Eight commandments for failure

Illustration of a failing business (Photo Courtesy)

At the age of 13, he lost his mother and was forced to work in a farm by his father.

Unhappy with this, he left home to work as an apprentice and that’s when he founded his first company. His efforts to find funding kept hitting obstacle after obstacle, but he kept knocking on doors, and eventually got the money he needed.

After operating for about two years, the board dissolved his company due to a lack of results.

That didn’t stop him. After five years of countless failures and endless corrections, he finally came up with what became the world’s best automobile model, and marked the start of Henry Ford’s success.

For someone who lived through numerous career-ending failures, Henry Ford probably knows what he’s on about when he says that failure gives you a chance to begin again; this time, more intelligently.

But you don’t always have to experience failure for yourself to learn. You can use others’ experiences to make adjustments that get you where you want to go.

Here’s how you know you’re heading down the wrong way:

 1. Thou does not take risks

It’s been said in a world that’s changing rapidly, the only strategy that’s guaranteed to fail is not taking risks.

For your business to be successful, you need to risk failure. And when it happens, learn what you need to, and then do better. Avoiding risks could see your business stagnate and get overtaken by bolder upstarts.

2. Thou does not take time to think

Successful business people don’t just take any risks – they take calculated ones. They analyse situations, weighing the good against the bad. The process requires a lot of research and insight into whether your business can handle a negative outcome.

3. Thou welcomes red tape

Your business cannot survive with rules that slow down the overall growth of the company. Re-evaluate and adjust any processes that hurt progress. One of the big hurdles tends to be the flow of communication, where upper management excludes junior employees from decision-making in some misplaced attempt to keep the hierarchy clear.

4. Thou resists change

Businesses can get comfortable with routine and forget to innovate. Refusing to change strategies and encouraging inflexibility in your employees can kill your company. It also discourages creativity and diminishes your competitive advantage.

5. Thou does not network

You can’t sell your business without networking with fellow entrepreneurs and potential clients. Participate in events and conferences that celebrate entrepreneurship or focus on your industry. You never know what that one connection could mean for the future of your business.

6. Thou seeks immediate gratification

‘Good things come to those who wait’ may be a cliché, but it still holds true in business. Avoid the temptation to splurge on luxuries in the name of celebrating your success. Yes, mark your victories, but do so in an understated way – don’t bankrupt yourself in the process. Reinvest your profits and build up a war chest that will keep your business afloat when things are tough.

7. Thou puts all thy faith in ‘experts’

Sometimes in business you have to go with your gut feeling instead of listening to what everyone else is telling you. This doesn’t mean that you ignore the lessons from those who’ve gone before you; but trust your instincts. You know your business best because you’ve been there from the start.

8. Thou does things at the last minute

Don’t put off for tomorrow what you can do today. Procrastination can cost you great deals, and leave you playing catch-up or unable to pursue new business opportunities. Learn to plan.

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