Failure to Success

Failure to Success

How to Build a Successful Business after a Failure

business articles written by Howard Wool
Learning from failure

Survival in the business world depends on the ability to adapt. If something’s not working, you have to change quickly. Most don’t and that’s why 90% of all start-ups have failure.

Howard Wool knows what it’s like first hand to deal with business difficulties. His first business Shari Chemicals failed after just a few short years. In his case, he learned from his mistakes and used them to guide him in launching a new venture, Environmental Safety Incorporated, a few years later.

Operating Within Your Means

Shari Chemicals Corp began operations in the 1980’s amidst an optimistic business climate. By all appearances, the company was doing well and Wool continued to expand. By 1985, he had 18 salespeople operating out of prime corporate office space. The problem was the company was spending more than it was taking in.

Wool attempted to diversify his revenue sources by expanding into other businesses, but by then it was too late. The business failed and closed its doors. It was a lesson well learned and he’s made a conscious effort to make sure his new venture operates on a tight budget. The corporate headquarters are in an office above his garage.

Don’t Create Unrealistic Expectations

Shari Chemicals also failed because it was too generous with its employees. They had one of the best benefit packages around and a healthy yearly bonus. This time around, he’s cut back his workforce and he’s careful to offer more modest, but fair compensation.

Hands on Business Style

Another key reason for Wool’s success this time around is a hands on approach. With his first business, he relied on others to grow the business. At Environmental Safety Incorporated, he’s involved in all aspects of operations – including sales. He’s learned many important lessons from his initial business failure and that’s why the new company is still operating with a healthy profit after 12 years in business.

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