Repeat after me: Recession is rarely being the culprit of your small business failure. You often are.
I did blame the economic downturn as the culprit of my business failure that almost gets me into personal bankruptcy.
I did blame the low buying power for my business failure.
I did point my fingers to others – I did forget the old adage that if you point one finger to other, your other four fingers are pointing at you.
Let’s introspect, shall we?
Let’s introspect: How’s your and my business skills in managing our business in tough times?
I stopped pointing fingers and make it as my new year resolution this year. I introspect, and I admit that my business failure is due to… me, myself and my lousy business skills.
I blamed the low buying power of potential customer, when I should blamed myself for not doing my job well in managing my business’ sales and marketing team and process.
I blamed the economy situation, when I should blame my failure in strengthening the management of my business, which looked so strong from the outside but so brittle from the inside.
Let’s face it: You and I lacks entrepreneurial and business skills in make things happen in better or worse. Just think about it: If you and your business do well when the economy is booming, what’s so special with that?
What you and I should do to pick up the pieces and move on?
That’s why you and I should continuously learn in our entrepreneurial endeavour – To better ourselves, so that we can carry our business through good times and bad times equally well… And stop blaming other people and the economic situation.
Failures are the best teachers, and you should not take things for granted in the future. You need to watch “the sign of times” and feel where the wind blows. If things worked well in the past, it doesn’t mean that it will work well today – Learn and evolve continuously on personal level, and bring what works to your business.
One more thing: You can’t learn well without the help of other. Seek mentors that care for you and your business, and learn as much as possible from them, especially from their failures in the past, so that you hone your “threat warning signals” – Those that some people considered as a hunch or sixth sense. Mastering this will allow you to navigate your business to calm water before things go worse than before.
Be humble and be ready to accept criticism, as you can better yourself only if someone see your flaws.
Take the responsibility and move on.
Image by ilco.