“I have not failed. I’ve just found 10,000 ways that won’t work.” That statement has been attributed to Thomas Edison, the inventor of the incandescent light bulb. The same could be said for business formation here in Georgia or anywhere else. Hopefully, it will not take 10,000 tries, but there is no reason to give up on starting a business just because of a past failure.
Many of the most successful entrepreneurs in our country failed at some point. For instance, Microsoft was not Bill Gates’ first attempt at starting his own company. The key is not to give up. Most every successful business person will say that taking risks is part of the process.
If a venture does fail, a careful review of what happened could be in order. Discover what went right and what went wrong. Make a plan that addresses the problems in the last attempt so they do not recur.
Sometimes, a business plan fails to adequately address expenses or overestimates income. It takes time for a company to get off the ground, and having unrealistic expectations could cause problems. Perhaps further, more in-depth research is needed in order to ensure that there are as few surprises as possible.
Many Georgia entrepreneurs may fail their first time at business formation, but that does not mean they should give up. Perhaps consulting with someone versed in the legal and business requirements for starting a company could provide the additional insight needed. It may not be possible to account for everything that could go wrong, but identifying and making a plan for as many contingencies as possible could ensure success the second time around.
Source: The Huffington Post, “How to Start a Business After Multiple Failed Attempts as an Entrepreneur“, Stacia Pierce, July 17, 2014