Failure is a term that every entrepreneur has to get comfortable with. A small handful of entrepreneurs make it big in their first business venture. What we see out in the open is just a highlight reel of the success. We don’t see the struggle and multiple failures that have often gone behind this eventual success.
Statistics say that almost 20% of businesses fail in the first year of operations and almost
I’m no stranger to failure myself and it feels like watching a crash in slow motion. This brings a whole barrage of other consequences, financial concerns, business and personal relationships may be jeopardised but most importantly your own personal self-confidence is shaken from the roots.
We should never let a failing business let our morale down, therefore the best plan of action is to find ways to cope with it personally while making finding ways to move forward and get a fresh start. Let’s talk about how we can cope with this loss personally along with some practical tips to move ahead.
1. Acceptance of failure
Failure is an uninvited, unwarranted guest. It is very easy to be in denial and not face the fact that your business is failing. I have worked very hard on my business and put all my heart into it, but when I started seeing it go downward, I lost my gumption. I started being in denial and started slacking off because of that hopeless feeling. Even the last hope and push that was needed seemed like a useless effort. I kept convincing myself that it is going to be magically ok, some overnight revelation would happen and things would just fall
Many people who have gone through this recommend that we face the reality and take time to mourn our losses. That is the first stage to start the healing process. We should stop identifying our personal failure with the failure of our venture.
We can find other anchors like friends, family and other hobbies to keep us grounded and not go into a slump of hopelessness. Our support system will make this phase of acceptance more easier to deal with.
2. Evaluate the reason
After giving yourself time to come to terms with the loss, sit back and analyse what went wrong. What mistakes did we make? What should we have done differently? You will be surprised at how much we learn.
Always be honest with yourself. Accept your mistakes and celebrate your success. It is very important to take responsibility for our actions. Making excuses will just cost us more in the future. However, once you know your mistakes, do not beat yourself up over it. Accept it as a lesson for the future and let it go.
3. Financial concerns
There are two things that we should consider before making any immediate decisions. Firstly, are you under any debt and are there lenders are knocking on your door? Is there a family that you’re responsible for, to support financially?
If that is the case, your focus should be on first getting a job. It is not as easy as it sounds
I, on the other hand
4. Should you start a new venture immediately?
It is very important to not let the fear of failure hold you back from starting something, however, it is equally important to pause for a while and collect information and insights. If not we’re bound to make the same mistakes again.
Take time to understand where your love and passion lies. (14 Smart Business Ideas for 2018) Take the time to learn about it and lay a strong foundation. Make a detailed in-depth plan of your expectations and market reality before beginning anything.
All said and done any new business is something you have to plunge into, and no matter how much you have prepared there is always an unknown element. Take your time and make it count; after all success does not have a deadline.