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Guest Post by Lance Cody-Valdez
A few years ago, burned out and miserable from his job in corporate marketing, Lance Cody-Valdez decided it was time to invest in himself. He quit his job the following day and used his meager savings to stay afloat as he built a career as a freelance writer and content marketer. He created free-lance-now.com to help others use freelancing to escape the 9 to 5 daily grind.”
Few things are more rewarding than entrepreneurial success. When you have built a business from the ground up into something valuable to customers, it has a way of bringing fulfillment in all of your hard work and motivating you to keep pushing forward.
But if you are an entrepreneur for long enough, you will realize that failure is imminent. We don’t mean that it’s a given that you will be a failure, simply that setbacks are part of the entrepreneurial process. Most of the world’s richest business people will tell you that!
The key is to view your setbacks as opportunities to become stronger, wiser, and more persistent in the pursuit of your goals. Below, there are a few practical ways to use your failure for your entrepreneurial growth!
Lean Into Your Mistakes
First of all, you must embrace your mistakes if you are going to learn from them. Think through all of your setbacks, from your most recent to any you may have suffered years ago. Dig into each failure and analyze where you went wrong. Accepting your mistakes and strategizing how to prevent similar ones in the future is how you will grow wiser and more resilient down the road.
Find Other People
So many entrepreneurial failures stem from a business owner who has tried to do too much and burned out. That’s why you must find qualified team members to lighten the load and focus on what you’re best at. Delegating tasks is crucial to making your operations as efficient as possible while also helping you to maintain the joy of your passion.
One practical example of delegation is your administrative tasks. You have an overall vision of your venture. If you get hung up on the menial everyday jobs like data entry, customer service, and calendar management, you can hinder your company’s ability to move forward. Consider hiring virtual assistant services to help minimize distractions and handle all of the administrative duties of your business.
Foster Your Network
Through failures and successes, you need a network of professionals to support you. Always think of how you can build your network because you never know when you will need it. Along with engaging on online platforms, consider joining the chamber of commerce in your area, attend as many industry events as you can, and try to find mentors and advisors who can help you navigate the various challenges ahead.
Refine Your Marketing Strategies
So much of running a business comes down to the effectiveness of your marketing. Take advantage of your setbacks to revisit the strategies you have implemented in the past. Thoroughly research the market and your competition so that you can make adjustments that will put your company on the right path.
Once you clearly understand what your competitors are doing and what the market demands, you can create accurate customer profiles, figure out which marketing channels to use, and craft your brand’s message to where it most appeals to your target audience.
When your business experiences a setback, it typically means that some type of change is necessary. And if you are going to figure out what that change is and implement it effectively, you will need to step out of your comfort zone. One way to boost your knowledge of your field is to go back to school. Best of all, the flexibility of online programs allows you to keep working even as you learn the skills to take your business to the next level.
Doing so will help your brain (and the brains of your team members) to engage in creative solutions like you have never experienced before. Then, you can go back to the drawing board and determine how to take sensible risks to maximize your company’s potential (not to mention polish up that résumé).
Entrepreneurship comes with successes and failures. The difference between an entrepreneur who succeeds long-term and one who never seems able to get over the hump is that the successful one learns to improve from their mistakes and roll with the punches. Remember to build a qualified and dedicated team and professional network around you. And figure out how to effectively market your venture from now on. Lastly, don’t be afraid to leave your comfort zone to get to the next level!