Handling business failure in Nigeria is one of the less talked about topics related to business growth. Many entrepreneurs tend to act like failing isn’t possible until they finally get to fail. Most entrepreneurs are also afraid of starting a business due to their past failures in other businesses.
Perhaps you already have a business but steadily heading towards failure without knowing what to do. The truth is, failure is part of the process, and just so you know every successful business today once failed. Instead of getting hurt and worried about your business failures, why not learn how to handle business failures in Nigeria.
In this post, we will be sharing with you some tips on how to handle business failure in Nigeria. This post won’t go into details of why businesses fail or the reasons for business failure, we will only deal with how to handle business failure in Nigeria. It is worth mentioning that, I wrote this article with only business owners and entrepreneurs in mind but the tips here can help literally anyone going through failure to bounce back. If you are ready please continue reading this article!
How to handle Business failure in Nigeria
1. Fail early
This might sound funny right? Yea I know! But do you know that if you don’t fail early you won’t get the experience needed to succeed early too? In any business, there is a 90% tendency for failure. In fact, 80% of successful businesses we have today once failed in a way or two.
My first tip for you on how to handle business failure in Nigeria is to fail early, and the only way you can fail early is to simply start early. Therefore, drive away from the fear of failure today. Start that business. While on the journey you’d be prepared to face failure. The earlier you fail the better for you and your business.
2. See failure as feedback
The number two tip on how to handle business failure in Nigeria is to see failure as feedback and not the end. Most entrepreneurs and business owners are so scared of failure that when they eventually fail it feels like the end of the road for them. It shouldn’t be that way if you see failure as only feedback of what you have been doing.
As a business owner or entrepreneur, your view of failure should change today, see failure as feedback of something wrong you having been doing and not the end. Seeing failure as feedback simply means, you see failure as a report of something wrong you have been doing. So, when you fail, it only feedbacks or reports of things you’ve been doing. Identify it and move to the next tip.
3. Accept your failures
The third tip on how to handle business failure in Nigeria is for you to accept your failures. A popular quote says “Learn from yesterday, Live for Today and Hope for Tomorrow”. If you are going through failure in your business life you need to accept it and find a way to move on.
Accepting your failure includes acknowledging the fact that you’ve failed. If you do not acknowledge the fact that you’ve failed, you won’t move on to success. You can’t skip the process of accepting your failure. It helps you to emotionally get ready for moving on to success.
4. Assess your feedback
The fourth tip on how to handle business failure in Nigeria is to assess your feedback. Remember number two tip said you should see your failures as feedback? Now, you need to assess your feedback. That is, you need to sit and strategically look at what made you fail.
Assessing simply means taking a critical look at something. And that is what you need to do in your failed business. Critically identify the reasons why you failed and write them out on paper. If you are not sure why you can ask your team to also contribute to why they felt the business failed. You can also get the feedback of outsiders on what they think might have caused your business to fail.
5. Start a new plan
So, you have assessed your feedback and have identified the reasons why you failed, next how to handle business failure in Nigeria is to start a new plan. There is another popular quote which says “Success consists of going from Failure to Failure without loss of enthusiasm.” You have failed does not means it is the end for you or you can’t succeed in business. Failing simply means you weren’t doing something right.
Since you have identified what you were not doing right in the previous two tips, it now time to start a plan for your business. So, get your writing tools and begin a new planning process for your business. In your new planning process make sure you adequately solve your previous problems which made you fail. Get your new business plan with a positive mindset and move to the next tip.
6. Get your team ready
The sixth tip on how to handle business failure in Nigeria is to get your team motivated and ready. Another popular quote says “A man is only as successful as his team wants him to be”. In this context, all you need to do is to change the “man” into “business”.
So, it simply means your business will only be successful if your team wants it to be. Therefore, with a new plan in your hands, you need to find a way to get your team motivated and ready to support you on this new course, hoping that this time you all will become successful.
7. Take actions with success in mind
The last tip on how to handle business failure in Nigeria is to take action with success in mind. No matter how great your plan is, if you don’t take action, it is likely to never yield success. In other words with a good plan in your hands and a team that believes in you and are ready and motivated to work, next you need to take the required action for you to succeed.
It worthy to add that actions you take should be accounted for. That is, you should know if every action you take yield the required results or not, that way, you will be able to see your progress. Take action today and succeed in your business life.
Handling business failure in Nigeria might not seem easy on the surface but through hard work, you are sure to achieve success and overcome your failures. Many new entrepreneurs and business owners are reluctant to start their business because of the fear of failing.
That shouldn’t be at all. If you go through the right step, your business should be a success. If you have once failed and want to get back on your feet, I’d advise you to read this article again and go through every tip. Success surely awaits you. Cheers!