine them, and my new company Edible Promotions Inc. was born.

The opportunity started to overshadow the fear when I realized that I now had the time to reach out to more business owners at networking events. I knew that I had something to offer that was unique in my presentation of my products. I listened to what other entrepreneurs were saying worked for them and what they were looking for.

How could I fill that need with my products, and how could I show them that gifting a food item was greatly appreciated. I learned how to create an infomercial that would draw people to me to ask questions. I created my tag line Show Your Good Taste. These were all opportunities that I would not have pursued in my previous part time position. I also learned how to take my first critical remarks from naysayers and use it to fuel my new passion in business.

In a few months I started to get encouragement and sales which then started me on the learning and growing path to where I am today. Word of mouth spread and my confidence and skills grew. I still have challenges and failures to contend with, but I have never felt lack of opportunity being available.

With all the recent changes with the Covid pandemic, it is a time to evaluate your products or service. Gather information on the new needs of your clients and look for new clients who are open to trying your service. People are on the move, events are halted, and virtual meetings like Zoom have changed who and how we meet.

I have used the new virtual networking to expand my networking area in a big way. Good planning and regular evaluation of the value that you offer will go a long way to avoiding failure. In my business it became evident that office gift platters would give way to individual staff gifts that often would be shipped to multiple locations.

I looked for opportunities to help families celebrate birthdays, new baby arrivals, anniversaries, and all the seasonal holidays. I created a Stay at Home Halloween box, a Self Care for One Valentine’s Box, and a variety of Easter Pails. These products were not previously my focus as I supplied most of my products for events or business gifting.

Make ego take a back seat. Enjoy your successes with a calm embrace and acknowledge your failures the same way. The bottom line is to keep positive and not to make failure personal or fearful. Ignore the naysayers; perseverance and collaboration will get your through the rough spots.