Michael Newman’s latest ‘e-Wealth Daily’ article is titled “Here’s Why You Should Always Be Learning”. [‘e-Wealth Daily’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

Here’s Why You Should Always Be Learning

Whether you’re a new entrepreneur or someone who’s owned their own business before, it’s quite likely you’ve encountered bumps in the road. Some, however, may feel more like mountains.

Not to burst your bubble, but there’s a good chance that your business may not take off the first the time around…or the second. The truth is that many entrepreneurial ventures fail. The failure rate is, in fact, probably much higher than the success rate. However, even though you may encounter problems and fail your first time around, there is no gain in feeling defeated and running away with your tail tucked tightly between your legs.

The truth is that amidst the rough patches and failures, there is endless knowledge to be gained that you can use in the future. The gains you make in your failed attempts can be reapplied, so you can come back bigger, better and stronger. It’s very rare for someone to step up to the plate and smack a home run their first time at bat. Although it’s nice to come out and swing for the fences, sometimes it takes a few singles to manufacture a run.

If you’ve never done something before — in this case, building a successful business — you likely have a lot to learn. No one is born with all the know-how in the world, and it’s usually acquired through some kind of trial and error process. No matter how carefully you’ve planned and anticipated for things, it’s almost guaranteed that you’ll be presented with unique challenges you’d never anticipated.

Because of this, it’s important to start up your business with the attitude that anything can, and likely will, happen. Including failure. Knowing this, it’s important to have a variety of objectives with your start-up that go beyond simply making money. Making money, of course, is great. There are, however, a number of important things to gain from starting a business — even if the money part isn’t there. You want to minimize the impact of any financial failures by meeting the other objectives.

What other possible objectives could there be? Plenty.

For starters, you should always look to be learning. If things fail, you can look back at what you did wrong, analyze the situation and gain experience. This way, the next time you attempt starting your own business, you’ll have a better, more experienced approach to the task. You should be looking to build your skill set in decision-making.

You can also use your failures to get a better idea of what your strengths and weaknesses are. By knowing these, you can learn the best way to focus your time and energy, while partnering with, or hiring, someone with complementary skills. By surrounding yourself with people who can pick up the slack where you leave it, you can increase your production by focusing the majority of your energy in the areas you excel in.

The truth is that you can gain much more knowledge by living through failure than you can by sitting in a classroom in the finest business schools.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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