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Failure is NOT an Option

Date: 01/11/2007 | Category: Business | Author: developers

How many times have you heard that?  Surprisingly, according to at least one consulting firm that works with entrepreneurs, it’s the mindset you have to take if you expect your business to survive through its startup and lean phases.  Neil Anderson, president of The Courage Group believes that unless you commit to the mindset that “failure is not an option” your start up won’t make it out of the gates.  However, the underlying point is what’s important here, i.e. the premise that the right mental state is crucial.

In a recent article, Anderson suggests the following tips to avoiding the failure trap:

  1. Prepare mentally – remain positive and avoid negative thoughts and individuals who aren’t there to support your endeavor.
  2. Visualize it – success may seem like a distant dream, but by focusing on the bright light at the end of the tunnel, your actions will become more successful.
  3. Expect to sacrifice – personal and financial sacrifice is on the menu.  Expect and plan for it.
  4. Embrace risk – if you are averse to risk, your chances for survival are probably pretty slim.
  5. Stay motivated to succeed – when times are tough, you can either cut your expenses to the bare bone or push to increase your revenues.  Successful entrepreneurs always find a way to drum up business or find another sale.  Stay motivated and on track.
  6. Have a roadmap – a business plan keeps you focused and forward moving.  Business plans also force you to do your homework. Those entrepreneurs who do their homework on their market and business are more likely to succeed.