The entrepreneurial journey can oftentimes be treacherous, as there are many pitfalls and challenges en route to business success. Whether you are new to business or a seasoned entrepreneur, you have to be prepared to take on the risks which are inherent in any enterprise.

There are very few successful businessmen today who at some point didn’t face a disappointing result from their ventures. Like any other career, being an entrepreneur requires you to advance through a learning curve, where time and experience will help you to become better at your job.

Instead of only focusing on the negative aspects of the collapse of your business, consider your experience as your initiation rites into entrepreneurship. Don’t think that your inability to succeed after your first attempt only signals the end of the road for your business goals. In fact, a ‘failure’ can actually help you to become a better entrepreneur.

Business success trainer, T Harv Eker of Peak Potentials, explains that there are three key elements for any business to succeed: the right business vehicle, the right knowledge and the right you. The right business vehicle involves finding an opportunity that fits your expertise. The right knowledge involves familiarity with business skills as well as industry-specific knowledge. The right you involves your own personal development as an entrepreneur.

Let’s consider these three key elements and see how the failure to get the result you wanted in this business might actually help you to succeed in the future:

Do You Have The Right Business Venture?

Creativity consultant, Roger Von Oech, declared that there are two benefits of failure. “First, if you do fail, you learn what does not work; and second, the failure gives you the opportunity to try a new approach.” Think hard about your current business – is it really the right venture for you at this time? Did you do any research to determine if customers really wanted what you had to offer?

Sometimes a business idea might have great potential, but it fails to take off because it’s ahead of its time and the market is just not ready to receive it. It’s very important to complete a business plan before you jump right into a venture, as it can help to reveal if your concept will work in the real world.
You should get professional advice from a business counsellor to help you review your business idea and see what improvements might be necessary. You can contact Jamaica Trade and Invest (JTI, formerly JAMPRO) or the Jamaica Business Development Corporation for assistance.

Do You Have The Right Business Knowledge?

When asked how he felt about failing so many times in his quest to perfect the light bulb, inventor Thomas Edison replied, “I have not failed. I’ve just found 10,000 ways that won’t work.” Often, you have to continue to learn and improve your business processes and practices until you develop the right formula.

Many people embark on an entrepreneurial career without realising that there are several skills that are necessary for success. You have to acquire knowledge about basic accounting, marketing methods, effective communication, management of people and strategic thinking; and keep abreast of technical developments in your particular industry.
If you are still committed to being your own boss, enrol in training courses in the areas that you might not be experienced in. You can also try to find a successful business mentor whom you can emulate, to guide you in your operations.

Do You Have The Right Business Mentality?

Although your business problems might feel devastating right now, don’t look at it as a sign that you don’t have what it takes to succeed as an entrepreneur. Televangelist Robert Schuller asserted that “Failure doesn’t mean that you are a failure.it just means that you haven’t succeeded yet.”

You have to be mentally tough to survive the disappointments that will come along the journey, so personal development is vital to your long-term success. Fortunately, there is a wealth of information available through books, CDs, DVDs, Internet sites and coaching programmes on creating a positive business mindset.

Here are some great books that can help you to develop the right business mentality:

- Rich Dad’s Cashflow Quadrant by Robert Kiyosaki,
– Secrets of the Millionaire Mind by T. Harv Eker,
– The E Myth by Michael Gerber,
– Developing the Leader within You by John Maxwell,
– Think and Grow Rich by Napoleon Hill.

Remember, disappointments in business are all part of the entrepreneurial game, so don’t despair. As Lloyd Brown declared, “The men who try to do something and fail are infinitely better than those who try to do nothing and succeed.”

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As a home-based business owner, you get a lot of benefits and conveniences. However, there is one thing that could ultimately take away all your income-earning opportunities, and that is procrastination. With no bosses around, we sometimes have the tendency to put things off when we should be doing it now. It is therefore necessary for us to find ways and means to eliminate this bad habit before it is already too late.

Before we can do so, we need to identify the different causes of procrastination. Usually, it could be any of the following:

1. Waiting for the “right time”

2. Not setting clear goals

3. Lack of planning

4. Not understanding the job/task/assignment given to you

5. Dealing with difficult job/task/assignment

Once you identify the root cause of your problem, the next thing to do is to make an action plan to fix it. For example, if the reason for procrastinating is because you do not completely understand the job given to you, call or email the client and ask questions to give you a clearer idea of what needs to be done and how to do it. Communication is the key element here.

Here are some more tips to avoid procrastination:

First, you need to organize your daily tasks. Check completed tasks to help you keep track of what are still pending.

Second, in working on tasks, it should be easy ones first because these can be done quickly and you will have more time to allot for the more difficult tasks. People become prone to procrastination when dealing with complicated stuff so it is always recommended that you finish as much as you can before you start feeling lazy.

Thirdly, avoid distractions. When you are in your home office, kids, family members, and friends may bother you from time to time. It is best to set house rules by telling your family what time you can spend with them. If you have plenty of things to do, tell your friends politely that you are busy and cannot be bothered and that you will call them back as soon as you can.

Working at home can provide you with endless opportunities but you need to have the discipline to work even when you do not feel like it. Many people have failed because they became too lazy; but on the brighter side, there are those who have accumulated great wealth because they were able to beat procrastination.

Home business entrepreneurs are often caught up with too many things just to keep the business running. From morning until nighttime, their minds are focused on finding, keeping, and satisfying customers, studying financial statements, honing their skills and abilities, and many more. As a result, they still end up neglecting what really matters the most. But this is the reality of home business owners especially if it is a start-up business they are managing. Putting in a lot of time and effort is necessary in order to survive in the competition.

But what most people do not realize is that even in our busy schedules, we can still achieve work-life balance.Here’s how:

Signs that Say You Do Not Have Work-Life Balance

1. You wake up at 5 a.m. and go to bed at 11 p.m. spending 80% of your waking hours working.

2. You look at yourself in the mirror and can hardly recognize yourself anymore.

3. You become irritable and overly sensitive.

4. You are no longer updated with current news and events. Sometimes, you even cannot remember what day it is.

5. You have gained weight not because you are growing old but because you have not had time to exercise or engage in physical activities.

These are just some of the common signs that indicate a lack of balance in your life. If any or all of these apply to you, then it only means one thing- you need to do something about it now before it is already too late.

Tip 1: Set boundaries

You need to separate your work life from your personal life. This can be a little tough because you work from home but you need to do it anyway. Set a schedule for when you need to be in ‘work mode’ and stick to it. For example, if you set 9 to 5 as your work time daily then make sure that you stay productive during this period, and stop at 5.

Tip 2: Learn to say ‘No’

Customers might ask impossible things from you such as working on a Sunday or driving 100 miles to see them. Do not just say ‘Yes’ right away to please them but instead, ask yourself if such requests are justifiable and if not, say ‘No’ nicely and offer other options.

Tip 3: Make time for yourself

Pamper yourself every once in awhile because for all the hard work, you deserve it. But aside from this, it is also recommended that home-based entrepreneurs should put physical health and wellbeing a priority. It is not just about making money, but it also has something to do with being physically, mentally, and spiritually fit to run the business.

You don’t have to be like them. Although you may not have the financial know-how that other small business owners have, there are easy ways you can manage your finances. The bottom line here is to be frugal. When you know how to be frugal, you can keep your business afloat.

Here are some tips to help you manage your capital:

1. Put off making buying decisions.

Often, people end up in loads of debts because they impulsively shop for things they do not need. They buy high-end computers, get a brand new car, and go on expensive vacations because they think they can already afford it. Earning profits in your home business does not mean you have the right to spend it.

Take a day, a week, or even a month to decide when making big purchases especially if it cannot be classified as a need. This way you can carefully think it over, and perhaps later on realize that it is not really a necessity and just decide not to buy it.

2. Live within your means.

Expenses always keep up with our income. This is the reality. We may be earning a six figure income every month but you would be surprised to know that big income earners who do not have solid financial management abilities also have big debts. Save and invest, and live exactly the way you did before you started raking in more money. You can reward yourself every now and then but never on a consistent basis.

3. Use comparison sites.

Most people probably don’t know this but you can save a lot from using comparison sites. From buying products to travel tickets and even hotel bookings, online comparison sites are very helpful in giving us information regarding where to purchase products and services at a much lower rate.

4. Haggle for prices.

Buying office supplies and equipment can be expensive, and will take a large chunk of your startup capital. But you can actually save money by haggling for better prices. Just talk to the owner and find out if he can give you a better offer. Alternatively, you can also buy wholesale, as rates are always cheaper when you buy in bulk.it is surprising how much can be purchased at eBay.

5. Avoid buying brand new equipment and furniture.

You do not always need top-of-the-line equipment when you are just starting with your business. You can perhaps spoil yourself a bit on these things when your business grows and become profitable but in the meantime, make do with what you can afford. Buying used equipment as long as it is in excellent condition is fine. You can easily save hundreds, if not thousands of dollars when you buy used items. Buying used furniture from auctions can also help you save money. The savings you get can be used for other more important things such as marketing your business.

Only a small percentage of small businesses succeed. This is reality (it’s a tough one but a reality nonetheless).

Don’t let the prospect of possible failure hold you back from starting your own small business. Instead, you should take this as a challenge; one that you must overcome so that you can accomplish personal and business goals.

Major Reasons Why Small Businesses Fail:

1. Lack of planning.

The first reason is lack of planning. Confidence in business is one thing but it is entirely different to start an business without making a sound business plan.

2.Poor management.

By the nature of it being small, your small business will be managed by you or someone close to you. This will be the case most likely until you reach a fairly large size. It is critical to understand if you have what it takes to manage other people. If you have poor management skills than bring in key members that can supplement your skills.

3. Undercapitalized.

When starting a business, it is important to have sufficient funding for it. If you do not have enough in your bank account, borrow money to make sure you have the funds to pay for necessary expenses and capital improvements.

4. Wrong location. Many small businesses are home-based which is good because it helps cut-down cost on rent and utilities. However, if the nature of the business requires you to locate it someplace else, you must be able to do so and find a strategic location. For example, if your targets are office employees then you should put your establishment in a business district with heavy foot traffic.

Now that you know the reasons, you can take time to think about what’s going on with your business and find out if any of these reasons apply, and make the necessary changes.

In addition, you would also need to use the tips mentioned here to help you cope with failure.

Tips for Coping with Failure

Be objective when handling failures. You must compose yourself so that you can take a good look at what happened and analyze the situation prudently. Review the steps you made. Find out exactly where you went wrong and determine how best you can remedy it. Understanding what happened exactly can help you avoid the pitfalls the next time around.

Then, learn to let go. Sulking and blaming yourself (or others) for what happened will not get you anywhere. Do not be afraid to try again because that is how others became successful- they kept trying after every fall.

You can also seek advice from consultants or from experienced entrepreneurs who are more familiar with how to run a similar business profitably. Failure is one of the things you need to face when managing your own business. It is not something we look forward to, but we can learn from it and in the long run, this will make us better entrepreneurs.

1. Forward-thinking

A person who plans ahead and prepares for things before they even happen is someone who can effectively eradicate or reduce possible issues that may arise in his business. To be a forward-thinker, you need a good amount of creativity and initiative, an openness to change, and the courage to move ahead even in the wake of difficulties.

2. High level of self-esteem

Small business owners simply cannot be successful if they do not have faith in themselves. It is hard to imagine anyone going places as a product of his own hard work if this person does not even believe that he can succeed. When a person with a high level of self-esteem tackles a project or an endeavor, he does it well because he knows that he can. Conversely, those with low self-esteem are even too afraid to try because they think they will only fail. Thus, goals are not reached.

3. Driven

Drive and enthusiasm are key elements to small business success. Who ever became successful sitting at home doing nothing? No one. A person must not work only when he feels like it; he should work because he has to and even if he does not feel like it, he gives himself a million and one reasons to keep trying.

4. Dynamic

Change is one of the only two constant events in this world, and the other one is dying. small business owners need to be open to change and be dynamic every time change does take place in their business. If a person is not dynamic, he will be more likely to be left behind by other more competitive individuals.

5. Being frugal

Frugality is having the ability to distinguish a good expense from a bad expense. When you manage your own business, there will be lots of things you have to pay for, from simple office supplies, to equipment, and maybe even manpower. You need to spend only for the things that are necessary for the business and avoid nonessentials. Moreover, as your business starts to earn profits, money will be coming in and if you do not know how to be frugal, you just might spend it all away for things when it would be better to spend it more on those that will allow your business to grow and develop.