Today we will take a look at some of the best lessons to be learned from business hardship and how we can make the best out of these unfortunate situations.

1. The 9 Best Lessons To Be
Learned From Business Failure
By David KigerImage courtesy of Phineas Jones at Flickr.com

2. Failure is something that nobody wants to admit, nor accept
as his or her current reality. We live in a society in which
success is highly regarded but failure is looked down upon as
something to be avoided at all costs and from which nothing
good can come out.
It is a known fact that businesses that learn from mistakes
and implement strategies to turn failure around are much
more successful than those who never simply deal with
adversity in a positive way.
Here at David Kiger’s Slideshare, we have mentioned specific
stories before about highly successful people who dealt with
failure and overcame in the best possible ways. Today we
will take a look at some of the best lessons to be learned
from business hardship and how we can make the best out
of these unfortunate situations.

3. Don’t let other business define what you do.
It is important to always keep in mind your identity and what
your product stands for. It has happened before that when a
company concentrates too much into what their competition is
doing, they often fall into a trap. Understand what your
strengths are before you redesign your strategy based on what
others are doing. What works for them may not necessarily
work for you.
Realize this isn’t the end of the road.
Just because things didn't work out the way you thought they
would doesn't mean that everything is over. Another day will
come tomorrow and with another day another opportunity.
Sometimes we are more afraid of the idea of failure than the
actual failure itself. Making mistakes teaches you many things
and gives you experience, do not let it stop you.

4. Redefine what is priority to you
Failure has away of making reorganize your priorities that few
other experiences do. When things don’t work out, you
immediately begin to prioritize the things you focus on and more
often than not, you will learn about the decisions that may have
led you to where you are right now. Making adjustments based on
that introspection will allow you to streamline your approach for
your next attempt.
Learn who is truly by your side
Hardship works as a great filter to help you truly see the people
you can count on. Learn from these moments and value those
people who are with you when things go south. A true friend will
stick around and a real business partner will motivate you and
help you move forward. When things aren’t going great is the best
time to take inventory of those you can count on.

5. Recognize your mistakes and learn from them
Mistakes are nothing but opportunities to do things different.
Learn from those mistakes so you don't repeat them again and
learn to re-direct your path towards success by using these
experiences as learning opportunities. The problem with mistakes
is that people don’t learn to see the positive in them and fear
them to a point that the lessons they teach get lost.
Don't forget about the business
You could have the best idea in the world, a product that is simply
great, but none of that matters if your business doesn’t evolve to
the needs of your customers. Many people make the mistake of
focusing only on their service of product and dangerously ignore
their business as an entity that also needs to grow and adapt.
Spending too much time focusing on adjusting your product but
forgetting about growth and distribution is a sure way to lead your
business down the path of failure.

6. Take customer feedback seriously
Customers are important and most people underestimate that fact.
You may have the best team and work with great ideas of what “you
think” customers want. That is a dangerous assumption to make.
Customer feedback in important and should drive many of your
decisions as to where to shift focus towards and how to steer your
company forward.
Understand When to Desist.
Probably one of the most difficult decisions to make is to decide that
enough is enough and walk away from your project. The fact is, that
sometimes you are pouring your emotions into something that is
hindering you from seeing the light and truly finding your calling. If
you are investing too much emotional, financial and psychological
resources into something that isn’t working out, you will tire yourself
out in a way that will not permit you to look at other strategies.
Sometimes the best option is to accept that this may not be the way
and start over.

7. Begin today
Having something done is better than having something
perfect. Don’t wait until tomorrow and start now pushing
your idea forward and readjusting your path to success.
Waiting just makes it so much harder and when you look
back, your only regret will be to have waited so long.