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Chairman/CEO of Blue Diamond Group, Festus Mbisiogu, has said the only good that could come from failure in a business enterprise is that it provides an opportunity to start again more intelligently.
Mbisiogu, in an address he delivered at the annual general meeting of the company for 2022, however said failure should not be an option, but when it becomes inevitable, the entrepreneur should strive to “fail forward.”
He said: “Do not fail and if you do, fail forward. Failure gives you the opportunity to start again more intelligently, and that seems to be the only good that can come out of failure. The experience you have is always an asset, and failure gives a certificate on ‘how not to do business. the next time.”
He noted that such endeavour will also provide an insight into the customers’ database, “the success potential of your business, the respect and trust people have for you, self-worth and confidence in your ability and the greatness that is already package in your destiny.”
He noted that every business plan should have a business process re-engineering (BPR), which he said lays out a processes to achieve dramatic improvements in various aspects of the business.
“Business process re-engineering is the radical redesign of business processes to achieve dramatic improvements in critical aspects like quality, output, cost, service, and speed.
“BPR aims at cutting down enterprise costs and process redundancies on a very huge scale.”
He noted that business failed where there is lack of vision, purpose or vision, lack of organisation, lack of loyalty and lack of personal development.
Other reasons adduced for business failure include, competition, lack of order, inexperience, poor location, and poor credit management.
