Some small business owners fail big time. On a radio show the other evening a small business adviser told the story of a business person who secured a large order with a chain store. The owner went to his bank, took out a big loan and built a plant to manufacture product. The chain came back and renegotiated the product’s price and made it clear that his business would need to pay for delivery costs. He hadn’t factored these costs in his business plan and now he is on his way to financial ruin unless he comes up with a solution fast.
How do you deal with failure? What have you learnt from failure? What are the more effective ways of dealing with business failure?
First time entrepreneurs fail a lot. In fact, many Internet marketers brag about their early failures and recite many valuable lessons that they have learnt from their failures. Continue reading “Are you failing fast enough?”
