Launching your own business can be one of the most exciting and rewarding times in your life, but it also means working harder than you ever have before and taking on more responsibility than you have ever had to bear.
You’ll likely face failures that will make you want to quit in despair, but there are ways to overcome this and come out stronger than you started!
Here are ten (10) ways to overcome failure in business, so the next time things don’t go as planned, you’ll know exactly what to do to get back on track.
1) Determine what exactly failed
Determine what exactly failed. If it was a business, what went wrong? Was the business model not applicable for the market? Were there any external factors that led to its failure?
What can be learned from this experience and applied to future endeavors? What does success look like now and how can you get back on track?
2) Understand why it happened
There are many reasons why a business might fail, but the most important thing is to understand why it happened. There's always a lesson that can be learned. You just have to find it.
For example, if you're failing because of a lack of customers then you'll want to analyze your marketing strategy. If you're failing because your product doesn't live up to expectations then you'll want to reevaluate what features are needed.
Don't blame yourself for the failure and remember: It's not about who wins or loses; it's about how much fun everyone has along the way.
3) Pinpoint who’s responsible
Pinpoint who’s responsible for the setback and make sure they’re held accountable. If you can’t identify who is responsible, it could be a sign that you need to review your organization’s policies and procedures.
It's also possible that someone may have taken on a responsibility without any approval from management. For example, an intern or employee might not know they don't have authority to approve large expenses. Make sure this mistake doesn't happen again by outlining clear expectations for responsibilities and ensuring employees are aware of them.
4) Be willing to do what other won't
If you want to succeed, you have to be willing to do what other won't. That's what successful people do. They go for it, and they go for it with everything they've got. This is true of starting a business as well. You may fail at first, but don't give up on your dreams!
Failure is just an opportunity to learn and grow. No matter how bad things are going, there are always ways that someone can turn things around - if they're willing to keep trying.
5) Admit you were wrong
Admitting that you were wrong is one of the hardest things for a business owner to do, but it is also one of the most important. When you admit your mistakes and take responsibility for them, you show that you are trustworthy and reliable.
Once your customers know that they can trust you, they will be more likely to work with you. You have nothing to lose by admitting when you made a mistake; however, by not admitting when you made a mistake, there may be some long-term consequences.
6) Ask for help when necessary
Asking for help when necessary is one of the best ways to overcome failure. No one can do everything on their own, so don't be afraid to reach out when you need help. There are plenty of people who will be more than willing to assist you if they know what's going on.
Plus, sometimes the answer you're looking for might come from someone outside your field-of-expertise and that's okay too!
7) Learn from past mistakes
Learn from past mistakes. There is no one who doesn't know what it's like to fail at something, but you can learn from past mistakes and grow from them. Take the time to reflect on why you failed and how you could do things differently next time.
The first step to overcoming failure is accepting that we're not perfect, and sometimes we're going to make mistakes. In many cases we don't even realize that we've done anything wrong because it's so ingrained into our daily lives - such as living up to unrealistic expectations or being too competitive with colleagues - that we don't see the impact these behaviors have on ourselves or those around us.
8) Stay positive
No matter what happens, always stay positive. You'll be surprised how much better you feel about things when you can look at them with a positive attitude.
If things don't work out the way you had hoped, don't let it discourage you from trying again - learn from your mistakes and move on. And never lose sight of your long-term goals and dreams.
Keep dreaming, keep working towards those goals, because life is too short not to chase after what you want!
9) Have a backup plan
It's important to plan for failure when starting a business. Having a backup plan will help you cope with setbacks and may even keep you from making the same mistakes twice. It's also important to know what your priorities are, so that if something goes wrong, you can focus on restoring it instead of scrambling to find another way of making money.
If you're going into a tough market, have an emergency fund set up and be prepared for things to not go as planned. If your idea is too risky or expensive, have a less risky plan ready to implement.
10) Keep going!
This is the hardest part of starting a business. You have this great idea, you’ve invested all this time and effort, and now it just isn’t working. It can be tempting to call it quits when things get tough. But don't give up!
