Myth 1: Failure is the End

It’s Time to Rethink Failure

Failure isn’t the end of the road or a reason to give up. Failure can be a building block for success. As a small business owner, you have to get comfortable with understanding that not everything works out. And more importantly: not every idea is a good one.

Get comfortable with trying. Have confidence in yourself! Know that sometimes you win and sometimes you don’t. Occasionally, the best ideas can come out of the failures of other ideas. And even when that’s not the case, lessons learned from failure can often give you a roadmap of what to do next time.

At the end of your career, you should have a score card. If you follow a good plan and aren’t afraid of making mistakes, you’re likely to have more wins than losses. That’s a success to be proud of.

Ask yourself the following questions as you think about past business decisions and what those have taught you:

  1. What is something I’ve failed at? What led to it?
  2. What are some lessons I’ve learned as a result of past failures?
  3. What are some ways to approach my next venture with those lessons in mind?

The UPS Store Small Biz Bootcamp

Weekly Lessons:

Myth 1: Failure is the end
Myth 2: Nobody knows your business better than you
Myth 3: You can be your own boss
Myth 4: You should be profitable within six months
Myth 5: A great product or service is all you need
Myth 6: Lower prices are better
Myth 7: Hard work is all you need
The views and opinions of Marcus Lemonis represent his views and opinions alone and should not be construed to be the opinions of The UPS Store, Inc. (or its affiliate or parent companies) or The UPS Store® network.

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