In the world of entrepreneurship in Financial Services like in Fintech and with startups in general, there are times when your business strategy is going to fail. Obviously, your goal is to minimize this is much as possible and work as hard as you can to make a strategy work so that it doesn’t fail. But sometimes, there is nothing you can do to avoid it and you must cut your losses and move on. But before you go on to the next opportunity and the next idea, you should know how to make the most of a failed business strategy and learn from it so you’ll be better in the future.
1. Find out Why It Didn’t Work
Your first task is to find out why your strategy didn’t work. This might be difficult but it will be vital to not making the same mistake in the future in your next venture. If you just shrug your shoulders and move on, you could make the same mistakes in the future that cause the strategy to fail. But if you know what mistakes you made, how to fix them or avoid them in the future, you’ll have a big head start towards connect opportunity. Keep in mind, it is usually a combination of several factors that make a strategy fail and not just one single problem.
2. Don’t Let Discouragement and Negativity Keep You from Moving Forward
Just because a business strategy failed doesn’t mean that you, personally, are a failure. In fact, the very fact that you failed shows that you’re willing to take a risk and put yourself out there. Most successful people fail several times before they get it right. If they had stopped after one or two failures they would’ve never gotten to the point they are today. A good example of this is novelist Stephen King. He had hundreds of rejection slips posted on his wall before finally getting published and now he’s the most successful novelist of the 20th century.
3. Find out What Did Work
Finally, you’re going to break down the strategy as you’re looking for reasons that it failed and find out what things did work. You can use those same things in the future when you’re ready to begin a new strategy. Knowing what worked and what didn’t can be a powerful asset in your next endeavor and understanding what actually did work can teach you just as much is figuring out what didn’t work about a strategy.
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