Are you an entrepreneur? If yes, you must be conversant with the fact that failure is a common thing. You should be quite at ease with it.
Statistics show that at least 20% of new ventures do not go beyond their first year of operation, while about 50% do not live to witness their fifth anniversary. Only a third of established businesses remain operational after ten years.
Even though the figures above were put forward by an entity in the US, most of the entrepreneurs across the world are often prepared to face business failure.
While a venture is supposed to be a going concern, failure has lessened the exactness of this feature. Nevertheless, closing a business is never the end of the road for determined business owners.
Such entrepreneurs design strategies for dealing with failure, not necessarily be defined. This is the only approach for moving on and starting again.
A lot of twists and turns characterizes the entrepreneurial journey.
In some cases, one may attain success in a night. In additional instances, they may be forced to pivot into a significantly different thing.
If you have come face to face with failure, then you will agree with the assertion that it sucks. It has a lot of consequences that can even affect you more.
For instance, your bank account may become empty, apart from you getting physically sick. Worse still, it may deprive you the urge to try new experiences once again.
Failure is part of the entrepreneurial journey. Because of this, it is essential and a must that you regain your motivation following a start-up failure.
It is not an easy thing, though you can make it if you get some good pieces of advice. Here are some of the practical tips from successful entrepreneurs.
1. Rejuvenate yourself
If you fill you set for the next move, draw a route map, illustrating how you would wish to appear and put forward measurable targets as well as time-limits for their achievement.
Starting afresh may require getting to the workforce in a little bit informal sector, though some individuals may prefer an entirely new profession.
For this to happen, you are supposed to learn already from past failures. Do not let fears emanating from the experience to hold you back.
2. Be aware of acceptance and self-care
Nothing comes with being hard on yourself. Everyone fails at some points.
Incontrovertibly, even the most successful individuals have failed before. It is essential to take some time mourning the damages.
The healing process kicks-start with mourning, helping you rediscover your true self without your venture.
Honestly, this is a crucial and straightforward lesson given by individuals who have weathered business closure, yet hard to grasp immediately a venture has been shut down.
It can be quite devastating accepting the fact that the stake you put a lot into – your heart, blood, and finances – is not coming to fruition.
To move on, seek solace from family members and friends, reject the lie that your work can only define you.
Even though quite difficult to acknowledge, it may be very beneficial to fail first. For instance, you can get over it a little bit faster and lessen the chances of making significant losses.
3. Determine your finances
Money has always been emotive even in the best conditions. Though when those you owe keep calling and you happen to uncertain as to when you will get a paycheck, it may appear more of a fantasy rather than a real thing.
It is advisable that you start the journey by working for someone first before starting your venture.
After having a tough gig, you will be in a position to at least earn an income, settle creditors plan your next move.
At times, something that kick-starts as strategies for coming up with something may give a great idea. You will, in the end, acknowledge the truth that failure is a matter of perception.
At a point where you find a tumbled venture, an entrepreneur rightly disposed of for success will realize a new opportunity.
4. Examine what went wrong
After grieving for a while, do a close examination of might have gone wrong. This is an essential step in which you will learn some critical lessons.
Be straightforward with yourself, not avoiding to face the consequences of your actions as well as the poor choices you may have made as you carefully examine what could have happened. Take note of both the success and failures.
Once you have acknowledged what went wrong, learn from the failures, try your best to drop the baggage and keep moving.
A mistake counts only if you give up. Draw lessons from it. For this reason, after a grim assessment of what happened to your business, integrate the experiences gained into the next phase of your life.
Read also: How to Start a Startup for Less Than $100
5. Create a support network
As what the saying goes you are not an island. You need support from others.
Consider surrounding yourself with friends and individuals who sincerely care for your personal well-being.
Such people will help you get your feet back on the ground to start moving on although it is hard to cultivate such an important friendship, especially when you aren’t in need.
The wise thing to do is to try establishing them when you need them the least. Frankly, individuals capable of extending helping hands, family or friends, give honest advice or feedback, helping you remain firm in the face of hard times.
A healthy family and friends can be important in your personal life. So can a real connection with entrepreneurs and mentors aid you in getting back on track after a
We are shaped by the difficulties we come across, not only in life but also in business.
Do not accept to be restrained by past failures. Take time to recover, put things together and move on.