The failure of a business not only affects the entrepreneur, but also stresses the lives of everybody tied to it. There are tons of different levels of failure, too. They range from small ones, losing a small deal, to the types of failures that cost the dreams of its founder and everybody tied to it. Most entrepreneurs have been through this process at one time or another, having experienced some kind of failure. Here’s how experienced entrepreneurs handle failure, broken down simply.
Accept Failures
Accept failures as a consistent part of your life. Without failures, there is no way for you to learn from said failures. Therefore, you won’t have any possibility to grow from that experience, to become better. If you intend to grow as a person, or as a business, you need to learn that failures aren’t the end, but are new beginnings to a better business. To a better you.
I’ve had many, many failures in my time as an entrepreneur. I know my father has had many more in his experience as well, yet here he is, through it all. Despite all those failures, the both of us have kept going. We’ve persevered, learning from every mistake we make. What makes others crumble has made us smarter, so we don’t repeat our past errors. It’s *okay* to make mistakes. We encourage it! Mistakes are the best way to learn. Do you think Thomas Edison made the light bulb on his first try? No! He’s been quoted saying “I have not failed. I’ve just found 10,000 ways that won’t work”. Sure enough, he kept with it, and got it right! His perseverance has given us all light; literally.
Stay Refreshed and Invigorated
Each one of your failures is going to be, at its root, tied to your venture as an entrepreneur. This may sound obvious, but you’d be surprised how many people I’ve talked to that insist the blame isn’t theirs, or that they had no control over the error. Nevertheless, these failures may be tied to your deadlines, to failing to secure a client, to even internal issues such as failing to tend to your employees.
No matter the failure, it’s important to be able to take a step back, take a cold drink of water, and get back to it with newfound energy. This is key to how experienced entrepreneurs handle failure, and a vital lesson for you to take with you. Sometimes, the cold water analogy is good literally, too. Either way, coming back with more fight in you than you left is vital to success, and more importantly, to failure.
Even if you take your step back, you may not be entirely refreshed. Sometimes, the answer doesn’t just lie in a bottle of water, or a short breath. For me, it almost never does. Everybody has their own way of handling stress, or of being able to relax. What matters isn’t knowing what works for somebody else, though. The key is knowing what works specifically for you. For me, driving is my key. Just taking a car or motorcycle, no destination in mind, just enjoying the road and the machine I’m piloting. For you, it may be (and probably is) different, and that’s okay. Just finding your focus, and being able to use it effectively, will help you tremendously in both the short and long terms.
Avoiding Getting Stuck In A Rut
With failure, comes emotions. That’s almost a given, all the time. I’ve had to take time to let emotions out before. With my first motorcycle, where the frame turned out to be shot, that night was very rough for me. That was at least a thousand dollars out the window, and many months of work too. I didn’t let that stop me though. I took my step back, my drink of water, and at the time, I took the night off. Just let emotions run their course.
The next morning, I came back with a clear head, and got to attacking the problems. Emotions are completely natural, and it’s okay to let them have reign once in awhile. Just know when your emotions are getting out of hand, and be ready to get cracking on the issue after you’ve given them their time.
The rut issue comes when you give your emotions too much time, or no time at all, to run free. If you let your emotions drag on and on, before you know it it’s been two years filled with self-pity. If you try to bottle them up and keep quiet, they’re going to go somewhere eventually. It’s not an “if” question anymore, it’s “when”, and who’s going to take the brunt force of it.
I’ve seen this firsthand, watched it tear apart friendships and businesses alike. Don’t be that guy or girl. Don’t try to hold it all in, and don’t let your emotions run you on and on. Get a leash on your emotions, let them run around for a bit, but get ready to get back to work. That’s how experienced entrepreneurs handle failure, they don’t hold it in and let it burst, they talk about it as it happens.
Re-evaluate Your Situation
When the failure first hits you, things probably look really bad. Whether they’re as bad as they seem or not, you don’t know. They sure look insurmountable though. Once you’ve taken your step back, your ice cold water, and your breather for your emotions, take another look at your problem. What happened? How can you stop this from happening again?
Those two questions should be at the forefront of your mind after you’ve let all the emotions out, and logic has returned. Failures give you an excuse to take a look at the systems of your business, see what isn’t working properly, and adjust to correct the errors. This process can also help you catch failures in the process, and even prevent new ones from occurring.
In Summary
And here we are, I’ve taught you what you can do to handle failure like a real champ! I’ve taught you how experienced entrepreneurs handle failure, and the little tricks that you can replicate in your own business experience. Not only can they be valuable tips in business, but in life as well! I’ve found myself using many of these tips in school, and out in the world as well. However you use this knowledge, I’m sure it’ll help!
