Failure is not something anyone would want to experience, yet it is something a lot of us have to come face to face with at some point in our lives. Sometimes, we make plans and put in effort and time, and in the end, things might not go in our favor.
Failure can range from failing at a job interview, a failing business or relationship, or a very important project. The depth of pain due to failure can vary depending on the situation and the reaction of an individual.
The feeling of failing can be hurtful, depressing, and painful. It can make us doubt ourselves and lose the courage to rise again. But as the famous saying goes, "Failure is not final."
When the worst happens
For someone who was born into an almost failing system and had to fight her way all the way from bottom to top, believe me, I have had my fair share of failure in the past, and among the major ones was running into bad debt with my first business.
It all started many years ago, immediately after my national youth service. My then-pregnant neighbor, who was into the soft drink supply business, advised me to start the business and take over her customer base since she was no longer strong enough to continue the business. I saw that as an opportunity to venture into my first major business. Fortunately, I had some money in my savings, so I went for it.
I would supply drinks to retailers, and they would pay back in a day or two. At first, things were going smoothly; business was good, and the profit was coming in. My customers were forthcoming with their payments.
But a few months down the line, my customers started owning me; they would take the market and not pay back in time, and this started to affect my ability to restock my shop as part of my capital was stuck outside with my customers. I would struggle to get my money from my customers and restock, and they would come for credit again; if I chose not to sell to them, my sales would be so low, and if I chose to sell, my money would be stuck outside.
Mistake number one I made was, "Never sell on credit if you don't have an effective credit recovery system for your business." The drink business was so competitive in that area that we relied largely on giving market to our retail customers on credit, or you would end up not making many sales, and these customers knew this, so they usually took advantage of it.
My mistake number two was, "Never start a business without finding out how competitive it is and your competitive advantage."
This circle continued until it was no longer sustainable for me; the feeling of seeing my effort not yield desirable results was very frustrating. I was under a lot of stress and sad some of the time.
At some point, I had to take a break to think of a way forward: do I quit and give up on running a business like some of my colleagues in the business were already doing, or find a better way to turn things around?
That was when my second and most successful business so far was born. One day, I needed an original honey but ended up getting a diluted one from a seller close to my area. Original honey is highly sought after in Lagos, but people continue to get disappointed due to the lack of honesty from most honey sellers. In the village where I grew up, some hunters usually brought pure honey for my family, so I reached out to my mom in the village and sought her help in searching for those people who buy original honey from those hunters to sell in the market.
Long story short, I got a few suppliers, and I started marketing my honey in my shop. At first, gaining people's trust was challenging, but after giving them a trial sale, they always came back for more and also referred their friends. You know what they say about a great product: "It markets itself." Not only this, I got to learn about various home remedies for honey, I offered this as an additional service to my customers and this made me stand out in the business.
Within one year, I gained a substantial customer base to run a profitable honey business in the part of Lagos where I was residing. While I was doing this, I was gradually letting go of the drink business until I stopped it completely and replaced it with honey. My honey suppliers increase to satisfy my increasing customers. Sales were good, and I was smiling once again.
The things I have learned when faced with failure are to realize your mistake, learn the lesson, think of a way to do things in a better way, and then try again. I know that this seems much easier said than done, but with determination, resilience, and courage to get up every time we fall, anything is possible.
And remember that:
Most great people have attained their greatest success just one step beyond their greatest failure.” -Napoleon Hill.
Do not disperse the journey or focus only on the end result (success); instead, embrace the process—all of it—learn and grow, and watch how things will gradually turn around.
Thank you so much for giving me your attention and support. This is my entry into the Ladies of Hive Contest week #200, and I think you should join in the fun Here Cheers🥂❣️
@fushee✍️🙏
