As a business owner, everyone thinks only about profit and growth. It happens several times. There is a slowdown in the market and your business is not doing well and you are going through loss. For some loss is huge that it’s really difficult to recover. I have worked with different individuals out of which some are entrepreneurs and hence I have seen the profit and loss of their businesses. During this process, I come to know that these all are part of work. Business is known for risk and gain. Not every entrepreneur succeeds, some fall badly but it’s the part of life. I know few of them who have experienced devastating losses and, like the Duracell Energizer Bunny, are “still going”.
One of the famous proverbs “Failure is the pillar of success” suits on many who have initially seen huge losses but after putting regular efforts emerged as the Global leader. The experiences have given a lesson that ‘pain is a part of life to repel you away from it’. In business if you are going through losses then you have to sit down; you have to stand more strongly to regain the value and stature. Pain is there to push you not to stick you. It also gives you big lessons which warn you not to repeat the same kind of mistakes in the future. With the same pain, some break while some make a stronger presence.
If you are doing a business then profit and loss is its part. If the loss is there then don’t regret and waste time, better to do introspection and resolve the issues responsible for the loss? Regret or thinking of the things which you lost is a waste of time since it’s not going to change the past. Your attitude towards your past experience and learning from the past is the game-changer. You take from it that which can help you succeed in the future. For example, I want to mention here about the Atlanta Falcons who have learned from their devastating Superbowl loss that you never play a game to merely conserve a lead; you keep playing your natural game — putting lots of points on the board while taking risks offensively, etc.
Below are the points which will help in overcoming any and all losses in business:
- Find someone who knows how to listen to you. Great business coaches know how to effectively listen. Get one if you don’t have one yet!
- Communicate what happened. Communicate as much as you need to communicate about it. Ensure the person listening to you, acknowledges how you see it. Keep communicating about it until you feel good and have what you need from it to help your future.
- You must note down what you learned from the experience as a firm policy to help create your future success.
- Never get stuck in any losses. Some of the greatest entrepreneurs alive today have experienced some of the most devastating losses and learning from those losses and moving onward is what defines their greatness.
- Be an entrepreneur with a never-give-up attitude, so that you can be unstoppable and destined for boundless success. Get the pain in your favour by treating it as a positive and a lesson. So my suggestion to you is: Keep going no matter what happens and win, even when you lose, and you will win a lot more than your expectations!