How To Succeed After A Business Failure
“Failure is the only opportunity to begin again more intelligently” – Henry Ford
Life doesn’t always go according to plan, that unpredictability is even greater when it comes to business, but that doesn’t have to stop you from pursuing your dream after you’ve realized your initial plan didn’t work! Countless successful entrepreneur’s hit rock bottom before they ever reached their success. So, if you have fallen from the top (many have) and aren’t sure what to do next, here are some tips to help you start again!
Accept the Situation
First things first, understand that as a business owner you can’t control the outcome of everything. No matter how detailed your plan may have been, setbacks and unexpected changes will occur. Take the time to grieve over your losses, yes, but make that your motivation rather than your destination. Take Walt Disney for instance, he was fired from a newspaper for not being creative enough. Now Disney is considered one of the most creative geniuses of the 20th century. This is why it is important not to take failure personally or dwell on what went wrong. Keep in mind that the business failed; you didn’t. Any successful entrepreneur knows that a failed business doesn’t define who you are. We’re human, we screw up!
Learn from the Mistake
Everyone tells you this over and over again, but it’s actually true! The best way to bounce back from a disappointing outcome is to learn what went wrong and not make the same mistake. Other failed businesses are a great resource to learn from too. Milton Hershey started three candy companies and watched them all fail before he found the success of the famous Hershey Company. In order to have a successful business plan the next time around you can analyze and take notes from the failed situation. Overall, learning from failure is a productive way to enact change and improve upon yourself and future business ventures.
Decide to Change
It’s one thing to say you’ll change and another to actually take action and steps to do so. One way to actively change is to think differently about your situation. Whether you are trying a new idea or improving upon your last one, change will be your best friend. Once you figure out how to change the problems of your past decisions, you won’t want to repeat them again. The process of changing can be hard but once your business is successful it will all be worth it.
And Try Again!
When all else fails, try again! 90% of startups have failed, so why not give it another go? One of the qualities that entrepreneurs are known for is their perseverance when faced with setbacks. They don’t let a failed business venture stop them from pursuing another. So focus on what went right in your company and why you decided to be an entrepreneur in the first place. Then take small steps and soon enough you will be right back on top. Just remember that one or even one-hundred failures can still produce success if you continue to try. Like Henry Ford said, “Failure is an opportunity!”