Lessons Learnt From Well Known Business Failures

Failure is everywhere

Business failure rates

Famous business failures

Bill Gates — Traf-O-Data then Microsoft

Jeff Bezos — Amazon’s zShops

Steve Jobs — Apple

Gerry’s take on failure

What can you learn from failures?

  • Small failures are okay. Don’t worry too much about them, as you have already seen that failure is everywhere. But what’s important is to protect your business from being hit by a big failure which will most probably take you towards your downfall.
  • Setting unrealistic goals will only cause frustration. Start with small goals and work up the ladder one step at a time. Have many small goals and do your absolute best to achieve them
  • Always have plan B and even plan C. If you have thought it through to plan C then you know what you’re doing and have defined failure way early in your strategy, and you’ll probably survive.
  • Perseverance is key. You must deliver the utmost determination and work really hard to achieve more and don’t give up on failures.
  • You must have full knowledge of your cash flows and costs. Keep a record of your regular cash flows and make sure what your daily expenses are. Many people lose track of their revenue, and that’s another way to lead to failure.
  • Try to start a business that has no competition. If that’s not possible, then figure out what is that one thing which makes your offering unique and try to engineer your business away from your competitors.

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