There is no exact number of how many businesses fail and when they will experience failure during the course of their journeys. Most companies inevitably experience their fair share of trials along the way, regardless of how seasoned or new an entrepreneur is in the industry. In fact, according to the U.S. Small Business Administration, roughly 20% experience failure within their first two years of operation, and it jumps to a whopping 65% within ten years.
When presented with these details, one can infer that not all businesses experience failure even after a decade in the game. Among such fortunate entrepreneurs are the mother-and-daughter team of Janet Frederick and Deannee Santiago from the skincare company called Lulu’s Holistics.
How ‘Not to Fail’ in Business
While it may sound surprising, Deannee and Janet honestly believe that they have never dealt with failure. They have never failed, but that does not mean that they never had to face any challenges. There is a significant distinction between failing and dealing with a challenge. The former is a form of resignation—giving up and waving the white flag of defeat. The definition of failure, therefore, is a matter of perspective. On the other hand, challenges come and go. They may lead to loss, but they can also lead to precious lessons that can lead to bigger and better outcomes. The ladies at Lulu’s Holistics eat such challenges for breakfast.
Some examples of obstacles they overcame are learning how to deal with their employees’ differing personalities. As a skincare company that markets handmade products, keeping a closely-knit group is essential for staying in the game, so Janet and Deannee have to make sure that each of their employees are happy and content.
The biggest challenge they had to face was also about their employees. Santiago and Frederick learned that two of their employees stole from their inventory when the business first started. As a startup, every product is crucial because it could either make or break their launch. But they dealt with the matter professionally and did not allow the issue to become a failure. After the incident, the budding businesswomen then understood the value of security and started installing cameras in their warehouses to keep a close eye on their operations.
Making Sure That the Lessons Stick
It’s worth mentioning that the lone stealing incident never happened to Lulu’s Holistics again because they made sure to implement the necessary changes from then on. They became cautious about who to let in and how to safeguard their operations, making their business even better.
Since then, Lulu’s Holistics has achieved one milestone after another. The skincare company has opened three branches in America: one in Florida and two in New York. They have also quickly started their global expansion and are currently offering natural skincare products for women and men of all shapes, sizes, and skin types.