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Back on track after first failure / How do you guys deal with failure

Discussion in 'General Entrepreneur Discussion' started by rsj, Mar 4, 2017.

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  1. rsj
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    rsj Contributor Read Millionaire Fastlane

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    A couple of months ago I started on my first venture, I am not going to go into detail on what it was but it was basically e-commerce. The bottom line is that the product wasn't selling. I was spending a lot on advertising and no customer. After taking it in as a failure I began to slack off and every idea that I would come up with I would get hit with analysis paralysis.

    I've finally recovered and I am back on track but disappointed at the time I've wasted.

    I want to know how you guys deal with your failure and how you get past the fear of starting because of the fear of failure
     
  2. Waspy
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    Waspy Float like a butterfly Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    After a failure I find it important to stop for a bit and reflect. Jumping straight into the next idea is counter productive for me. So I'll wait for a few months.

    Naturally in those months I'll have ideas and mull them over. By the time I'm ready to start again I've had plenty of time to work kinks out of an idea and hit the track running.

    Just give a little time.
     
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  3. Xavier X
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    Xavier X Bronze Contributor Speedway Pass

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    Rinse and repeat (except with the added knowledge of earlier pitfalls).

    Fear as a general force is one thing I've mentally overcome in life.
    Particularly "fear of the unknown." It is a totally worthless emotion/feeling best discarded.

    Don't be driven by fear, but by rational thought.
    If the idea and numbers add up to you, then start out at once. It doesn't have to add up to anyone else initially.

    As Will Smith's character says in the movie After Earth: "Danger is real, fear is a choice."
     
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  4. jasoncuellar123
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    jasoncuellar123 Money Never Sleeps Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    One foot in front of the other
     
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  5. Ninjakid
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    Ninjakid Gold Contributor Speedway Pass

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    Same way you overcome any hardships in life. You develop the iron willpower to push through everything.

    I've faced the most abysmal lows, I've been broker than I ever thought I could be, I've faced death, I've had near close calls with the grim reaper, and through it all, I've had the fierce determination to survive anything. Because I refuse to believe people are the products of their circumstances. The truth is, every single one of us has the power to take control of ourselves, and in doing so we can gain th power to control our world.
     
  6. Eli Cohen
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    Eli Cohen New Contributor

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    Failure can be viewed as either a good thing or a bad thing. You won't know until later what exactly went wrong. But I think failure is a good thing as it can teach you certain things about yourself and about other people.

    Failure just means that one door is closed, will you try again and open another?
     
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  7. Ninjakid
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    Ninjakid Gold Contributor Speedway Pass

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    You know, I thought the movie sucked, but that line is one of my all time favourites
     
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  8. JasonR
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    JasonR Maverick Read Millionaire Fastlane Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Failure is only feedback. You found one way that won't work.

    Learn from it, and keep going. Don't regret, but remember the experience.

    Even successful people "fail" all the time. We just don't call them failures - they are learning experiences.

    In one year from now, when you look back, will this be such a big deal then?
     
  9. Kak
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    Kak Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I have failed so many times. Every single functioning venture I have has a ton of their own internal failures.

    My advice is to get used to it. Every single time I fail I learn something. On the bigger things, I generally get pissed off for a day or two. Once I tell myself to stop being a asshole and deal with my problems I get back on track. Plan B turns into plan A and I focus on making the new plan A better than the old one.

    Failure sucks, but it is necessary and part of the process.
     
    Last edited: Mar 4, 2017
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  10. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Just the fact that you consider it a failure shows a lot about your frame of mind. Consider it as an experience instead.
     
  11. Setting up shop
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    Setting up shop New Contributor

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    Learn whatever you can form it.

    As long as your mental state is positive, you will see it's a good thing it actually happened the way it did.
    Even if you can't right now, just have faith that its for the best and in a few years from now you'll be grateful for the way it went down.
     
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  12. luniac
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    luniac Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    There are no failures, only lessons.
     
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  13. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    So what are you doing differently this time?

    It took me getting ripped-off & burned 3 times before I learned the lesson of "If it sounds too good to be true..." and "trust, but verify".

    Sure would've been nice if I had done the necessary reflection to learn that lesson after the first time, instead of just jumping back into the fray.
     
    Last edited: Mar 6, 2017
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  14. Mattie
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    Mattie Platinum Contributor Speedway Pass

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    Failure is a vocabulary word. Someone used the word at some point in time. You conditioned yourself to use the word in a negative context. Therefore to fail is an emotional and mental death with your thoughts.
    What you believe about failure is how you perceive failure. I have to laugh, because I've failed at about everything in life. Wasted time and energy focusing on failures, mistakes, and fears. I suppose this is the biggest lesson I can give you. If you focus on the failure and mistakes, you might as well get out a magnifying glass. Now if you're looking at a little tiny ant with a magnifying glass, it looks 500% bigger then it actually is in size. This is the illusion of the mind. The more you magnify failure, well that's what you're talking yourself into doing. The only thing you can create then is failure, because you're believing you're going to fail. Best way to self-sabotage yourself.
    Focus on your successes, gifts, talents, and what you're doing right. In the process, all the negative stuff will fall away.
     
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  15. David Zalesov
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    Nothing ventured nothing gained! :)
     
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  16. oimate
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    oimate Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I'm at the exact same stage as yourself-I have started a website and admitably I have made approx £3000 in sales in the past 9 months.
    Problem is the profit margins are soo slim-I am ultimately just buying from manufacturer and reselling and not a massive mark up as its reasonably competitive market.

    On reflection the profit margins never excited me and the subject didnt motivate me terribly either-Being truthful to myselfr I started the site to see if I could 'do it' i.e design a website and bring customers to the site and makes sales.

    Perhaps you are of a similar mindset?
     
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  17. rsj
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    rsj Contributor Read Millionaire Fastlane

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    thanks everyone for the awesome replies, this is a good thread that i can come back to whenever a failure is holding me back.
     
  18. rsj
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    rsj Contributor Read Millionaire Fastlane

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    I was selling a fairly expensive product for a small profit margin, the market i was in wasn't so competitive but the companies where selling the same products are huge so it was a bit hard to compete.
     
  19. oimate
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    oimate Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Yeah thats the problem-when you say you were advertising what avenues did you explore with this?

    I have tried adwords and this did drive more customers to the site it has to be said-Issue I have is the home page gets the vast majority of hits -Bounceability.

    I am also on facebook and twitter.

    What does other ppl think-What type of product motivates you and how do you get excited by small profits?
     
  20. Kak
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    Kak Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Profits are the reason we go into business.
     
    Last edited: Mar 6, 2017
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  21. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    If you ever played a game, would you quit after the first negative occurrence?

    A strike out?
    A fly out?
    An incompleted pass?
    A missed spare?
    A double-fault?
    A shanked tee-shot into the woods?

    No, you shake it off and go at it again.

    Entrepreneurship is no different -- a game where failure is merely an occurrence. If you quit after a negative outcome, you're not really playing.
     
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  22. Brian C.
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    Brian C. Rolling Thunder Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I don't think a "failure" is a failure whatsoever.

    It's a word I never want to associate with myself.

    If something doesn't work out, it doesn't work out. Simple. And as a bonus - you receive valuable data for your next attempt.

    Sport seasons aren't defined by one lost game. Nor is your business career. I think it's best to immerse oneself in the long-term game - in all aspects of life.
     
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  23. Dylan42
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    Dylan42 Big D Read Millionaire Fastlane

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    The past is in the past for a reason. You cannot go back and change what has already happened.. But you can look back on the lessons learned and grow from that. Change your way of thinking and it may benefit you tremendously.

    "Too many people miss the silver lining because they're expecting gold" - Maurice Setters
     
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  24. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Lesson #1: Cash Flow Management.

    I'm assuming you're bootstrapping this business:

    IF you are going to sell something with a small profit margin, then it better have a low COGS, and you better have short lead times and a fast turnaround on your cash.

    High product price with a low profit margin is a cash flow nightmare. If you're going to tie up large amounts of cash for a high COGS product, then the returns need to be worth it, or at least negotiate net 30-60 payment terms to ease the pressure.

    Lesson #2: Don't sell the same products as someone else. If you're going to compete against companies with deep pockets, then you need to have a product that is significantly different or improved in some way. Otherwise, all you can do is compete by lowering you're price, and you'll always lose, because a big company is going to have lower COGS than you, buying in larger bulk.
     
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  25. MoreVolume
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    MoreVolume Bronze Contributor Speedway Pass

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    Learning and adapting is the only thing that you can do. I went through a similar situation. It simply took some re-branding, and hiring a copywriter, and I started to make sales. Now I know what NOT to do going forward
     
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