How to Move on When Your Business Idea Fails
Entrepreneurs come up with fresh startup ideas every day. They dream of turning their ideas into thriving businesses. But the reality is that few of those businesses will succeed. They’ll get started, build momentum, and then burn out. The key to being a successful entrepreneur is not just coming up with a great idea—it’s continuing to come up with great ideas, even after failure. It takes courage, determination, and positivity to come back. But if you want long-term success, you’ve got to dust yourself off and get back to work.
The first step is admitting you have a problem
Are you a bold entrepreneur? Excellent, you’ve got the spirit it takes to make it. But be warned, that stick-to-it attitude may make it hard for you to know when to call it quits on a failed business venture. Balance your mindset with your business Savviness. Listen to the advice of co-founders and other confidants. They can help you determine if you should dig in your heels and fight for your business, or if it’s time to admit defeat, at least temporarily. Some entrepreneurs have to hit bottom before they can move on to their next venture. That’s what happened to Brickell Men’s Products co-founder Josh Meyer. Now, he’s taking Brickell from a small ecommerce business to an international brand featured in popular men’s magazines. But it wasn’t always that way. After successfully selling one business, he was running into serious financial trouble with another. In fact, at one point he had basically nothing left in his checking account. It was time to move on—and that’s where Meyer found huge success. Let’s look at his story as a case study for knowing when to move on.
Entrepreneurs are problem solvers
Your business should appeal to customers by solving a problem they struggle with. That’s how Meyer got the idea to start Brickell Men’s Products. His then-girlfriend touched up his wrinkles in a photo before he hit 30. That led to research into the men’s skincare industry. He discovered that there weren’t any brands offering natural and organic options that resonated with him. Most of his options were just women’s skincare brands with a few products packaged and marketed to men. But the products themselves weren’t any different from the women’s. There was no distinction about why these men’s products would be better for him. Voila. Problem identified. Meyer and his business partner got to work on the solution: natural and organic skincare products designed for men first. They wanted to create products with gentle, non-irritating ingredients that could still cleanse and hydrate the skin. They started with a face wash and moisturizer and tested their own formulas. You can find similar success by brainstorming everyday problems you face. What can you do to make life easier for your potential customers? This isn’t always easy if you’re still reeling from your last failure. Don’t hold on to the past. Move forward.
Big idea, small business
Just watched your business idea fizzle? Start small as you work on creating a new venture. There are tons of resources to help you launch a bootstrapped business. Use an ecommerce platform that makes the process as easy as dragging and dropping. Before signing up for any service, do your due diligence. Find out what other businesses in your market are using. Read reviews of the most popular platforms, and determine what your budget will allow. That will save you from blowing your budget on unnecessary services. Brickell started in a garage but is now sold around the world. Take your big idea, condense it into a small business, and focus on ecommerce. From there, you can grow your brand.
Savvy marketing and brand building
Learn from your mistakes, get creative with your next idea, and don’t limit yourself to industries you have experience in. Design your marketing to appeal to your target customers, not to follow some old-school blueprint. For Meyer and Bolduc, this meant using their experience with previous failures to create a marketing plan and brand message that would resonate with their target market. Get professional advice and guidance, do your due diligence on the market, and don’t ignore your instincts. An approach that encompasses all of these factors is most likely to succeed.
Stay positive
You can come back from a failed business idea, stronger than ever. Don’t come crawling back—emerge from the wreckage with fresh determination. Use the lessons learned by others to inspire your next move. Invest conservatively, research your potential markets, and don’t be afraid to scrap a bad idea in favor of a new opportunity. Stay determined to make your next big idea a business success.
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
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