{"id":18228,"date":"2020-11-20T23:31:34","date_gmt":"2020-11-20T15:31:34","guid":{"rendered":"https:\/\/www.hongkiat.com\/blog\/?p=18228"},"modified":"2024-11-28T18:10:16","modified_gmt":"2024-11-28T10:10:16","slug":"your-first-business","status":"publish","type":"post","link":"https:\/\/www.hongkiat.com\/blog\/your-first-business\/","title":{"rendered":"How to Deal With Failing In Your First Startup Business"},"content":{"rendered":"<p>So you\u2019ve decided to finally apply the advice you keep hearing and reading about. You\u2019re determined to build your own business. No more freelancing for you from now on! Good-bye hard-work, cranky clients, and days of constant uncertainty about whether or not you\u2019ll win that $3000 dollar project!<\/p>\n<p>Welcome to that \u201c12:00 o\u2019clock going-to-the-office-never-have-to-answer-to-nobody\u201d dream life! You\u2019ll finally have the time and resources to do all the stuff you wish you\u2019d done. Trips, vacations, freedom, and prestige!<\/p>\n<p>Well, you\u2019ll first need to start your business. And guess what? You\u2019ll be very likely to end up closing it or selling its assets! And that\u2019s a good thing. Let me explain.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-1\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/entrepreneurs-mistakes-to-avoid\/\" class=\"ref-block__link\" title=\"Read More: 5 Startup Mistakes Entrepreneurs Should Avoid\" rel=\"bookmark\"><span class=\"screen-reader-text\">5 Startup Mistakes Entrepreneurs Should Avoid<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/entrepreneurs-mistakes-to-avoid.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-16018 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/entrepreneurs-mistakes-to-avoid.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">5 Startup Mistakes Entrepreneurs Should Avoid<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tEvery startup entrepreneur has apprehensions about the start their business will eventually have. It is never easy to...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<h2>Entrepreneurs Fail Constantly<\/h2>\n<p>That\u2019s right. You could say it\u2019s a never-ending, always-fashionable trend. Entrepreneurs, whether they\u2019re dirt poor, millionaires, or even billionaires, just keep on losing. Don\u2019t believe the hype. That\u2019s the real state of entrepreneurship.<\/p>\n<p>If you want to go into business for yourself, <strong>get ready for feeling failure and pressure about 90% of the time<\/strong>. But don\u2019t worry. You\u2019ll at least be in good company.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/your-first-business\/entrepreneurs-fail.jpg\" alt=\"entrepreneurs-fail\" width=\"800\" height=\"533\"><\/figure>\n<p>Did you know about <a href=\"https:\/\/www.hongkiat.com\/blog\/fail-to-succeed-billionaires\/\">Steve Jobs\u2019s or Bill Gates\u2019s failures<\/a>? or that some of the most successful <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.myneurogym.com\/11-wildly-successful-entrepreneurs-who-failed-first\">entrepreneurs initially faced much failure<\/a>? Did you know <strong>the average millionaire goes bankrupt at least 3.5 times<\/strong> or that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/SB10000872396390443720204578004980476429190\">3 out of 4 start-ups<\/a> funded by Venture Capital fail?<\/p>\n<p>So, if you were to generalize, by the 5th year, regardless of the industry, over half of all startups shut their doors.<\/p>\n<p>That\u2019s just facts.<\/p>\n<h2>But Why?<\/h2>\n<p>And the reasons why this is happening are even more ludicrous. According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.statisticbrain.com\/startup-failure-by-industry\/\">StatisticBrain<\/a>, the #1 reason all businesses fail is <strong>emotional pricing<\/strong>.<\/p>\n<p>That\u2019s to say, entrepreneurs usually overprice their products or services and are too stubborn to adjust to the market. They fail and give up. It\u2019s not the economic climate, the industry, or management.<\/p>\n<p>The list of bankruptcy reasons goes on, with increasing audacity and disregard for common sense:<\/p>\n<ul>\n<li>Living too high for the business<\/li>\n<li>Nonpayment of taxes<\/li>\n<li>No knowledge of pricing<\/li>\n<li>Lack of planning<\/li>\n<li>No knowledge of financing<\/li>\n<li>No experience in record-keeping<\/li>\n<\/ul>\n<h2>Why These Numbers Are Good News!<\/h2>\n<p>These high failure rates and stupendous reasons for failure are actually really encouraging for any budding entrepreneur. What they mean is:<\/p>\n<ul>\n<li>Competition is really low.<\/li>\n<li>You\u2019re bound to succeed if you keep at it.<\/li>\n<\/ul>\n<p>These reasons paint the picture of failure as being the most common element in business today. That\u2019s normal. Because of this, the only winners in business are the ones who:<\/p>\n<ul>\n<li>Apply common sense (no emotional pricing, paying your taxes, planning and adapting, etc.)<\/li>\n<li>Continue practicing business after failure.<\/li>\n<\/ul>\n<p>That\u2019s the big secret you don\u2019t hear in the interviews: being an entrepreneur isn\u2019t so hard. Just keep at it and <strong>apply common sense<\/strong>. You only need one win, and bam: you\u2019re a hero. Even billionaire entrepreneur Mark Cuban admitted this in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.amazon.com\/dp\/B006AX6ONI\/\">his book<\/a>:<\/p>\n<p><em>\u201cIt doesn\u2019t matter how many times you fail. You only have to be right once, and then everyone can tell you that you are an overnight success.\u201d<\/em><\/p>\n<h2>Your Business Will Fail<\/h2>\n<p>I can predict with great certainty that your first business will be a disaster. I\u2019m happy to be the first to let you in on this secret. <strong>Wisdom comes from practice, so it really doesn\u2019t matter how much you\u2019ve read or been taught<\/strong>, how many PhDs you have, or how much encouragement you get from family and friends.<\/p>\n<p>You won\u2019t have that common sense. You\u2019ll reach too far. You\u2019ll overexpand, overprice, and treat clients and employees wrong. I know I\u2019ve said it\u2019s easy, but most of us aren\u2019t born with that much needed common sense.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/your-first-business\/business-fail.jpg\" alt=\"business-fail\" width=\"800\" height=\"533\"><\/figure>\n<p>You\u2019ll fail miserably. Almost nobody makes a million dollars with their first business. Almost nobody makes that first jump. Not even superheroes. Neo from The Matrix Series can fly and dodge bullets, but even he didn\u2019t make that first jump in the movie.<\/p>\n<p>Here\u2019s Neo looking smug and confident.<\/p>\n<p>Here\u2019s Neo doing\/failing his first jump<\/p>\n<p><strong>The sooner you are OK with failing, the sooner you\u2019ll be successful.<\/strong><\/p>\n<p>And don\u2019t think for a second that just because you\u2019ve failed, you won\u2019t be able to get investors or hire people again. That\u2019s because <strong>real investors and smart people aren\u2019t surprised by failure<\/strong>. They already know these hard facts of the business world.<\/p>\n<p>Charles Holloway, director of Stanford University\u2019s Center for Entrepreneurial Studies summed it up beautifully:<\/p>\n<p><em>\u201cHow well a failed entrepreneur has managed his company, and how well he worked with his previous investors, makes a difference in his ability to persuade U.S. venture capitalists to back his future start-ups.\u201d<\/em><\/p>\n<h2>What All This Means For You<\/h2>\n<p>So the conclusion is you should start your first business as soon as possible so that you\u2019ll be able to fail as soon as possible. The sooner you fail, the better. You want to have a startup mentality.<\/p>\n<p>One awesome idea to apply comes <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.amazon.com\/Start-up-Nation-Israels-Economic-Miracle\/dp\/0446541478\">from Start-Up Nation<\/a>, a book covering the impressive financial success of Israel:<\/p>\n<p><strong>If an entrepreneur has a business idea, he should start it that week.<\/strong><\/p>\n<p>Stop preparing. Stop building features for your clients who aren\u2019t even there yet. Just stick a Beta Version next to the brand\u2019s name and go to market. Good enough <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.inc.com\/howard-tullman\/keep-it-simple-stupid.html\"><em>is<\/em> good enough<\/a>.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/your-first-business\/start-up-nation.jpg\" alt=\"start-up-nation\" width=\"800\" height=\"755\"><\/figure>\n<p>If given a choice, <strong>take speed over quality.<\/strong> Nothing worse than an uncertain, perfectionist Captain fighting the storm.<\/p>\n<h2>What to Do When Failure Comes Knocking<\/h2>\n<p>After your business fails, here\u2019s what you need to do:<\/p>\n<p><strong>Find comfort in the facts and figures given in this article<\/strong><\/p>\n<p>Re-read them. Internalize them. You are not special. You didn\u2019t make the first jump. You\u2019re normal, and that\u2019s OK.<\/p>\n<h3>Evaluate assets<\/h3>\n<p>Every business, no matter how bad, has some sort of assets. I.e., cars, equipment, office space, or maybe intellectual property, employees, or client base.<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/your-first-business\/evaluate%20assets.jpg\" alt=\"evaluate assets\" width=\"800\" height=\"533\"><\/figure>\n<p>Even if the business is making no money, you still had to have some clients, or maybe you\u2019ve worked and had ongoing relationships with different companies. Those are still valuable assets. Maybe you have a nice commercial lease worked out. That\u2019s a plus in any buyer\u2019s eyes.<\/p>\n<h3>If you have a brand name, that\u2019s awesome<\/h3>\n<p>Brands carry a lot of value for investors. I\u2019ve seen business saved just because they had mass appeal thanks to their brands. Open up a spreadsheet and list all your assets.<\/p>\n<p>If you aren\u2019t happy with what you have, add another column. Call it \u201cExperience\u201d, and in the corresponding cell, write \u201cInvaluable\u201d. You\u2019ll feel better, and it\u2019s absolutely true.<\/p>\n<h3><strong>Sell the assets individually or collectively as a business<\/strong><\/h3>\n<p>Another scenario would be to give it away and keep a certain percentage if you think the business still has potential. If you have trouble finding a willing buyer or person to take over, consider these routes:<\/p>\n<ul>\n<li>Contacting the competition<\/li>\n<li>Contacting business partners<\/li>\n<li>Asking your accountant or lawyer. They\u2019re usually well connected.<\/li>\n<li>Being honest and asking your employees.<\/li>\n<li>Being honest and asking your employees if they know somebody.<\/li>\n<li>Ads, forums, blogs, newspapers<\/li>\n<li>Universities. Find a young, hungry wannabe entrepreneur. Give it away for free and keep a percentage.<\/li>\n<li>Try gatherings or conferences from your industry. Don\u2019t be shy.<\/li>\n<\/ul>\n<h2>The Last Step<\/h2>\n<p>Now you\u2019ve sold it or gave it away and kept interested, sit down. Relax. Detach. Open the spreadsheet. <strong>Write the top 3 mistakes you\u2019ve done while owning the business.<\/strong> Write the corresponding three lessons you\u2019ve learned. Once you\u2019ve done this, it\u2019s time to <strong>restart<\/strong>.<\/p>\n<p>Restart as soon as possible. You\u2019re now closer than ever to being a successful entrepreneur.<\/p>","protected":false},"excerpt":{"rendered":"<p>So you\u2019ve decided to finally apply the advice you keep hearing and reading about. You\u2019re determined to build your own business. No more freelancing for you from now on! Good-bye hard-work, cranky clients, and days of constant uncertainty about whether or not you\u2019ll win that $3000 dollar project! Welcome to that \u201c12:00 o\u2019clock going-to-the-office-never-have-to-answer-to-nobody\u201d dream&hellip;<\/p>\n","protected":false},"author":126,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3407],"tags":[1483,2109],"topic":[4523],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Deal With Failing In Your First Startup Business - Hongkiat<\/title>\n<meta name=\"description\" content=\"So you&#039;ve decided to finally apply the advice you keep hearing and reading about. You&#039;re determined to build your own business. 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