In business you get your fair share of wins and losses. Just the way you experience an equal amount of both in other areas of your life, you tend to prefer winning against losing. That is the most natural thing people choose when given options with regards to experiences because nobody really loves losing. Especially in business where you tend to lose money more than anything else. The more important thing to consider when going through an experience where you find yourself on the losing end is how well you can bounce back from a loss.
Losing becomes less of a debacle when you view it as a temporary state. Think of it as just a battle lost in a war still to be won. Never be disheartened by business loss because any levelheaded entrepreneur is bound to tell you the same thing: That in business, your desire to earn more also includes risk taking where you also have to be ready to take a loss in the process of trying to make your business profitable.
It all boils down to the attitude you have regarding any business setback. It may render you flat broke at the moment but that doesn’t mean that you will forever be poor. You still have your knowledge, imagination, skills; perhaps your RingCentral system, and the enterprising spirit in you. You can still find a way to gather enough financial strength and give it another try. It is still up to you to make the right breaks happen again because for persistently enterprising people like you, business opportunities can always come knocking on your doors again. So it all becomes a matter of knowing between setback and opportunity — and then turning things around successfully.
The return bout
- A business setback does not always happen as a total loss where you end up with your enterprise crashing and burning. Sometimes it comes as an unforeseen challenge that sends operations to a grinding halt. Take the case of an aluminum toothpaste tube manufacturing company who’s been a big supplier of such for a toothpaste brand for years. Everything went well for the company until a new invention was introduced, polymer toothpaste tubes. When the big toothpaste company stopped getting aluminum tubes for their product, this almost got the tube manufacturer shutting business down.
- It was the biggest setback ever for the company and the calculable loss would have run up to hundreds of millions. To counteract this setback, the company’s think-tank thought of coming up with a new toothpaste product. The plan was to make toothpaste to put in all the aluminum toothpaste tubes that would have otherwise gone wasting away in the warehouse. The bottom-line: Cut losses by going into new business.
- The company opted to rifle setback and use it as an opportunity to do new business. So when their new toothpaste product came out in the market and sold well — a new toothpaste brand was born! The company has currently gone on to market more beauty and hygiene products successfully. Not only that, it is now one of its former client’s biggest competitors in the industry.
- Setbacks when viewed as opportunities provoke combative business thinking. It is not necessarily about doing battle with other businesses but about going beyond mere survival against the odds. It is the will to prevail that drives business people to see economic downturns not as portents of doom but as rich sources of opportunity. Rainy days may come even as the day’s forecast says sunny so stop cursing the weatherman and start selling umbrellas. Old folks often humor us when we’re down and it is best to remember this as a businessman: “When life gives you lemons, you make lemonade!”