Learning from business failures

Statistics are abound on the failure rate of small businesses but ‘failed’ business owners often forget they can learn a lot by taking feedback from failure.

If something doesn’t work, take stock of why it didn’t work by analysing the parts of the process that led to the outcome.

If there were factors beyond your control, you may have to wait for a more favourable time to try again.
If elements within your control contributed to the outcome, learn from the experience and take heed of relevant information that will help you take action towards a more successful attempt. Even better, learn from other people’s mistakes!

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