For days I did not write because I was preparing to launch my new project. Will it be a success or a failure?. Soon I will begin to see how it evolves, but I will need some more time to know the answer. If anything I have clear is that I can not choose, and that Success and Failure are two sides of the same coin; you can not have one without the other.
If you really want to make the expedition from Employee to Entrepreneur, will have to prepare for failures. As I explained in What is F.E.?, I previously had another life as entrepreneur and I know exactly what is failure. And the first thing you must do when you fail, is to analyze the reasons that have led you to failure in order to never to fall into the same mistakes (you will fall into others, but not in those who have already identified). And once analyzed, write down in your failure log. This failure log will be one of the most valuable tools in your way to success.
Read these two quotes, wrongly attributed to Winston Churchill, and think about them:
Success consists of going from failure to failure without loss of enthusiasm.
Success is not final, failure is not fatal: it is the courage to continue that counts.
My last failure
Before the project I just released, I was preparing another in September last year. I’ll explain you why it failed, to help you if you are in a similar situation.
It was a project on the Internet, about female sewing and fashion, in collaboration with another person, that I will call “partner”. The truth is that I have no idea on this topic, but my “partner” knew a lot. So I proposed her a project in which she would provide the “know-how” and I the technology to make it happens on the Internet.
One reason for proposing the project was to help a friend, separate with two children, struggling to make ends meet. We began meeting to defining the project and its business model.
As always happens at the beginning, everything is excitement and enthusiasm. A lot of hours of Internet research, meetings, etc.. etc. But when it comes time to put the needle thread (pun intended) and begin to define the website’s look & feel and record videos, the “partner” says she does not have much time and begins to be difficult make an appointment for the next working day.
At this point, the best thing you can do is cancel the project. In these situations, it is always better to abandon the project as soon as possible and avoid wasting more time and money and, perhaps, friendship.
One of the mistakes that you should avoid in projects with partners, is to go ahead with them, when it is clear that they will not work, because we think it is the project of our life, which will lead us to success.
Always remember this phrase from Sir Richard Branson:
Business opportunities are like buses, there’s always another one coming.
If you start your project alone, you will save many hours in discussions or negotiations fruitless that lead nowhere. And remember that in our expedition from Employee to Entrepreneur, time is as or more valuable than money.
As you can not master all the topics, you have to decide between:
- Invest time in learning about the topics you do not know
- Paying other people who know about these topics
- Associate with people who know about these topics
Only you can make this decision, depending on the time and money you have available and your ability to work in teams.
If you choose the option of associate (is what I’ve decided on my current project), you should check at the first serious work meeting, if all members circulate in the same lane. And for this, the book that I discussed in another article, “The Millionaire Fastlane”, will help you. In fact, failure that I have explained is produced by differences between “Sidewalkers” (those who are on the sidewalk) and “Fastlaners” (those who are on the fast lane) partners.
Also, the book “The Millionaire Fastlane” will be very useful as an accelerator on your pathway to success. It has helped me in how to face my current project and I could recognize on it many reasons for failure of my previous projects.
Are you still afraid of failure? Remember that:
Sometimes you win and sometimes …… you learn.