The other day I had a very interesting conversation with my brother. He started a gaming business several years ago and last year he decided to make it bigger and brought in partners to help expand the business. This year I decided to start a new venture and put significant time and funds into it and am making major sacrifices to make this happen. As we were discussing our various ventures, my brother said to me “I need this to succeed.” Not needing to ask why, I understood exactly what he meant.
Hopes and Dreams are what Entrepreneurship is made of.
For some, the dream of owning your own business is not just a shot in the dark. It is not simply something to do will usable time and money. For some, it is a way of living. My brother has a mortgage, car note and other significant bills that require being paid, as well as other family obligations that require his attention and money. To take time and money away from those things is a significant sacrifice. One that did not come as a fluke, but one that came as a burning desire to make something happen. When my brother said that he needed his business to succeed, it was about validation. He needed to know that his dream is achievable and worth the sacrifice.
Don’t mistake the cancellation of your show for the failure of you.
This is what David Letterman said to Jon Stewart as his first talk show was cancelled. It is something that Jon took with him and something that I remember has he signed off on his final show. Three years ago I started a venture with a former client and a few other people. I spend a lot of time as some money getting the venture off the ground. Granted, it was not my dream or idea that was the driving force, but I believed in the product and really wanted to see it succeed. When the founder decided to let it go, I was devastated. Mainly because I invested so much of my time and energy trying to make it a success. I really was heartbroken by the decision and angry about the fact that I could not do anything about it. But at the same time, I realized that I had spent three years building a business and bringing a product to market. If I could do it for this company, I could do it for another. More importantly, I could do it for me.
Failures are seeds planted into the ground that will grow into successes.
The word failure is a scary word. That scarlet F will haunt you if you let it. What I learned from my clients’ business failure and my own, were that it is not the end of the world. Yes, it hurts. And yes, you will feel deflated for a while, but all of those lessons learned will reveal the strength you have to move on. If you learn from those mistakes and apply them to your next venture, you will be able to succeed the next go around. A failing business in not an indictment on you or your worth, it is a lesson to be learned. What seeds are you planting?
Shahara Wright is an experienced and highly sought after business law attorney and business strategist. She is the author of From Entrepreneur to CEO and host of the CEO Collaboration Circle. Shahara founded The CEO Effect, LLC to work with small business owners who want to implement strategy to build capacity.