3 Major Lessons Taught By Business Failures

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3 Major Lessons Taught By Business Failures
11 Sep 2021
7 min read

Blog Post

It is truly said that failure can teach you more lessons in life than success can. And we are what we have truly become is because of the hurdles that we have crossed in our lives. And you find this principle hidden in every field, be it studies, sports, business or even our whole lives. Here are some lessons which are the result of business failures, and they will lead you to discover what not to do while starting a business, or what you should be careful about while doing so. #ThinkWithNiche

1. Where do you want to build your castle

Yes, imagine that, if you had the opportunity to build a castle for yourself, where would you choose it to be located? Besides a common locality or at higher grounds? Yes, of course, higher grounds, because not only will it shine above the rest neighboring you but also keep you safe and secure. So, exactly like your castle contemplate deeply about where to set it up. What would be the most suitable location for your business to prosper? Gather all the locations in which it can be set up, arrange them, and then filter them out depending upon various conditions like the daily number of bypassers, the environment, the locality, nature of the place, temperament of people residing nearby. Even visit them for inspection by your own eyes and check if your business and you will be easy to get set at that particular location.

2. Pay attention to the roots

Look at the roots of your business, and keep cross-checking to find any addition or subtraction can be made or not. Run surveys and ask for feedback from customers if the service being provided is fulfilling and satisfying their needs or not. Ask for any improvements that can be made or any mistakes or problems that they feel should be avoided and not made in the future. You can even ask bloggers and reviewers to check your business out and find any intricate details that you are missing, which if avoided can enhance the user experience. Bloggers and reviewers mostly have an eye for the most minute details; they look at your business from a customer’s point of view, hence finding details that you might overlook is the service provider, becomes easy.

3. Become a parent to your brainchild

Very often, business is regarded as a child, you need to take care of it like a parent. Think of it, what does parenting feel like? In the beginning, you support your child at each step, then gradually you leave them on their own but you don’t completely abandon them. You keep an eye on them so that they don’t go running towards flame or fire or any injurious item. With your business you need to do the same, you can’t go running after it all the time. In the beginning, you must help it to grow but after some time you should let it run without you. Now again, this doesn’t imply that you completely abandon it, keep a constant check on the ins and outs taking place.

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