 Image credit: Andrea Piacquadio from Pexels 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.
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 Image credit: Amel Majanovic from Unsplash In order to get a good grasp of how you react to situations that involve change, consider a scenario that involves a sudden financial windfall. For the sake of the scenario we'll say you earn £1,000 per month and get wind of a £10,000 payday that comes your way. Do you: a. get frantic and spend it all before it even shows up, so you can feel the sense of accomplishment of making the money b) spend the money wisely and invest it c) give it away to charity? d) be indifferent and move on with your life e) be pleased with the windfall, saying it could happen for some people and ignoring the others? f) be pleased and say that only happens in some people's movies? g) go on a huge buying spree to cover your bases? h) just sit back and wait?
It is not always easy to determine what feels good. It is easy though to determine what feels bad. This is because there is a difference between feeling good and feeling bad. You may get bad reactions from some situations, but that does not mean you do not deserve the money. It's very simple as there is only good and bad that is involved with the reactions that you have on different levels. So, in your anger and frustration you feel good. In anger and frustration is not the time to be pleased, it is the time to be angry. This is because the anger is the reaction you have to this sudden windfall of money and money does not always mean you deserve it. You are reacting to the situation. You are feeling the anger and so if you have the anger right now and go in anger and frustration you may not get the windfall. Take a look at the reactions. The anger is present. You do not have to go into the anger right now. Look at the reactions and see what you feel is anger and what you feel is frustration. This is a very simple example of how you react to a situation. Think about it. What you feel is anger is a reaction to the situation and what you feel is frustration is a reaction to the situation. What you have is anger right now, you do not feel worthy of the money. You can get it. The anger is a feeling. So look at what you feel right now and see if you feel anger. What you feel frustration is is a reaction to the situation and what you have is feeling like you are just one more face in a sea of faces and feeling like this will make you not want to get involved. You can get the money. The anger is a feeling. So look at what you feel right now and see if you feel frustration. The anger that you feel right now is coming from your own self talk, that you think you deserve to get that money. This is the anger. The anger that you feel right now is coming from your own self talk that you think you are a bad person and you deserve bad things to happen to you. This is the frustration. The anger is in your head and comes from your own thoughts and not others. Take a close look at your thoughts, take a close look at your thoughts and see how you are reacting. The thoughts that you feel anger coming from are your own thoughts and not someone else's thoughts. The thoughts that you feel frustration coming from are someone else's thoughts and not your own thoughts. Take a close look at how you feel right now. Are you angry and frustrated about this windfall or are you angry that you do not deserve this windfall. In this moment you do not think you deserve it. How do you feel right now? |
Author - Chris
Author, Editor, Creator of Learn Develop Live Archives
July 2023
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