Turning Entrepreneurial Failures into Success

An episode of the The Entrepreneurial You podcast, hosted by Heneka Watkis-Porter, titled "Turning Entrepreneurial Failures into Success" was published on November 2, 2021 and runs 25 minutes.

November 2, 2021 ·25m · The Entrepreneurial You

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Summary

Have you experienced failure? I guarantee you are not alone but, there is always a way to make a comeback, and today’s guest Teresa Heath Wareing is going to share with us some tips on “Turning Entrepreneurial Failures into Success.” Here are three reasons why you should listen to the full episode: Listen to Teresa share her own story of triumphs and failures that lead her to success. Hear strategies on how to manage failure and success in business. Understand how to make the best of failures to turn them into success. Episode Highlights Teresa’s Journey Teresa shares her unconventional journey to entrepreneurship as personal life experiences left her with no options but to figure out how to use her skills to make money. Teresa shares that even though she is not exactly sure how she made her monthly targets, she hustled by networking and showing up in the appropriate places at the right time as an investment for herself and her business. Teresa shares that the need to provide for herself and her family motivated her the most when she started her business because her main goal was making money. However, as she continued the journey, she learned more about the boundaries of business and the things that mattered the most. Missteps along the way Teresa explains that while she was well experienced and knowledgeable about her area of focus, one of her main missteps was incorrect pricing. She shares that she didn't understand her value in her start-up stages and this resulted in people not believing in the quality of work as they thought that the prices were too low to be true. Teresa shares that another major misstep for her was the mindset she had. She explains that her previous experience in the corporate world encouraged hard work and didn't give much attention to personal and family life. However, becoming an entrepreneur made her discover the importance of confidence, drive, and determination. Teresa shares how coming to the revelation that she was every part of her business made her realize how important having the right mindset was to its overall function and efficacy. What defines success or failure? Teresa explains success and failure are purely dependent on someone's personal goals. She shares that one of the tools she uses to help her define or measure her success is goal setting. She explains that it gives you something to measure by so you will know whether or not you succeed or fail at a particular goal. She also explains how a personal experience taught her that changing her mindset when things don't work in her favor can help her learn valuable lessons. Teresa also shares that creating an action plan is also helpful for business owners to become successful. She explains that action plans help you figure out what works, what doesn't, and what needs to change. She explains that by achieving one action, you are one step closer to achieving your goal. She also shares that sometimes things don't always work out as we originally intended. However, we should count the outcome as a lesson and use it as an avenue to try a different approach and trust that things will work out. Greatest Lesson Learnt from Failure Teresa shares that her greatest business lesson was learning to appreciate the value of small numbers. She shares how important it is to love the people who support you and treat them well because that will affect the growth of your business. Teresa says entrepreneurs should not let fear stop them from going after the things they want the most. 4 Powerful Quotes from This Episode “Someone else's success could be someone else's failure.” “It’s either you win, Learn more about your ad choices. Visit megaphone.fm/adchoices