I have been in the network marketing industry and despite the huge potentials in the industry, i failed to breakthrough. However, i will never forget the lessons i learned from this experience. It is these lessons i want to share with you today.
For every success story, there are fifty corresponding failure stories and just like every other person; I have had my own share of failure. One of the reasons why I take the pain to share my failures with you is to make you realize that failing is not abnormal; in fact, it is part of the process of becoming a success.
Secondly, I want you to know that I don’t succeed in every business venture I engage in; so don’t think I am a super human when I tell you about my successes. Thirdly, I have come to understand from personal experience that success is a poor teacher and it tends to make you believe you are infallible.
But failure, though painful is the best teacher. You learn more from your mistakes/failures than your successes. Success inspires but failure teaches; and this is the sole reason why I listen keenly to failure stories than success stories.
I once joined a network marketing company as an independent distributor and along the line, I failed. Well, I have explained the reason why I Failed to Build a Network Marketing Business so I won’t be going into the details here.
After my failure as a network marketer, I picked myself up and moved on but not without the lessons learnt. And with lessons learned from this single failure, I have built several successful businesses; so it’s this same lessons I want to share with you now. If you are planning on starting a multi level marketing business; then I will advice you read this before launching out.
Six Lessons from My Failure in the Network Marketing Industry
1. There’s a process to building a successful business and that process can never be bypassed
Before I signed up as a network marketer, I was told network marketing was an easy, stress free and quick paying business. I was told that my primary task is just to recruit new distributors and I will be on to a steady passive income.
Now considering the low start-up capital involved, I felt I had nothing to lose; so I signed up with enthusiasm and high hopes of becoming a millionaire marketer overnight. After all, I have heard the success stories of other distributors; so mine shouldn’t be an exception.
Unfortunately, I was dead wrong. Network marketing, like every other business is not easy. After I flopped and quit the business, I realized that there was nothing different when comparing network marketing to other businesses.
I came to understand that the principles of business is the same; regardless of the type of business, economy or location. Building a successful business requires a process; it’s a process that occurs in phases and each phase can never be skipped.
So never fall for the hype of a push button system or a stress free Business model because it doesn’t exist. There’s nothing like overnight success; you have to toil to make your own bed of roses.
2. Acquiring the basic knowledge of a business is the first prerequisite for starting a business successfully
I believe this lesson is clear. You will be foolish to jump into the waters of business with both feet; without first testing the waters and understanding the basics. Business is universal in principle but each industry has its own tactics and intricacies. If you fail to learn the basics, then you are failure bound and nothing can help you.
Learning the basics of a business can be done by understudying business models in the industry of your choice; attending seminars, by apprenticeship, reading books, journals, and most importantly, by starting small.
3. Business revolves around people
The network marketing business, just like every other business revolves around people. To succeed in the network marketing business, you must invest in people; because people are your assets in the business. So if you are an introvert; then you might reconsider your decision to start a network marketing business.
4. Selling is your most important task in business
If you have listened or read the prospectus of a network marketing salesman, you will notice the following bulleted points:
- No selling
- No stockpiling
- No stress
- Easy to run
- No recruiting down lines, etc.
Most people hate selling; and these people are easily attracted to ads and prospectus that screams “NO SELLING.” Unfortunately, selling is the most important task of an entrepreneur; and without it, no business will survive. In fact, selling is life.
So if you hate selling, then forget about starting a network marketing business. In fact, forget about even becoming an entrepreneur because you are only heading for the rocks.
5. Leadership skill is the second most important business skill
I wasn’t born a great leader. In fact, I hated anything that will put me at the fore front. While in school, I was an A student but I hated being identified or singled out. I hated leading; even when I know deep down in me that I am competent enough to handle such task.
But my adventure as a network marketer changed my perception entirely. While in the network marketing industry, I saw first handedly the importance of leadership and unfortunately, it’s something you can’t run away from in the industry.
As an entrepreneur, you have to be at the fore front of your business. People don’t follow someone who doesn’t inspire confidence. Secondly, people don’t like being guided from behind; they want to be lead from the front. So despite my failure in network marketing, I never forgot the importance of leadership in business.
6. Failure is the greatest teacher; only if you are willing to learn
Failure is not bad. In fact, everybody fails at one time or the other but unfortunately; only few learn from their failures. Failure is the greatest teacher, but that’s only if you are willing to learn.
Now how can you learn from your failures? You can learn from your failures by keeping an open mind and critically analyzing the process that lead to the failure. When you analyze your steps, you are bound to discover where you went wrong and this will help you avoid the same mistakes in the future.
In conclusion, I want to stress the point that my time in the network marketing industry was worthwhile. It gave me the opportunity to meet great men and women who started from scratch. Secondly, my journey in the network marketing industry helped me discover my weaknesses and prepared me for the challenges of the business world.
So my failure wasn’t really failure; it was a learning process for me because with the experience gathered from my failure in the network marketing industry, I have become a better entrepreneur with a successful business to prove it. So don’t let failure stop you; instead, learn to make it a stepping stone and I will see you at the top.
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