How do you move forward after a business failure?
Do you hang on to it, keep trying? Analyze what went wrong for days? Maybe you start beating yourself up, go into a deep depression or even quit completely.
For many entrepreneurs moving forward after a failure is extremely hard, and sometimes even traumatic. It’s as if suddenly your passion for your business goes out the window. Profits plunge while expenses rise and relationships disappear through thick fog that was once sunshine and roses.
When it comes to their life's work, no entrepreneur sees failing as a option. Success is part of our DNA. A DNA that seems to be protected by an unseen force field that keeps us going.
Truth is we will fail and that force field that was seemingly penetrated simply has layer after layer.
No matter if the failure happens during the start of your business or years after it's established, there are simple yet effective ways to move forward after a failure.
First and foremost you need to own the failure. Placing blame on others is not a trait of a leader or a first class entrepreneur.
Owning up to the failure to yourself might be all you need, but if it’s appropriate, go ahead and own and acknowledge it to others as well.
Acknowledging a failure to your team, partners or associates establishes what your responsibilities are and can show that you value what you do.
Give yourself time
Entrepreneurs don't take failures lightly, so before moving forward give yourself enough time to process what just happened.
Too often we want to cover the failure with something else so we can move on quickly. But by doing so we increase the chance of failing again.
Give yourself the amount of time you need before moving forward. It can make all the difference next time you fail.
Stop comparing yourself to others
Immediately STOP comparing yourself to others! Comparing yourself can only do two things: keep you completely paralyzed with fear in the now, and/or move you backwards with self-doubt.
Find resources that will move you forward rather than compare you. When you’re looking at resources and your thoughts include “I should've” or “I could’ve,” that's comparing. STOP! The right resources include thoughts such as “I will” and “I can.”
Be open to change
Once you own your failure, give yourself time and stop comparing yourself to others, then you are ready to be open to change.
Let’s face it. If you failed, that means something needs to change so you need to be open to it. Successful entrepreneurs already know the importance of this, but when you fail, sometimes we close ourselves off without knowing it.
Be open to offers and requests from individuals you once overlooked and use this opportunity to experiment on things you were reluctant on before.
Failure can and will happen in your business, but how you move forward can design your destiny.
By taking action on these simple things I’ve shared, moving forward after a failure can become a more natural process in your business--one that makes you and your business grow.
So, what failures have designed your business into to what it is now?
Share your story below and let us know what helped you move forward.