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How Do You Recognize If and When Your Business Has Failed? Keeping Your Business Alive When It Is Not Doing Well
I have been both a business owner part time and full time and have experienced success and failure alternatively for years. I have initiated many startups that have done well and others that have done poorly. I have taken full time jobs after being self employed full time and firing my staff. Business is a very frustrating concept, but we all need it to survive and in this hub, I want to give you the inspiration about succeeding with your business even when you think it is failing, because let's face it, it is a real bad feeling when you have to take a job after being your own boss. I learn about promoting my business on websites like SocialSkyline.com, Techcrunch, and other internet marketing information sites.
First of all, let me start off by assuring you that your business can never fail until you realize a failure!
What does that mean? Just as success means a lot of things to a lot of people, failure also means a lot of different things to different people. Also, what one person realizes is a success, another can ignore it and see the same thing as a failure.
Tip #1: The most important thing you can realize is that failure is really a state of mind. If you business is not doing so well and you cannot pay your bills, fine. Go out and get a part time job and continue to work on your business. Then, nobody (not even you) can say it is a failure.
Even if you have to get a full time job, you may not be making enough money and you need a second job. Make that second job your business on a part time basis. Then, it stays alive and no failure is ever realized.
Entrepreneurs Fail 9 times out of 10!
Being an entrepreneur, in my opinion, is the ability to find new ways of keeping your business alive and finding new niches or even better creating a totally new niche for the same business that is not doing well.
Tip #2: Find New Ways Of Keeping Your Business Alive Even When It Is Not Doing Well or Realizing A Profit
Advice: Find a New Market For Your Business That Is Strong And Is Willing To Buy Your Product Or Service
Ok, so your business is not doing well. That can happen for a lot of reasons and it may have nothing to do with your ability as a business person. Maybe you are just in a market that has gone soft. When that happens, find a new market that is strong.
Folks, I know that YOU know that most of the world is in a bad economy, yet professional athletes still earn millions of dollars per year, blockbuster movies gross millions of dollars in a few weeks, and websites are being bought out by venture capitalists for millions of dollars, like Facebook buying Instagram for a billion dollars. I never even hear of Instagram until Facebook bought them.
The point is that you can find ways of taking your business in new directions if your current direction is not working. Find a new market, a new product, or a new trend and don't be slow in capitalizing on it.
My own history of my business life:
I have designed over 300 websites since 1996 and have made a lot of money building websites in the beginning when the Internet was new. After web design programs like Dreamweaver came out, I knew that my money making days in web design would eventually be over. It took me another 12 years to actually realize that. I needed to take a job after winning several technology awards from various organizations on Long Island, New York. The economy and overseas web designers changed the entire web design industry, so now I took a job. I still do some stuff on the side as long as it does not interfere with my job, but now my wife has taken over the business and is running it, so the business is still going as we have other resources to get the websites done. in the meantime, I have a few websites that I own that are doing well and growing in the social media space.
My point is that unless you dumped your life savings into your website and you are making no money with an empty savings, your business does not have to be "realized" as a failure. Keep doing what you are doing and change with the times, the economy, and the trends. That is why Facebook is changing and is not intentionally annoying its 500 million worldwide members with the timeline.
Money Making Websites Are Out There To Keep Your Business Alive
You can offset your income with websites like Hubpages, Fiverr, SocialSkyline.com, and Textbroker by writing articles and getting paid. Fiverr allows people to reach a market which I never thought was possible before.
The bottom line is that if you are an entrepreneur, keep your business alive and at least partly successful (if not fully successful) by finding a new service to sell in a new market and remember, that your business is not a failure if you don't realize it as one. There are a million ways to keep it alive and successful.