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10 Things to Learn from a Business Failure

Last Updated: Feb 5, 2016
Failing at a business isn’t the end of the world. In fact, it could be the beginning of a successful new business. Here are ten things you can learn if you’ve had a business fail.

Failure isn’t something to celebrate—at least if you subscribe to conventional wisdom. Failure is seen as an ending; the end of the road. When you fail feelings of inferiority, embarrassment, and stress dominate your thoughts. Why move on? Why try again?

What if Thomas Edison embraced the conventional wisdom? How long would the world have waited before the light bulb was invented? Instead, he said this after multiple failures: “I have not failed. I’ve just found 10,000 ways that won’t work.”

If you look back and figure out what went wrong, you probably won’t repeat the same mistakes. Could any of these be the reason your last business failed?

1. Don’t Play the Blame Game

It’s hard to admit but before moving forward you have to embrace a harsh reality. It’s your fault. It’s not the economy’s fault, your partner’s fault, the city you live in, your lack of money, the people, the product, or the family issues you had.

It’s your fault because you were the leader. Every successful business overcame the same issues that brought you down. When you can say that you were the main reason the business failed, your mind becomes open to change.

2. Don’t Beat Yourself Up

Just because it was your fault doesn’t mean you’re a bad person. Apple co-founder, Steve Jobs founded NeXT Computer in 1985 after being forced out of Apple. The company was far from successful and Apple later purchased it and brought Jobs back. Not only was he fired from the company he founded, arguably the most brilliant business mind in recent history started a business that essentially failed.

This series of failures didn’t derail Jobs—it propelled him to further greatness. He faced the same decisions any business owners face but he chose to turn them into positives.

RELATED: The Real Reason Businesses Fail

3. Don’t Double Down

Talk to any Wall Street investor and they will tell you the same thing—don’t ever double down on a bad investment. In other words, resist the urge to relaunch your company bigger and better. The chances of it working are very slim. Look elsewhere. Stay within your strengths but look to something different.

4. Give Customers What THEY want

Is it possible that you had a great idea for YOU but not for your customers? Did you conduct thorough market research the first time around? Next time, make sure your customers want it, they’re willing to pay for it, and the value they place on it is enough to make your business grow.

5. Be Willing to Let It Go

Maybe the first time around you did the research but it didn’t come back favorable. Instead of abandoning the idea, you moved forward anyway. The best entrepreneurs know that being too passionate about an idea is a recipe for failure. There are plenty of ideas to choose from. Pick one that both you and your customers love.

RELATED: The 7 Pitfalls of Business Failure and How to Avoid Them

6. Bring in Experts

You aren’t an expert at everything. In this highly competitive world, trying to be an expert marketer, web designer, manufacturer, manager, sales associate, and accountant isn’t going to work. Build a team of experts that will improve your execution the next time.

7. But Get Your Hands Dirty

If you’re going to land a deal with billionaire investor Mark Cuban you better be ready to get your hands dirty. He’s no stranger to selling door to door and in his mind, you’re never too big or powerful to remove yourself from the sales team. Cuban said, “I still work hard to know my business. I’m continuously looking for ways to improve all my companies, and I’m always selling. Always.”

8. Raise Enough Money

Some businesses require very little financial investment. If you’re in the consulting business, you might invest less than $1,000 in startup costs. But that’s not true of most businesses.

Did you have a great idea but simply ran out of money? Next time, slow down and raise enough money to buy the right equipment, rent space in a better location, and hire the right experts. When you appropriately investment in your startup, the chances of success are much higher.

9. You Weren’t Passionate

There are plenty of business opportunities with the potential of making you a lot of money but if you aren’t passionate about it, there’s little chance of success. Cuban says, “Love what you do or don’t do it.” It doesn’t matter if home automation is where the money is right now if you don’t care about it and have no experience in it. Follow what you know and love.”

10. You Didn’t Commit

There are plenty of businesses competing for your customers. Starting as a part-time endeavor works in some cases but don’t expect to make a lot of money. Other businesses require you to be all in. Did you pour yourself into your business? Was it more than a full time job or did life’s other responsibilities get in your way?

You’re competing against people who are working on their business non-stop. If you don’t have that kind of time, your might need to see your business more as a hobby than a full time endeavor.

Bottom Line

Thomas Edison said something better than his famous 10,000 failures quote. He said, “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.”

Whatever happened, don’t give up. As somebody who failed, you join the ranks of the most successful business leaders in history. The question becomes how will you respond? Will you learn from the failure or give up?

© 2015 Attard Communications, Inc. All Rights Reserved. May not be reproduced, reprinted or redistributed without written permission from Attard Communications, Inc.


Start a Digital Forensics Business

Last Updated: Mar 11, 2017
High profile computer break-ins and data breaches have brought to light the need for digital forensics experts – professionals who can track down weaknesses in a computer system’s security before criminals discover them. Here are tips for starting a digital forensics business.

Late last year Sony Pictures Entertainment (SPE) made the news when hackers got into the corporation’s computer systems and stole personal information on employees and their families. This information included financial information and e-mails between celebrities that proved embarrassing for them. The incident illustrates the growing need for professionals who can maintain security in private networks and work to prevent such attacks from happening as well as minimizing damage when they do.

Regardless who was behind the hacking of Sony, companies like SPE are in dire need digital forensics experts to help them keep their databases secure.

What Is A Digital Forensics Business?

Digital forensics experts investigate and analyze digital media to discover and recover data stored on digital devices. Many digital forensics professionals assist in solving crimes. However, criminal law is not the only application of this knowledge.

Digital evidence can also be used in civil court. Professionals can serve as expert witnesses. Large corporations employ them to gather evidence on employees who may use computers and other digital media in ways not authorized by company policy. Data recovery is another important application. Companies and individuals that lose information stored on digital devices may hire an expert to recover that data.

Who Hires Digital Forensics Experts?

There are many types of businesses, government agencies, and even individuals who might require the services of a digital forensics professional. These include:

As this field grows and becomes more widely known, the applications of digital forensics skills will widen. Salary expectations range from $30,000 for entry-level positions to $80,000 for senior network engineers. A skilled digital forensics analyst running her own business could earn a six figure income if she can grow her client base large enough.

Starting Your Digital Forensics Business

Before you do anything, you’ll need to obtain the proper certifications, education, and experience. That means you’ll need a background in computer science. At least a bachelor’s degree in digital forensics is helpful to get started. Some experts minor in digital forensics or obtain a professional certification in the specialty while obtaining a bachelor’s degree in another field such as law, computer science, criminal justice, or finance. These degrees could help you specialize in a business niche.

After you’ve satisfied the educational requirements, you’ll need to set up your business. Talk to a lawyer and a tax accountant to determine the best business structure for your situation in your state.

You’ll also need to acquire the proper insurance. General liability and Errors and Omissions insurance will protect you and your clients. You’ll need to purchase office supplies, equipment, and software to help you run your business. If you are not operating out of your home, you’ll need to rent office space.

Take some time to identify the types of customers you want to attract. Do you want to work with financial institutions, lawyers, government agencies? Make a list.

Next, you’ll need to start advertising. Start with a website. It’s a small investment, but your website represents your business from the moment it goes up until you take it down (which should be never if you plan to stay in business). Get some letterhead and business cards with your business name, address, and contact information printed on them and start sending out letters of introduction to businesses you’d like to connect with. Attend a few networking events in your area and start meeting people. Early in your business, shaking hands and introducing yourself is the most important thing you can do to get your digital forensics business kick started.

With some diligence, patience, and people skills, you can grow your new digital forensics business as big as you want. Work as a sole proprietor or hire employees. It’s your business; it’s your call.

© 2015 Attard Communications, Inc. All Rights Reserved. May not be reproduced, reprinted or redistributed without written permission from Attard Communications, Inc.


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