Is failure the worst thing that could happen to you? Why Do We Fear Failure The Importance of Failure How to Recover from Failure? For most people success is a positive thing, while failure is perceived as something entirely negative. Often, failure encourages a fearful behavior in people.
Everyone hates to fail, but for some people, failing presents such a significant psychological threat their motivation to avoid failure exceeds their motivation to succeed. This fear of failure causes them to unconsciously sabotage their chances of success, in a variety of ways.
Transform your mindset around failure so that you can the experience tremendous success, akin to Jack Ma and Jeff Bezos, both of whom embrace failure. Derive insights from a Nobel Prize-winning work as to how failure impacts us and learn ways two think differently about failure.
In 2009, I bought a domain name: www.chic-ceo.com. I wasn’t quite sure how I would use it, but I knew I wanted to build a place on the internet where people could learn how to start a business. At the time, we were fully in a recession and I was finishing up my MBA.
There’s a tectonic shift happening in our workforces. Remote work brings monumental new challenges for global organizations. So, I interviewed some of the top talent leaders from Fortune1000s to find out: how do we increase employee engagement, trust, and belonging in the Age of Remote?
Strategy In my years of advising business leaders, from entrepreneurs to enterprise executives, I often hear a passion for strategic change planning but seldom see the same commitment to strategic execution. I fully understand that real change is hard, but I’m convinced that more focus on the execution is required to overcome the current 70 percent failure rate for strategic transformations.
Thanks to technology, it’s easier than ever to launch a service-based business. However, despite its simple startup process, growing a sustainable service business can be complex. Because service businesses typically require specific talents and resources, keeping up with market demand might be overwhelming if you don’t scale up properly.
Categorizing the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs seems at first glance a hopeless task. Small businesses vary widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures, and varied management styles.
When leading a young sales team or startup, it’s easy to focus on two things: product-market fit and scaling the business. David Skok, of Matrix Partners, argued at SaaStr Annual 2018 that businesses should connect the two by searching for repeatable, scalable, and profitable growth.
A key characteristic of entrepreneurs is that they are risk-takers. This means that they take calculated risks in order to distinguish themselves from their competition and achieve success. Sometimes, these decisions don’t work out. Sometimes businesses fail. And even though no one starts a business venture with the intention of failing; failure is indeed a harsh business reality. How you deal with this failure will determine whether or not you will ultimately achieve success. In this article find out what you can do if your business is failing.
1.FIGURE OUT WHAT WENT WRONG
and find out what went wrong. Start from the beginning, from the moment you
made your first investment towards the business. Then look at the sales
processes, your business strategy, and finally your clients. Take note of the
biggest contributing factors. This will help you improve these areas for your
2. PERFORM A S.W.O.T ANALYSIS
S.W.O.T analysis is a framework analysis used by many business owners and
entrepreneurs in order to strategically plan out their venture. It is a technique
used to assess a company’s performance, competition, risk, and business
looks at what your company is good at. What your business excels at and your
This explores your company’s weaknesses and probable failures. What is it that stops your company from functioning at optimum levels. Now find ways to make immediate changes to ratify the situation.
of all the possible opportunities from external factors that can give your
company a competitive edge. For example, good advertising to attract potential
customers. Or branding and providing top-tier products.
looks at all the potential factors that could harm your business. Once you have
stablished these threats, quickly work to minimise their threat to your company.
3. ESTABLISH S.M.A.R.T OBJECTIVES
objectives provide clarity and help you stay focused on working towards
achieving your business goals.
specific about goals and what you want your business to look like. For instance,
you can be specific about the profits you’d like to make each month. This will
enable you to work towards achieving this by setting a specific number of sales
you should make.
means that you work out whatever profits you’d like to make from your business
by the end of a specific period of time. This then means that you calculate the
rate at which you need to work each day to determine whether or not you’ll be
successful in achieving this goal.
aspect focuses on setting yourself an achievable goal. This is important
because if you set a goal that is way out of your grasp, you will eventually
get discouraged because you’re nor reaching it.
is also important for you to be realistic about your business strategy. There’s
nothing wrong with being ambitious, however it is also important to be
self-aware. Success doesn’t happen overnight.
good business strategy also includes reasonable deadlines. Honour your
deadlines in order to ensure that your business succeeds.
4. CONNECT WITH YOUR CUSTOMERS
you’re not staying in touch with your customers, then your company will simply
not succeed. Customer feedback is an invaluable resource that all successful
companies take advantage of. Talk to your customers and find out how your
company can best serve them. This will enable you to improve your company and
you’ll be able to find out what does or doesn’t work.
5. CUT COSTS
your business is failing, you need to save as much money as you can, while you
still can. Unfortunately, this also means that you may have to make the
difficult decision of laying off some employees. One of the most difficult
tasks you will be faced with as an employer is having to fire/lay off employees
from time to time. As difficult as this may be, sometimes this really is the
best option for the business. It would be better to keep some employees than
have everyone be unemployed if your business completely shuts down.
6. COMMUNICATE WITH YOUR CREDITORS
You may have come into some debt in an attempt to save your company; a reality for many business owners. The best option is to contact your creditors and let them know about your financial predicament. Ignoring them or trying to avoid them will only make matters worse. Here are some steps you can take to settle some of your debt:
a last resort, you can file for bankruptcy in order to save your company. It
can help to reduce the burden of your business debt. If your business has assets that are worth
less than your debt, bankruptcy may allow you to pay only what the assets are worth
and not the entire balance due.
of assets is the process by which company assets are converted into their cash
equivalents. You can then negotiate with your debtors on the distribution of
the money. Most creditors will usually accept this payment because the cost of
litigation is far more expensive.
It took Thomas Edison 1,000 attempts to finally succeed at inventing the light bulb. When asked about his failures, he simply said; “I have not failed. I’ve just found 10,000 ways that won’t work.” Take this as encouragement, and pick yourself up, dust yourself off and get back to work. You now know what doesn’t work for your business so you can work on improving what does and doing better.
For decades, employers embraced workplace wellness as a way to lower their healthcare costs. But, despite spending billions on programs annually, research shows that workplace wellness has not lowered insurance premiums. Nonetheless, before we relegate workplace wellness to a “nice to have” discretionary benefit, we need to understand, first, why it was a mistake to expect employee wellness to deliver ROI through lower healthcare costs.
Lead By Heidi Zak, Co-founder and co-CEO, ThirdLove @heidizaks Over the past six months, the formal definition of what it means to ” build a business” in the world has changed considerably. For example, it’s no longer “unconventional” to have a large chunk of your workforce (if not your entire workforce) be remote.
Executive Summary A recent survey of 1,601 workers across North America reveals that air quality and light are the biggest influencers of employee performance, happiness, and wellbeing, while fitness facilities and technology-based health tools are the most trivial. Organizations need to address this if they want to reduce absenteeism, improve their bottom line, and increase employee productivity and retention.
Fall is a time to bundle up, go for long walks, finally start a fire in the fireplace, and read a good book. I’ve selected several that are either important to read from a popular cultural standpoint, brilliant and insightful, or just plain insightful for other reasons.
a well-known ‘secret’ that talented, highly skilled employees are the biggest
assets a company can have. One of the many reasons being the great ideas and incredible
work ethic they contribute. For one or more reasons these employees may decide
to leave their jobs and look for other opportunities. When good employees quit,
their absence does not go unnoticed. Work productivity plummets and overall
morale takes a hit. Not to mention the tedious recruitment process and the
costs of training new hires. This is why it is important to ensure that these
stellar employees are retained. Here’s a few reasons why good employees quit.
BAD MANAGEMENT VS GOOD EMPLOYEES
a no surprise that if there is an issue with your management in the company, bad
practices will eventually trickle down and affect the way employees perform. If
your employees are constantly being overworked and micromanaged, their
creativity is stifled. Furthermore, if they feel like they are not being heard
or that their manager makes it difficult to work then they’ll leave.
much you may value your employees, if you do not show them they are valued they
won’t stick around. The fastest way a company can lose a valued employee is taking
their efforts for granted.
have shown that employees who feel their work is valued are more likely to stay
in your employment than those who are simply paid more. Don’t get me wrong,
this is not an excuse to underpay your employees in exchange for words of
appreciation. Just be sure to let your employees know that their work matters and
compensate them appropriately.
OVER-WORKING GOOD EMPLOYEES
workloads and impossible deadlines are a guaranteed way to get good employees
to abandon ship. Just because an employee is good at their job doesn’t mean
that now they get to – or have to do all the work themselves. This gets old and
tiring. If this practice becomes the norm, then at some point all you’ll be
getting out of your employee is subpar work and a worn-out employee.
LACK OF GROWTH OPPORTUNITIES
part from being a part of a company and working to help the company succeed,
employees also have professional and personal goals that they want to achieve.
A good employer will enable this to happen by providing adequate compensation,
promotions and opportunities to take on more responsibilities in the company.
When an employee isn’t provided with opportunities to grow, they feel stuck and
eventually they may lose motivation to keep working there.
UNHEALTHY WORK ENVIRONMENT
unhealthy work environment is one where the company culture does not fit with
the employee’s ideals, work philosophy, and work ethic. This also includes abuse
and bullying, an overall negative/hostile atmosphere of overworked and
underpaid employees. These situations may frustrate an employee and cause them
to leave in search of a company that better integrates with their personal
goals and ideals.
As a manager, there will come a day; or there may have already been a few days when your top tier employees have handed in their resignation letters and left your company. As a manager, director or C-Level executive you understand how important it is to attract and retain star employees. These are the top five reasons why your top employees may be leaving your company and what you can do to better your retention and boost productivity.