Failure should be look at as an opportunity to be better. Though it is something that every one of us tries to avoid to happen, we might as well use it as a stepping stone to achieve success. We were not born perfect, all of us have flaws and shortcomings that hinder us from becoming successful, and there are outside factors too that we don’t have any control of. We can get over some failures in our lives easily, but there are those that are totally heartbreaking and we don’t know how to get back on our feet when they happen – like a business failure. You were finally able to start your dream business, it went fine for a couple of months or years but then a lot of circumstances happened and next thing you knew, your business was going down. Then finally, you made the hardest decision of your life to close the business. You invested almost everything in that business and not being able to make it to work left you miserable. You don’t know how and where to start again. Will you start applying for a new job or will you borrow money from your parents to try another business? You will be full of regrets for the wrong business decisions you’ve made. You’ll have sleepless nights and you’ll probably waste your time thinking of what might have been over a bottle of whiskey. It may be painful emotionally, mentally and financially to experience a business failure, but it is not the end of the world. It is one of those moments that we will learn to be smarter and stronger. Instead of you crying over it, try to look at the brighter side and learn from your mistakes. Trying another business is surely an option for you, you just have to believe in yourself and use your past experiences to handle your new business more effectively.
I know it is easier said than done, but here are some of the tips I’d like to share that could help you in getting over a business failure:
- Accept failure
In any type of moving on, acceptance is one of the first things that you should do. Accepting that your business did not succeed will clear your head and will let you think about your next steps. Know that some of the most successful business people have experienced business failure too. They did not give up and so should you.
- Learn and adapt
Once you’ve accepted that you failed, you will then think of the things that went wrong. What are those decisions that you made that led to failure? What could you have done instead to make the business grow? You will learn from your own experience and you should adapt to the change of situation.
Reflection allows you to think about what happened and why did it happen. It also gives you the chance to know yourself better. It is important that you’re able to identify your strengths and weaknesses so that you’ll be ready to embark on a new business journey.
- Create new action plan
Once you’ve identified the problems and found solutions to them, you could create an action plan to guide you in starting again. Documenting your plan will help you navigate it and you can make changes when necessary.
- Ignore other people
Sometimes we are afraid to fail because we are afraid to be judged by other people. Admit it, sometimes we live to impress other people and we are affected by what they say. If you hear negative comments from them about what happened, better ignore them. Actually, why not use it as a motivation to try to start over again? Prove to them that one failure will not stop you from becoming a successful businessman.
- Start again
You could try to go back to what you were doing before starting your own business but is that really going to make you genuinely happy? You left your job and started your own business because that’s what you wanted to do in life. It does not matter if you did not succeed the first time. Life isn’t about who finishes first. Your journey is more worth it if you are faced with challenges and you’re able to overcome them.