No one ever said being an entrepreneur would be easy, and for many people, failure is just a part of the journey. In fact, according to Forbes, around 90% of all startups fail. So if you're an entrepreneur who has experienced failure, know that you are not alone. This blog post will discuss some ways to handle failure as an entrepreneur.
#1 Accept it
First and foremost, it is important to accept failure. This may seem like an obvious statement, but in order to move on from failure, you must first accept that it has happened. Denial will only make the situation worse and make it harder to learn from your mistakes. So how do you accept failure? An excellent way to start is by taking some time to reflect on what went wrong. Once you have identified what went wrong, you can begin to develop a plan for how to avoid making the same mistake again in the future.
#2 Learn from it
One of the best ways to handle failure is to learn from it. As mentioned above, taking some time to reflect on what went wrong can be helpful in this process. But learning from failure goes beyond just understanding what went wrong; it also involves understanding why it went wrong.
For example, let's say you launch a new product, and it fails miserably. In order to learn from this experience, you need to understand not only that the product was unsuccessful but also why it was unsuccessful. Was there a problem with the product itself? Was the marketing campaign ineffective? Did you misjudge the target market? Once you have answered these questions, you can begin to develop a plan for how to avoid making similar mistakes in the future.
There are many ways to learn from failure, but one of the most important things to remember is that failure is not permanent. Just because a venture has failed does not mean that you have failed as an entrepreneur. It is crucial to pick yourself up and try again.
If you are finding it difficult to motivate yourself to keep going through the failures or to find the lessons to be learnt consider hiring the help and services of a business coach. Award winning business coach Peter Boolkah emphasises that business coaching is all about you, the business owner, and how you manage, run and react to your business. Business coaching can help you develop and improve in such a way that your business will reap the rewards. It will give you a means of accountability to put those mistakes to good use and learn from them going forward. Business coaching could be just the drive to turn your mistakes into opportunity. So don’t let those mistakes go to waste.
#3 Use it as motivation
Another way to handle failure is to use it as motivation. When you have experienced a setback, it can be easy to feel like giving up. But if you use your experience of failure as motivation, it can be a powerful tool for helping you achieve success - Krissy Jones’s story is a great example! Think about what you want to achieve and let that be your driving force. Use your experience of failure to remind yourself why you are doing what you are doing and what you are working towards. Let it motivate you to keep going even when things are tough.
#4 Don't dwell on it
Finally, it is vital to not dwell on your failures. Yes, it is important to learn from your mistakes, but dwelling on them will only make things worse. Once you have accepted and learned from your failures, it is time to move on.
Focus on the future and what you can do to achieve success. Use your experience of failure as a lesson and a reminder of what not to do in the future. But don't let it hold you back from moving forward and achieving your goals.
Failure is a part of being an entrepreneur, but it doesn't have to define you. By following the tips above, you can learn how to handle failure in a healthy and productive way.
Do you feel content? If you were to take a step back and really assess your life objectively, would you be able to say that you were entirely happy, or is there something that is worrying you and preventing you from relaxing and enjoying yourself? If it’s the latter, it’s time to do something about it; we all need to be able to say that we’re happy because this will have a positive effect on your mental and physical health, and it will mean you are more productive and open to seeing new opportunities when they arise (whether you take those opportunities or not is down to you, of course). So read on for some valuable tips to help you be more content in life.
Look at the little things
If you’re always concentrating on the big events that are happening in your life, going from one to the next and focusing only on that, you’re going to be missing out on a lot. You’re going to be missing out on all the little things that make up life in general, and when you look back at what you have achieved, there will be significant gaps.
It might seem like a waste of time if you’re focusing on getting ahead, but if you want to be content, it is these little things that will do it for you. A sunrise, flowers blooming in spring, someone else’s achievement that you can be proud of, a good cup of coffee, or anything else will all make you feel much happier. When you’re happier, you’ll be able to achieve your bigger goals much more easily, whether you intend to gain a promotion where you are, you’re starting your own business, or you’re re-training to begin something else entirely.
Something that can easily make us feel discontented is our career choices. It’s easy to stumble into a job and then get stuck there, even if there is something else you would love to do. In order to be content, it’s crucial that you take charge of your career and push it in the direction you want it to go in.
There are several ways you can go about doing this, from asking your manager for a promotion or a job in a different department to going back to school to earn a degree, training for something specific such as the Microsoft Azure certification path, or whatever else it is that is going to help you achieve your career goals.
Whatever you choose to do, the important thing to remember is that you have to make a start. There’s no point working in a job you dislike, and that isn’t helping you be more content in life if there is a chance to change things and do what will make you happy.
Invest in your relationships
No matter what else is happening in your life, or the wider world in general, relationships are crucial to help you get through, and they’re essential to helping you be more content in life. You might dislike your job, you might find it hard to see the smaller things around you, but if you have good relationships, you will still feel at least partly content – much more so than if you didn’t have anyone to help you, anyway.
Whether your relationships are romantic, platonic, or familial, the basic point is still the same; to be more content, relationships have to be good. Ensuring that you invest time and effort in yours is vital for contentment.
Equally, if your relationships are unhealthy, stepping away is just as important for the same reasons.
The chances are that you already have a gate for your home, fencing around your backyard and smoke alarms in the ceiling. Your home is your castle and it should be protected as such. You baby proof a house to keep the baby safe, so you have to remember to protect yourself and the rest of the family, too. Understanding the best way to make your home safe will ensure that you are managing your home properly and protecting your insurance, too.
Home protection is vital if you want to keep on top of your insurance and make sure that you are able to live in a safe house. From speaking to the inspectors about fire dampers in the house to testing the smoke alarms and changing the batteries, there are things that you can do to make your home as safe as possible. Below, we’ve put together a list of things that you can do to get on top of home safety.
Author - Chris
Author, Editor, Creator of Learn Develop Live