Navigating the business world as an entrepreneur can offer many successes, but also failures. But encountering a failure does not necessarily mean that you have really failed. Here are some things to think about to help you bounce back from a failure and keep things in perspective.
Every entrepreneur will encounter failures at some point in their career. This is normal; failure is a part of taking risks and learning what works and what doesn’t. Instead of spending days despairing over your failures, understand that it is part of the job and focus on improvement.
Be honest with yourself and your team:
It may be tempting to ignore a failure, hide it, or get defensive about it, but in order to move forward and grow, it is important that you are honest with yourself and acknowledge if something isn’t working. It is also vital that you are transparent with your team about the failure so that they are aware and can change what doesn’t work or offer new ideas for improvement. This will also give you a support network to share the failure with and help you maintain a positive and trusting work relationship.
It’s not always about you:
It can be easy to see the failure as a personal flaw and blame yourself for it but remember that just because something didn’t work, doesn’t mean you are not capable. Try to dissociate yourself from the failure and view it objectively so that you are able to move on quickly and avoid rash, emotional decisions. Remember to not be too hard on yourself and give up because of it.
Don’t see it as a failure, but a lesson:
For entrepreneurs, every mistake, loss, and defeat is a valuable lesson. Take a step back to understand what went wrong, and how you can do better next time. Why didn’t it succeed? Was it a lack of planning? Other competition? Timing? Miscommunication? Whatever it was, take the failure as an opportunity to learn and make improvements that will help you succeed in the future.
Plan for the future:
Think about your next short/long term steps, write out a plan for how you can recover from the failure, and have a contingency plan in case you run into other setbacks. Organise meetings with your team where you can discuss the best ways you can move forward and take action. By planning for the future, you can increase your chance of success and potentially foresee future issues that may arise.