How failure can teach you so much about success

buzzedison
Sep 9, 2018 · 2 min read

I have been in business more than 12 years. Failed in so many businesses. At some point I thought to myself, I am either terrible at doing business or doing something terribly wrong. One thing is certain, I love the adrenaline that comes with starting a new business. It is like your very first date with the man or woman of your dreams. What will the business be called ? What will be its unique value proposition, what is the business model to propel the business to success?

I want to share with you my suggestions on what not to do when starting a business

  • Don’t overestimate your potential (be real to yourself. You have no business lying to yourself about what you can do). This will force you to ask for help to cover for your limitations
  • Don’t write a business plan. How do you write a business plan about a business you have no clue how it is going to turn out and at what level it will start to churn profits? Think about it, most New businesses’ financial statements and projection always estimate bogus and unrealistic profits within their first three years of operation. The reality, 80% of them don’t even make a profit in five years. Well, most businesses fizzle out even in the first two Years of operation. I suggest write on the popular “ Business Model Canvas” ( one page document visualizing your business from inception to implementation.
  • Don’t put all your eggs in one basket. People say go all in, I say go in with one eye wide open and one leg in search for multiple opportunities.
  • Don’t read a book on how to start a business. Most of these books do not actually address the nitty gritty of business creation or development. I recommend that you seek to be an all rounded person, consistently developing yourself.
  • Don’t focus too much time on strategy and forget to invest in implementation. Actually your strategy becomes more fire proof when we prototype different iterations of our initial idea.

buzzedison

Written by

Minister, software engineer, social entrepreneur, impact investor, creative writer, business and personal dev coach. Yeah, i do all! http://www.buzzedison.co

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