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With defeat, sometimes knowledge is attained, and if a business owner can work through
stages of grief successfully, and use
knowledge attained for enlightenment, then perhaps they can successfully start another business in
future, and achieve better results.
Business owners should make a list after they are on their feet again of exactly "what" went wrong, and methods of prevention in
future, as they can then use this to their advantages. The list can include such information such as:
1. Why
business failed overall: Was it
wrong type of business for
wrong type of clientele? Was it targeted incorrectly? Was it too unusual to succeed? Was
marketing of
business incorrect? Were
expenditures too great? Was
business plan and outlook faulty or realistic?
2. What mistakes led up to
failure: Did
business grow too quickly or too slowly? Were there actual methods in place for prevention, or was
business "reactive" rather than "proactive"?
3. What can
business owner correct/rectify in
future? This is
most important question, and a list of all methods that may be used as a measure against future failures should be made.
Business owners need to give themselves time to heal and sort through their feelings, though. Any loss is so emotionally draining, that jumping right back into
"business fire" with another business is not necessarily a good idea until
business owner has recovered their energy and worked through their feelings of grief completely.
Defeat can be a learning experience, and many successful business people have also experienced their fair share of defeats and loss of businesses. Turning
"negative" of
loss of
business into a "positive" learning experience will soon find
business owner recovered and moving onto
next positive step in their entrepreneurial lives!

Vishal P. Rao is the owner of http://www.home-based-business-opportunities.com - One of Internet's leading website dedicated to starting, managing and marketing a home based business.