How to Overcome Failure and Start Anew
There is always the chance of failing in any endeavour. The stakes are a little higher when in the business world. Every entrepreneur is aware of the risks and the chances they are taking. They have to accept that failure is very much a part of the system. If you’re not ready to embrace and overcome failure, then you better stay out of entrepreneurship. Success in business is mainly attributable to one’s ability to bounce back from a fall. To start again after a failure.
Thus, the real challenge in entrepreneurship is on how to get back up after being crushed by a failure.
As entrepreneurs, we’ve always anticipated failure. We prepare for it. We plan to avoid it. However, no amount of planning and preparation could compare to the reality of trying to restart a business career. Only a few will even try.
Tips to Overcome Failure
Here are some insights to help you recover from a loss, stir up your entrepreneurial spirit, and get back on your feet again.
- Take some time off – Give yourself time to heal. A few days, week, or months off business will give you a better perspective of your goals and purpose in life. Starting and running a business is a rigorous full-time job. Take this downtime as an opportunity to relax and recharge. You’ll soon find the right path and the motivation to start again.
- Learn what went wrong – Study your failed business or project. Dissect the elements of the business and try to learn what happened. What were the good aspects, the opportunities, and the things that caused its failure? Learning what you missed and did wrong will give you better chances at doing it right in your next endeavours.
- Evaluate your finances – Money matters when trying to bounce back from a failed enterprise. Due to the recent failure, you might also be losing some backers and financiers. You might have also drained your personal funds. Before you launch a comeback, make sure that you have solid finances, both personally and for business. Settle all financial obligations from the past before moving forward.
- Relive the wins – List down your successes from past endeavours. Not only will this practice highlight your skills and strengths, but it will also buoy up your confidence. A little praise and affirmation will bring you back to positivity. Make a journal of your wins. Focus on the actions and the circumstances that led to it. You may have to go through it again.
- Revisit your goals – Goals aren’t set in stone. They are active and moving milestones along our journey to success. It is reasonable to revisit your goals when met with unexpected yet significant events in your journey, like a failure. Check if your current goals are still applicable and relevant. Keep your goals, but appropriately adjust the plans leading to achieving them.
- Seek a mentor – Mentors are sources of invaluable insights and wisdom. They have travelled the path you’re in now. Mentors have first-hand experience of what you are going through. They know the people, the practices, and the structures of the industry. Seek a mentor who will guide you through the process of your healing from a failure, getting back your confidence, and getting back to the grind.
- Have a strong support system – It is during your lowest times that you need support the most. Having a strong support system is crucial to help you recover and move on. A group of people who believe in you and will provide you advice, honest feedback, emotional support, and even financial backing is essential to anyone who is struggling to overcome a failure.
Everyone has to deal with a failure at some point in their life. For entrepreneurs, it is a reality waiting for us along the way. Nobody gets to the top without a few scuffles with failure. It is those people at the top of the business ladder who have battled the most failures. So, if you want to stay in the game, put your game face on and push ahead. You will be recognised for how you get back up, not for the drama of the fall.
Failure is giving you the opportunity to restart your journey to success. This time, smarter, more experienced, and with better chances of winning.