Lessons from Failures Every Founder Should Know

Every entrepreneur would have faced difficulties in building their empire. But only those would have been successful who have learned from their problems and failures, not those who turn their back on their dreams.

Failure is a part of achieving something, something that is too big to dream of for someone. If you are willing to learn from failures, success will come to you!

Below, I will discuss something that, as a founder/entrepreneur, you must know if you ever face failure.

Revenue isn’t everything – Customer satisfaction matters

Yes, that is 100% true! Some startup founders or entrepreneurs consider revenue as their core goal. No doubt that businesses are always there to generate revenue, but not when you are growing. At that time, you must consider building brand awareness and authenticity among customers for the long-term game. If you only focus on revenue, then you would only see customers once in a while because of high prices, etc.

But if you think of making a homerun that can give you excellent results, then offer customers something like coupons, discount packages, or certain offers like buy 1 get 1 free, etc. This might not bring you much profit, but it will create a strong customer base that will remain loyal to you.

Never keep everything for yourself – Learn to share

Everyone who is linked with you and helped your business achieve success owns a share percentage and the respect. If your business has achieved the highest ROI (return on investment) because of you and your team’s efforts, then don’t just keep everything for yourself. When your team sees that they never got any appreciation, they might leave you and find a place where they can be respected. So, if you have faced such a scenario previously, then ensure you always prioritize your team before anything. Because if they can achieve their target for the first time, they’d definitely do it every time.

Always keep pushing yourself – Even after failure

Did you know what failure stands for? The word “Fail” means “First Attempt in Learning,” which clearly indicates that while becoming the best version of yourself, if you don’t fail, you won’t learn anything!

A quote from Udai Yadla that goes “Failure is the greatest teacher.”

If you saw your business going down, don’t stop trying. If you lose hope at that point, you will never be able to stand.

“If you think the price of winning is too high, wait ‘till you get the bill from regret!”

~ Tim S. Grover

So, one thing that I would say, being a founder and entrepreneur, is that you must never lose hope in your dream and love to share what you have with those who helped you!

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