Failure is part of life, and most certainly part of business. We don’t often acknowledge it, but failure is also a fundamental element of our success.
Our instinct is to be ashamed of failure, maybe because we don’t like how it makes us feel–humiliated, like we’ve done something wrong. Having your business fail can feel like the end of the world, but you’ll be relieved to know that Earth keeps spinning, and life goes on.
Failure, like everything else to you as an entrepreneur, represents an opportunity if used wisely.
Here are tips you can use to turn your business failure into accomplishments:
1. Take a break
Burnout is real, and if you’re coming off the failure of a business that you threw your life into, you’re probably really sick and tired of feeling down about it.
Take a vacation from this feeling. For some, that might mean taking a trip to relaxation centre or spending time at home with the family. For others, it might mean sitting around watching movies for a while, or even accepting a more low-stakes position at another business. The point is to enjoy some time when you’re not shouldering the burden of building a company yourself for a while. Rest and refreshment is the only cure for burnout.
2. Own your mistakes
It s important to openly acknowledge any mistakes on your part. Otherwise, you can never redeem them. There’s no sense trying to hide the fact that your business failed or that you played a big role in that failure. Puffing your chest out and blaming others or your circumstances is a sad little act that can’t last.
You don’t have to apologize for the choices you made, but it’s important to recognize them and confront them in order to make better choices next time. People respect leaders who can admit their own errors.
3. Maintain your confidence
Failure, particularly the kind that can leave you in financial ruins, will shake anybody’s confidence. That’s human. But understand that confidence and optimism are central to becoming a successful entrepreneur. from the company he co-founded for his mistakes.
It’s hard to fail bigger than that. But failure didn’t cause Jobs to lose his faith in or his enthusiasm for his ideas. You don’t have to be a genius to follow his example. Remind yourself that you have strengths to rely on and weaknesses to improve on. Everybody falls down from time to time. That doesn’t mean you can’t still pick yourself up and run a marathon.
4. Learn from your failure
The only way to fail at failing is to learn nothing from the experience. Odds are high that if your startup goes down, you’ll find yourself analyzing every little mistake you made and every little thing you could’ve done better. This can be a good thing, as long as you aren’t beating yourself up needlessly.
Trial and error is one of the most effective ways to improve our skills and knowledge, even though it isn’t always pretty. Don’t throw away or dismiss your failed experiment: Learn from it. Write down and remember everything you know you could have done better. It will motivate you to be a better entrepreneur the next time you give it another try.
5. Enjoy a new beginning
Fear of starting over can be crippling for some entrepreneurs. After working so hard to build a successful business from scratch, finding yourself back at square one can seem dispiriting, to say the least. Often, though, it isn’t. The thrill of setting out on a new adventure is what drives many to become entrepreneurs in the first place. So, try not to think of starting over as a setback. A good entrepreneur sees it as an opportunity.
Everything you loved about building a new business – the excitement, the anticipation, even the stress, is all brand-new again. Let yourself enjoy it, confident that you’re a smarter, tougher entrepreneur today than you were the last time you started to build something.
What steps do you take when you encounter failure in your business?