One thing we can all learn from successful entrepreneurs is that one should not be afraid to admit their shortcomings. They always tell us that it is very easy to commit business mistakes but very hard to reach success. What is important is that we learn how to admit our mistakes, learn from each one and stand stronger than before.
We’ve heard countless stories of how successful entrepreneurs failed multiple times before experiencing success. Their willingness to experience the hard truths of entrepreneurship and let go of reticent did not come easily. But they learn the hard way how vulnerability can actually be a strength in running a successful brand.
It Enables You to Take Better Control
Being vulnerable is putting yourself out in the open in exchange for opportunities and possibilities. In running a business, many things can happen. Even entrepreneurs with a million-dollar business idea won’t succeed just because of the idea alone.
The trick is to understand that you can be vulnerable and in control at the same time. The moment you start embracing the reality that failure is a possibility as well as success, you’re accepting whatever consequences your decisions will result into. This forces you to take charge, make better decisions and learn from the mistakes you made in the past.
Embracing vulnerability is admitting you are wrong and finding out where exactly you made the wrong decision. This makes you look like an honest entrepreneur while your brand embodies transparency. This enables you to control the things under your jurisdiction instead of focusing on things you don’t have control over.
It Teaches You When Is the Best Time to Let Go
Good startup entrepreneurs already have an exit plan. They know that no matter how good the business gets, there will come a time when they will need to make their exit. When that time happens, they want their exit to be as graceful as possible.
Let’s say you’ve owned an audiology clinic for quite some time now. Your retirement years are still more than a decade away but you are already considering selling your audiology practice. The reason could be your willingness to give up on your clinic while it is still hot in the market or simply because you think this is the best decision you can make for your brand.
Knowing when to let go of a business is nowhere easy. But because you already have an exit plan in place and a good opportunity presents itself, you are willing to sign the papers. This is since you already made up your mind about allowing another business entity to take over your brand knowing they can bring your practice better success.
It Helps Retain Client Trusts
Consumers are always on the lookout for many things. This is not limited to new products, brand-new business services, and the results of each. They are also quick to judge and are waiting for brands to make mistakes all the time.
If you managed to make a mistake you can’t hide from the public, admitting you were wrong, explaining your side, and how you plan to handle this can change the media’s perception. Show your brand’s vulnerable side, willingness to accept your wrongs and correct your mistakes. You can get the admiration of the public, earn your customer’s trust, and boost their engagement online.
It Increases Your Team’s Morale
During unprecedented times, your company’s resilience will be tested. How you handle different tricky situations and how you turn things around after troubling times can either boost or lower your employee’s morale. Make the wrong move and you can easily lose your best talents.
Choosing to stay transparent, keeping all employees updated, and asking for their help and feedback can greatly improve your team’s loyalty. Showing your vulnerable side just shows your team your willingness to run the business with confidence, honesty, and respect. Without these three, all your hard work will go down the drain and you will be left with fewer employees than when you originally started.
It Helps You Persuade Better Investors
All businesses require investors to finance their business needs. You could need their help in paying for new equipment, in sustaining your monthly expenses, or when expanding your brand. But as a startup, it is quite difficult to prove your brand’s worth to any investor.
It is difficult to get funded if you can’t convince investors. The field of startups is already overcrowded, and they have no reasons to prioritize your brand over the others. But by showing your vulnerability, you can snag great investors.
This is since investors want to make sure you are capable of turning your brand for the better. They want to know you are honest enough to admit your past mistakes and already learned many things from these bad decisions.
This goes to show that in running any business, it is worth using your vulnerability to your advantage. It will only be a matter of time until you make a series of bad decisions that greatly impact your brand. Choose to be the better person by admitting your errors, be willing to change for the better, and learn from every mistake you make.