In business, persistence and leveraging your networks could be the beginning successes. However, there are many times when start-ups fail despite the right support. The story of Sam Tarantino, the CEO of music streaming service Grooveshark is one of repeated failure on the road to success.
Here are a few lessons from the entrepreneur featured on Forbes, on how to recover from a failed startup and create the enterprise that will earn you millions.
1.Try, Try, Try Again
The spirit of an entrepreneur is one that relentlessly pursues success and greatness. Life will always set up many hurdles in one’s way. Sometimes an entrepreneur may lack foresight and will be faced with various mishaps. When the business is at its worst, look within yourself and draw strength from within to work to see your business succeed.
2. Learn From Your Mistakes
Going into business will always be a rollercoaster ride. Sometimes you will fall, what matters is that you get back up again. Learning from others could save you from making simple mistakes that could cost you millions. Before entering the circle of business, be sure to have a mentor you could rely on. When you do make mistakes, be sure to learn from them. It is said that it is only a fool who will continue to do the same thing and expect a different result each time. Wise men learn from their mistakes. Better still, wise men learn from the mistakes of others.
3. Invest In People
The greatest asset to anyone in business is human capital. Those who work with you, collaborate with and provide their ideas for the betterment of the organization are a business’ most prized possession. It is important to give one’s employees the best training and fair compensation for their efforts. Celebrate and work closely with those who choose to work with and for you. Remember, teamwork makes the dream work.
4. Failure Is Not Final
Many times, the first failure an entrepreneur faces is likened to a nail in the casket. But on the contrary, this is just the beginning of a refined enterprise. All great entrepreneurs in technology and business all overcame major obstacles to achieve greatness. Do not let failure become your story but rather, the fuel that propelled your enterprise to greater heights. Failure is your chance to reflect on where you went wrong and charter a new course that could lead you to a higher degree.