Frustrated Businessman

Working Through Setbacks and Learning from Failure

Setbacks happen in life, but it is important to make sure that the setbacks don’t control your life and cause you to stay stuck in a rut. The most highly successful people have failed several times. Failure doesn’t mean that you are not successful or not on the right path. In fact, they learned from their setbacks and then used the learnings to teach others how to avoid them.

The media usually hears about the big-time success of people after they have made it. Unless they specifically share how they pushed through their failures, the public doesn’t know if they failed or not. The success is praised and others often try to mimic it, but the setbacks will creep in. Those setbacks after seeing a success can wreak havoc on the mind. This is where the comparison of achievements begins, but only one person has the achievement receipts.

Many are afraid of failure and setbacks can stop someone in their tracks. They may lose interest, start something else, become depressed, or have self-doubt, but how many will take the setback and learn from it? That is the most important thing about a setback; you must learn how to come back from it. Since childhood, many have heard that we shouldn’t be afraid of mistakes or apologize for a mistake because it should have never happened in the first place. This is untrue thinking when it comes to the real world.

No one is perfect, and we can’t avoid failures. Whether you fall on hard times or lose that multi-million dollar contract, managing the failed experience without becoming overwhelmed is crucial.

So, how can one learn from a setback and use it to their advantage? Here are four ways to overcome a setback and instead make it a learning experience from Nate Armstrong of Home Invest:

  • LEARN TO ACCEPT THE FAILURE

When times are tough, it is hard to stay optimistic about the situation, but this is key for a positive learning experience. People often misconstrued positive thinking.. Smiling and pretending to be happy on the surface is not positive thinking. You must actually sit down and realize that this situation will not destroy you. Positive thinking should be used as an evolving tool when failure strikes.

Don’t go out of your way to set yourself up for failure, but face setbacks as they come with the aspiration that it is not the end game for you. If you can remember that the journey will have curves and bends along the way, then you are able to get through any obstacle and stay positive.

However, it is okay to have a moment where you feel disappointed, or upset, want to cry, or feel angry. Do not internalize the feelings.

  • LET IT OUT

As mentioned before, Nate Armstrong says not to hold it in. You should let out your frustration when hit with a setback. Take a walk, meditate, listen to soothing music, write it down, or go into an area where you can scream it out. This is how the acceptance process begins. The emotional surge you feel is only temporary and your mind will reset, allowing your brain to concentrate on bouncing back.

  • TRUTH PILL

The truth pill means being unapologetically honest with yourself about the situation. Now is not the time to shy away from the truth of the matter. Many people will blame circumstances or someone else for a failure instead of being accountable and taking ownership for their part. This is crucial when it comes to learning from a failure. Reflect on how this happened. Try and pinpoint what went wrong in order to correct it. Don’t rely on a distraction; honestly confront the setback and own the mistake. Don’t let it own you or control your feelings.

  • FAILURE CAN CONTRIBUTE TO FUTURE SUCCESS

Failing to succeed means you are continuing forward with your plans, but you have to develop new tactics to hurdle over any failures. You will make the appropriate adjustments to the situation quicker than before and will not dwell on it as long as before. Take in the information that was learned during the setback to create a different outcome if another setback arises.

In Conclusion

A failure does not define the person who failed; it is a bump in the road and the person should keep moving forward. It is ultimately up to the individual to want to overcome the setback and learn from it instead of letting it deter them. The setback is only a temporary block, so remember to shift the way your mind perceives the matter. Become efficient with the process and you may start to see opportunities where others can only see failure.

Nate Armstrong is the Investor Relations Chair for Home Invest and leads a team of real estate investors in Milwaukee, WI. Nate works alongside his wife, Jenifer.


Licensing

How to License New Products

How the Process of Licensing Works

Once you realize you have a brilliant new idea, it is hard not to get excited about how to make it something big and successful. If you are that person who has a new product or service that can change peoples’ lives, you should know that it is the first step of becoming a successful entrepreneur. You can either license the product independently, or license it to another company. Either way, here are some tips that would help you license your great idea without fail.

1. Research Exclusivity

After realizing you have a great idea and you are ready to license it, you must research to ensure that no one else has licensed it. You might find that your brilliant idea is indeed excellent but not new because someone else has already patented it. You can visit the United States Patent and Trademark Offices or Google your idea to see if it’s patented. If it’s patented, all is not lost.

2. Don’t Lose Hope and Instead Be Creative

It can be a very disappointing moment if you find that your brilliant idea is already patented by someone else. The good thing is that you can find your way out there by making a small improvement to your idea, and this way you will be slightly different from other inventors and hence more competitive. According to Blake Myers, the Chief Executive Officer for Universal Manufacturing Corp, people love new ideas but even the old-improved ideas, tend to excite them too. Therefore, you don’t have to reinvent the wheel to be a successful entrepreneur; be creative.

3. Check for Availability Of Market

Every product or service that gets introduced is expected to solve a certain problem that the members of the public are struggling with. Ask yourself, is my new product going to solve any problem among the people? To answer this question, you will have to find if there are people eagerly waiting to use your product or service. If no one is interested in your new product, you can delay paying for your official patent.

4. Be Slow but Sure

Unless it’s necessary based on the kind of idea you have invented, never be in a hurry to file an official patent. When people start creating their product designs and testing it, a lot of details tend to change before concluding with the final design. These changes might alter the specifications you identified in your original patent. This means you will be required to file another patent, and it will be unnecessarily expensive. However, if you are afraid of not patenting your idea right after identifying and confirming it, you can try a temporary patent that will buy you time to make any necessary changes. Once you are sure of no more changes, you can file the official patent, and this will cost less than filling two official patents.

5. Ask an Expert

Patenting and licensing a new product can be complicated and overwhelming to do alone, especially if you do not have the necessary skills. You might be smart to come up with a great idea, but you should never shy away from asking help from an expert such as an attorney. There are numerous nuanced expressions in patent and licensing laws, and you might require an expert to not only help you understand but also to help you to comply with all regulations.

6. Market Your Idea

There are numerous ways you can do this starting from word of mouth from you, your friends, family and business associates. Consider creating an ad for your prototype and different individuals and companies will get to learn about your idea. Multimedia can also be a good start because you will learn if your idea is viable or not from the reaction of different companies. Do not rely on one company but rather target multiple companies because it is possible the first ten or more companies you approach may not approve of your idea. This can be very frustrating, but never get discouraged or give up. Many successful entrepreneurs did not succeed with their first trial but eventually, they did, and you can too.

7. Be Persistent

Keep researching about your product idea, new companies to approach, how to get the right attorney or how to market your new product. Search for every detail that you feel might be important not only to license your idea but also on how to make it a successful deal. Blake Myers says that you can keep reaching out to the companies you have already approached because someone might appreciate your consistency and determination.

8. Be Prepared to Receive That Positive Response

After the struggle and consistency searching for a company to patent your idea with, eventually, if you do not give up, that call or email will come through. You must be prepared on what to present to them because a lot of negations will be involved. Do not allow yourself to be caught off-guard. Be ready with all the information that can get you a good deal if not the best deal.


Customer satisfaction

Dealing With Customer Churn

What Customer Churn is, How to Deal with It, and Why it Matters

It is always a concern when a company’s subscribers or customers stop doing business with them. Some refer to this as customer attrition but most often it is known as customer churn. The ability for a company to measure this is essential. History has shown it is more cost-effective for a company to retain its existing customers than to pay to acquire new ones.

Customer Retention Rate

Knowing customer churn rate will show a company their rate of customer retention. It will also help determine which strategies would be necessary for improvement. Companies utilize various methods to calculate this rate. Some look at the percentage of customers they have lost. Others want to know the percentage of customers they have lost compared to the company’s total number of customers. There are some companies that calculate this rate based on specific periods of time. This could be quarterly, annually and more. One of the most popular methods involves dividing the total number of a company’s customers at the beginning of a determined time period by the number of lost customers during this same period of time.

Reasons

Companies want to identify any issues that may be the reason for them losing customers. There are a few things that are considered common causes. One is providing ineffective customer service. A study showed approximately 90 percent of customers left a company as a result of their poor customer service experience. The business world is a competitive place and customers now demand the best possible customer service. When they don’t get it, they go to a business that provides it. There is also a good chance that customers who are not satisfied will share their bad experiences on social media and more.

Lifetime Value

There is a direct connection between the success of a growing business and customer lifetime value. A company’s chances of expanding its customer base will significantly diminish if their churn is too high. A marketing campaign well received in a company’s industry will not be effective if customers are being lost at a high rate. More than one study has shown that customer retention costs are far less than the costs associated with customer acquisition.

Eliminating Customer Churn

It results in a negative impact on a company’s income when this rate is too high. There are strategies a company can utilize to eliminate it. Customer loyalty is something that can be built from personalized service as well as positive experiences. Companies need to take a proactive approach to eliminate their own rate of churn. It is also effective when a business asks its customers who have left to complete a survey. The goal with this will be to discover the reasons these customers left the company.

Educating Customers

Many companies have been able to decrease their churn by regularly reminding customers what the company’s goods or services can do for them. They make an effort to keep their customers informed on any improvements and innovations. This has been shown to build customer loyalty.

Knowing Customers

One of the most essential elements for decreasing and eliminating customer churn rate is a business knowing their customers. With the proper use of Big Data, it is possible to obtain valuable insights into what a company is doing that keeps and drives away its customers. Big Data can make it possible for a business to anticipate the issues and needs of its customers. This will make it possible for a company to work toward retaining their business by meeting the expectations of their customers. This will involve identifying which customers are at the biggest risk for churning. This will give the company information necessary to improve the satisfaction of their customers at risk for leaving.

UserIQ

This is able to provide a platform designed to collect data for a company. It enables them to scale onboarding, accelerate time-to-value. UserIQ is able to provide its users with an increase in their revenue by providing information that will make it possible to provide the most effective customer service experience. It will forever improve the way a company interacts with its customers.

It is very important for a company to make an effort to decrease its churn rate as much as possible. Even a business with the most popular products or services will have a team of employees focused on decreasing its churn rate. This is often done in many different ways. It could involve a company improving its products or services. A company could work hard looking for things specific to its individual operation to deal with its particular churn rate and more.