Let’s face it – failing sucks. Dealing with mistakes and failures is stressful. And when it comes to business, failure can feel like an insurmountable obstacle.
If you face business failure, it is important to remember that you are not alone. Some of the most successful entrepreneurs have faced failures early on in their careers. In fact, one study found that 20% of small businesses fail in their first year, and 70% fail in their 10th year.
So, what now?
In the words of John Maxwell,
“Fail early, fail often, but always fail forward.”
How fast you bounce back and respond to failure can set you apart from other businesses. This article will show how you can bounce back from business failure.
Accept That Failure is Part of Life
Everyone makes mistakes. The sooner we can make peace and accept that failures are natural and unavoidable, the better we can cope when we fail and make mistakes.
And while it might not feel good at the moment, it is crucial to accept that failure is part of the journey to success. But accepting failure is easier said than done.
There is no magic pill to help us deal with feelings of guilt, shame, or disappointment. The only way through is to feel our emotions and forgive our shortcomings. We need to own our actions (and inactions) and face reality.
Reflect on Your Actions
Be honest with yourself. Business failures can be challenging to accept, but it is essential to face your mistakes and learn from them. Otherwise, you’re more likely to make the same mistakes again.
Consider asking other people for feedback to be aware of potential blind spots. Check your biases and see if you are somehow sabotaging and limiting yourself.
With a clear understanding of how your actions have contributed to a failure, you can take the necessary steps to not fall back on old habits and patterns.
Adapt the Win and Learn Attitude
Entrepreneurship is not for the faint of heart. It is a high-risk, high-reward endeavor that often fails. And if you fail several times, it is natural to lose self-belief and self-confidence.
By adopting the win and learn attitude, you’ll be able to see failure as an opportunity to grow and improve. It is all about shifting your perspective and saying,
“Each time I fail, I’m one step closer to success.”
Entrepreneurs who adopt this attitude can also maintain a positive outlook despite setbacks – staying patient and persistent in pursuing success.
Break Things Down
Failure is a necessary part of any business journey. If you’re not failing, you’re not taking enough risks. The key is to learn from your mistakes and use them as a springboard for future success.
One way to do this is to break down your failure and examine each component closely. Doing so will help you to identify the root causes of the problem and develop a plan to prevent similar issues from occurring in the future.
You may need to change your product, marketing strategy, or team. Whatever it is, make sure you have a clear plan for how to improve.
Surround Yourself With Positive People
Surround yourself with positive people who understand your journey as an entrepreneur. Let’s face it – not everyone in your family or friends can understand the pressure of failing in business.
Joining a supportive community of entrepreneurs, business leaders, and startup founders can provide valuable support, advice, and resources when you’re facing difficult times. You can also find a business mentor or advisor to help you navigate challenges and offer impartial advice.
The key to surrounding yourself with positive people is to find people you respect, admire, and whose values you align with.
Stay Focused on Your Big Why
Businesses fail all the time. The key is not to let it define you or your business.
Instead, stay focused on your Big Why:
- Why did you start your business in the first place?
- What is your mission?
- What is your ultimate goal?
When you keep your Big Why at the forefront of your mind, it will be easier to stay motivated and continue moving forward – even when things are tough.
Keep Moving Forward
It is easy to get stuck in a rut after your business fails. But it’s important to remember that while failure is inevitable, it does not have to be permanent.
Instead, see failure as a stepping stone on the path to your success. And if you only remember one thing from this post, let it be this:
View your mistakes as opportunities for progress towards becoming your best self.
If you can do it, you will succeed no matter what life throws at you!
| We want to hear from you:How do you bounce back from business failures? |
Further reading:
- Mission Statement Examples from Filipino MSMEs
- Motivational Quotes to Encourage Small Business Owners
- TED Talks for Online Sellers
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