Are you experiencing or have experienced a business failure?
The problem with business is that it can be brutal to carve out a market share.
In fact, the market does not care who you are or what you represent.
If you’re product/service doesn’t guide a customer through a problem they’re having, you’re out of business before the start.
But really… it doesn’t have to be this way.
The solution lies just beyond the failure. It lies in how you respond to the experience.
If you’ve experienced temporary business failure, try these three tricks:
- Double check your passion: Is this a problem your passionate about solving? Is this a business you’re uniquely qualifying to execute? Are you in the proper role? How about the other team members, are they in the right roles?
- Schedule creative time: Schedule time every week with yourself, and possibly others. This can be with close members of your team or mentors you don’t have access to. For example: Napoleon Hill in think and grow rich suggests a man to get creative and have an imaginary board room meeting with their mentors thinking what they would say and do about a situation. (Sounds crazy, but try it.)
- Conduct Empathy Interviews: Meet with the customers that didn’t buy. And the ones that did. Conduct surveys. Ask questions. Determine exactly what’s wrong, what’s working, and what isn’t.
Bonus: Take 80/20 Levered Action!
This bonus includes the 80/20 Pareto principle. The entrepreneur must work on the aspects that create the most results. What small efforts would produce the largest results?