Failure is NOT THE END..!


Had a short coaching session yesterday...with a person who has failed all of her businesses. Current calculated loss around RM80k excluding the unsold stocks in hand. Until now, she is afraid and sceptical about doing a business and also herself..thinking that she will fail again and again...

Hope ure not like that...but if you are...i just want to say a few things...

1. Business is about being dare to fail! Of course, nobody in the right state of mind wants to start a business just to fail. Everybody wants to start a business because they want to be rich or they want a better financial standing. But by being dare to fail means we will anticipate failures and not just that....it means, we will do everything so that we will not fail. And if we did fail, we have already anticipated it AND start to find ways to move on.

2. Let bygones be bygones. Do you know anybody who can change his/her past? Can you? Nobody can! Let the failures in the past be our lessons, learn from it, bounce from it, and keep on going. We definitely cannot change da past but what we do today will definitely shape our future !

3. Business is a process. You cant start a business today and be rich tomorrow. A lot of these new entrepreneurs didn't understand this fact. running your own business is not the same as when you were an employee. You can never tell for a certain when will you get your first check! All the millionaires and billionaires in the world didn't become rich overnight! They all had their struggles and sob stories before they became who they are now. Learn from them. What did they do when they were faced with challenges? How did they bounce back when their businesses came tumbling down? How do they run their business ? How do they handle their accounting? What marketing strategies did they use ?

So, business is a process. Simply put, when u start a business you are just like a new born baby...helpless..naive..you need help with everything. Then you grow up, year by year and year by year...and throughout these years you will get a bump on da head, fell off a bed, sleepless nights, pee in ur pants and so on. Same goes to a business..you will face success, you will face disappoinments, miseries, betrayals, sadness, etc. But we must keep on going and going...in a big way or in a small way. These ups and downs will give u experience to face the world for another year and another year and another year.

4. The BIG Why. Why did u start a business ? Did u have to or did u want to? Was it because you followed other people or it is your interest (i've avoided the word passion as it is too big of a word) ?

I'd say, if you started a business because you followed people or it's just something you THINK you want to do...then your footing will not be firmed when challenges come. Because, you dont really want to be an entrepreneur...you just wanted something to do...thats all. So please check you Big Why.

5. Whats your goal? What do you want to achieve in your business? What do you want to achieve as an entrepreneur? Have immediate aim, have a long-term aim and progress steadily and accordingly.

6. Knowledge. Every phase of our business life requires the necessary knowledge. So seek knowledge. Either you choose to have a mentor, attend seminars and workshops, or even reading a book. Knowledge is key!

7. You should never walk alone. Of course, you can start as a sole proprietor but if you want to expand you can never walk alone. There's so much work to do with such a little time. Marketing, sales, managing stock, administration, and these excludes our work as a father/mother/wife/husband/etc. If you have to do everything by yourself then you will not have time to focus on your expansion (for instance).

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These are some of the few things that i think we need to check and straighten.

Remember...the stronger the foundation, the taller the building..

Good luck!

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