Not sure if there is such a thing as a good failure but failure is when you learn the most about your mistakes and weakness areas that needs improvement. I'm very competitive person so failure wasn't something I considered ok and it took me around two years to get over my failure in my first real business (Boutique Edge).
First of all I started in the worst timing of all, I was pregnant with my first child (I would not recommend anyone to start a business and have a baby) yah it was the first mistake. I was too tired to do anything, even when I tried to do anything it was wrong, my judgment was compromise with all the hormonal imbalances I was dealing with.
Second I started with a lot of expenses and a small capital that wouldn't last a year, it was a miracle that I actually kept the business running for four years.
Third and the most important part, I started alone with no team just me and a baby in my belly. The business would have been successful even with the two issues above but without a team I wouldn't had the chance. Don't ever think that you can do it alone (only if you are a freelancer without any intentions to grow your business).
So after analyzing myself and the books I've read about business and success I found that I lacked an important element which is mindset. So before I start any new business I have master these steps first:
- Be very informed in the know how of the business.
- Start small, with lower costs.
- Find your team.
- Have at least an income or savings for your personal expenses, believe me this will effect your mindset and how you make decisions.
- Solve a problem with your business.
Now it might be a small list but start even if it's not perfect just start with low expenses and test the market. I'm starting over with a new project, I'm creating a platform for working women to connect and find what they need to help them in their pursuit.
Find your edge...