The Small Business Development Corporate of Western Australia estimates that nine of out every 10 businesses in Australia is a small business. The funny thing is that six out of every 10 businesses are one-man shops. These are men and women who put it all out on the line and take the plunge into becoming small business owners and every one of them is going to fail at some point. Comforting, isn’t it?
The truth is that approximately 80% of the people of Australia are serviced by small businesses. That means that small business owners are exposed to all kinds of challenges. But the entrepreneurs who survive are the ones who understand just how important it is to fail at something before they can succeed. Some of the biggest challenges that face small businesses include:
- Escalating costs
- Lack of marketing
- Angry customers
- The Internet
The Internet? Why is the Internet a challenge to small businesses in Australia? Shouldn’t the Internet be helping small business? While the Internet can be a great place for you to market your wares, it is also a great place for disgruntled former customers (see “angry customers” in the previous list) to relay their side of a bad experience with your company. It is just one more thing that you need to watch for when you run your own business.
All of these challenges are what makes an entrepreneur more successful in the end. Facing challenges allows an entrepreneur to:
- Find more innovative solutions
- Reach out and talk to customers
- Learn what not to do the next time
- Understand what customers really want
- Find new ways to present their company
No one sets out to fail when they open a business, but it happens. The best thing you can do is show that you are one step ahead of failure by using it to improve your business. The more you can learn from each experience, the better you become at servicing your customers and understanding how to stay in business for a very long time. Welcome failure and you will find success.