A huge part of success is moving on from past mistakes, taking the lessons learned, and applying what was learned to proven problem solving strategies to make things better. Mistakes happen, but there is no reason to dwell on them. Figure out what could have prevented it, if anything, and put it in your arsenal of future problem solving tools.
“The winners in life think constantly in terms of I can, I will, and I am. Losers, on the other hand, concentrate their waking thoughts on what they should have or would have done, or what they can’t do.” – Dennis Waitley
This is often easier said than done, and confidence plays a huge role. Unfortunately, for those who do not have it naturally, confidence comes with practice, and practice is not what one wants in these situations. The next best thing is to know some practical ways to handle common mistakes that threaten to strike down confidence and keep you from being the winner you can be.
Women-owned businesses and minority-owned businesses have special financing options available to them. There are loans, grants, and even special designations that are designed to mitigate the specific challenges that each of these categories face. Some people, for whatever reason, resist taking advantage of these opportunities. There are also those that depend on these opportunities too heavily. For those that do not take advantage, they can find themselves floundering when those challenges meant to mitigated do pop up. If this happens, don’t kick yourself over and over. Kick only once and then get to work. It is not too late. Take full advantage.
If, on the other hand, you are one that took way too much advantage and are now having trouble surviving on your own, all is not lost either. Step it up. Get on the ball and get your business on its own two feet. There is a balance between accepting help and not doing anything on your own. Start now and move forward finding that balance.
There are mistakes that can be made when borrowing. If you have borrowed money for your business and ended up with terms that did not best serve you, or had some other bad experience, there is hope. Do not make the mistake of not borrowing again. There are times in the life of a business when the only way to grow is to borrow money. Sites such as Biz2Credit.com connect women-owned small businesses and minority-small businesses with banks, credit unions, and alternative lenders that have the products suited for them. Small business growth products, startup loans, equipment loans, and small business lines of credit are all available options that can make a huge difference in the life you’re your business. Don’t let a past issue with borrowing stop you from growing.
Paying Too Much or Too Little Attention to Competition
This is another place where there is a fine line. It is a line that is commonly crossed, most often in paying too much attention to the competition, but occasionally in not paying enough attention Look at what your competition is doing, and analyze what it reveals about your business. Does it bring to light areas where you are strong? Does it highlight areas where you are lacking? React accordingly, change what you need to, and forget about the competition to any other extent. They are only a tool, not the means to an end. You do not have to imitate them; only let what they do show you things that you really need to change.
Winners have an “I can” attitude, meaning when trouble comes, they believe they can beat it and move on. Dwelling on the past is not acceptable if success is the goal. These are some practical ways to move on and move forward from three common mistakes.
This article was submitted by Faith Stewart. Faith Stewart has a BBA with a major in accounting and spent 10 years working in the various aspects of accounting and finance before pursuing her passion for writing.