If you've ever watched an episode of Shark Tank, you know it's not easy for entrepreneurs to come on the show and get funded. In fact, most entrepreneurs fail.
In this post, I'll share some of my favorite tactics to understand and manage your emotions and turn failure into success.
Let me preface this by saying that I'm NOT an expert. This is merely my experience as a successful entrepreneur, so take what you need from it. I hope you find it useful!
STEP 1: Build the Right Business Model
There's a difference between building a good product and building a good business.
When building a product, it's best to pick a niche that you love. That way you're going to feel proud about the things you create. It also gives you the chance to focus on a specific set of customers that want what you have to offer.
When you're building a business though, you want to build a scalable model. A business that has the potential to become large enough to support you in the future.
This means taking the time to think about how your business works and how to scale it. Here are a few questions you should ask yourself:
What's my unique selling proposition (USP)?
Do I have a product or service that's valuable to my customers?
How can I make sure my product or service keeps improving over time?
STEP 2: Understand What You Don't Know
As an entrepreneur, it's important to understand that you don't know everything. Your knowledge might be spotty in some areas, and that's OK. You're not expected to be an expert on everything.
However, you do need to be aware that you might have gaps in your knowledge. In other words, you don't know everything about your industry, your business, or even yourself.
That's why you should always seek out feedback and learn new things. It helps keep you on track and prevents you from making mistakes.
STEP 3: Build a Positive Mindset
Another reason why you don't know everything is that you've probably made mistakes. In fact, you're going to make mistakes again and again until you get it right.
This doesn't mean that you shouldn't try to avoid making mistakes. What it does mean is that you should be open to learning from them.
When you recognize that you're making a mistake, that's a good time to practice self-awareness.
STEP 4: Learn From Your Mistakes
This brings us to the final step. When you make a mistake, you should stop and ask yourself what you could have done differently.
This process will help you understand how you can improve in the future and prevent mistakes.
STEP 5: Stay Positive
As I mentioned above, you're going to make mistakes. As a result, you're going to feel frustrated and angry.