A lot of entrepreneurs have experienced business failure in their lives. Some see such failures as an outright rejection of their business ideas while others view them as steppingstones to further success.
Some of the biggest names in business – from Virgin Group’s Charles Branson to Microsoft’s Bill Gates – have met with failures of gargantuan levels. But they knew how to bounce back – they never let a setback affect their business in any way. Today, both these entrepreneurs rank among the most admired businessmen in the world.
What has been your outlook so far on business failures? How equipped are you – both emotionally and financially – to handle such failures?
The fear of failure lurks in the minds of many entrepreneurs. It can destroy a person’s emotional wellbeing and lead him on the path to business disaster. A person whose mind is filled with this fear will not be able to give his best to a business. Instead, he will spend a lot of time in making decisions without doing much for his business. He will also be unwilling to take risks that are essential to his business.
The purpose of this article is to make sure you are prepared to embrace failure in a better manner. Read through these tips to handle your business better!
1. We always look forward to success. It’s time we look forward to failure as well.
This may sound pessimistic but it’s the way a business works. No business idea is failure-proof. At times, even the best business ideas fail to make an impact. There are thousands of entrepreneurs in the USA who had to close down their business after a year or two. They did try their best though to stay afloat. But they weren’t prepared for the intensity of competition witnessed in their industry. Or maybe their business offering wasn’t good enough.
What’s more significant here is the fact that these entrepreneurs shut down their business dreams after encountering their first failure.
This could have been averted if they were better prepared to embrace failure. Make sure you are prepared for failure by preparing a contingency plan. So when the worst happens, all you have to do is deploy your plan and escape! You can then return as an entrepreneur with a fresh idea and quality learning.
2. Never let business failure affect you emotionally
An entrepreneur’s failure in business often leads to disaster at home. A lot of divorces in the US are direct results of people letting failure affect their marriages. It is a difficult task to separate professional and personal lives.
Most entrepreneurs are faced with multiple challenges in their lives. And these challenges take a toll on their personal relationships. Don’t mix work with your personal life, especially if you are an entrepreneur! This is because failure can have an adverse impact on your family life.
Develop a strong dose of self-confidence to take on failure with a vengeance. Draw a thick line that separates your personal life from work. Make a start by investing and saving well to ensure that you are not ruined financially with every failure.
3. Analyze failure thoroughly
What went wrong with your business? Make sure you analyze your failed business thoroughly. Are there any steps you could have taken to prevent the failure? What prevented you from taking these steps?
Each failure presents you with difficult questions to be answered. Never hesitate to explore and answer these questions. It will make you a better entrepreneur. By thoroughly analyzing a failure, you become better equipped to take on your next venture. We don’t realize this but failure is a breeding ground for valuable lessons – make the most of it!
4. Seek advice from experts and well-wishers
A failure is time to introspect and refocus. There is nothing wrong in seeking advice from experts in your domain. Approach them with your concerns and draw inspiration from their success stories.
5. Start the business all over again!
Sometimes, the business you failed in is the only one you know how to do. Launch it all over again with renewed vigor and a different roadmap. Just make sure you don’t commit the same mistakes again!
6. Never hesitate to take responsibility for failure
Many entrepreneurs run away from taking responsibilities, especially when they encounter failure. They always look for others to shift the blame on. Don’t make the same mistake! A true leader will take the first opportunity to assume responsibility for failure, winning the appreciation and admiration of his employees in the process!
7. Never run away from risks
A lot of entrepreneurs admit that their failure to take risks at the right time is what led to their downfall. Don’t wait for the right opportunity to come to you – a true entrepreneur creates one himself!
8. Place yourself in the company of positive-minded people!
Some colleagues keep reminding you of failed business ventures. They enjoy every failed step you make. It’s easy to identify such people. Steer clear of them at the first opportunity. Avoid them if you can and try to seek better people to hang out with.
9. Take a vacation or break from it all
Before you start your venture all over again, take a break and refresh your mind. Take your family for a nice holiday to relax and unwind.
10. And finally, get in touch with your inner self!
It’s really important that you find a sense of inner calm. This will help you be composed during challenging situations. Adopt meditation techniques to keep your mind free from negative thoughts, however dire the situation may be.
We hope you find these tips useful. We wish you the very best in your business venture. Encounter every challenge with determination to take your business to the next level. We suggest you check out our range of custom notebooks to launch a worthy marketing campaign for your brand. These books can be distributed at local schools to ensure kids get acquainted with your brand at an early stage. Happy Marketing!