There is no such thing as being fail proof when it comes to failure – no perfect recipe or instructions to follow to evade failure either.
But what you can actually do as an entrepreneur is to overcome failure – how to stand back up again after failing. After all, there is a saying that if you fall back seven times, stand back up eight times right?
Failure is an opportunity to grow. You are not defined by your failures but rather by how you deal with them. Here are 5 tips you can do to overcome failure.
Being an entrepreneur exposes you to every outcome possibility imaginable. Being prepared physically is important, yes, but you do not need to have full contingency plans all laid out – in case things do not go according to plan. Although, being mentally prepared for failure and hard times is important. Oftentimes, the way we feel affect our decision-making, thus – try to avoid making decisions while you are in not in good emotional state — doing so is detrimental.
Failure is a great opportunity to re-evaluate your situation. Ask yourself why you failed, how you feel about it and what you should do next. Stop comparing yourself to others. We are all different, market receives our product or ideas differently.
Once you have learned from your mistakes as an entrepreneur, cleanse your mindset of your failures. Hanging onto your past failures can drag you down and may influence your future level of success. Pretty much what Elsa from Frozen did – learn from your past and learn to let it go – do not become a corollary of your failures.
Understand the missteps that led to your failure, but don’t let those missteps stop you from creating a brighter future.
Failure is perceived as something bad or something to be ashamed of. But it is not – successful people even use failure as stepping stones to climb out of their problems. Understanding their troubles or struggles from the past will help you boost your motivation when you are faced with failure.
Drawing inspiration from people who failed many times but eventually managed to reach their goals is quite helpful to feel encouraged. Take Steve Jobs for instance – he did not lose heart even when Apple was on the brink of bankruptcy but instead he persevered. Similarly, Thomas Edison failed countless times before he was able to perfect the electric light bulb.
Oftentimes, when faced with failure – entrepreneurs tend to go into a reclusive self-imposed hibernation mode. This is the worst thing you can do if you want to bounce back from an entrepreneurial failure. Invest in networking to build stronger relationships with other entrepreneurs, business leaders, and investors. The more effort you put into establishing your entrepreneurial network, the likelier it is you will create a formidable career for yourself.
No matter what happens, just keep going. Explore and find new ways, strategies, inspirations to bounce back from any kind of failure.
If you are scared to take any risks after facing failure – do it while being scared anyway. After all, fear is a common feeling when you do things you have never done before. When you try something new – you leave your bubble zone you confide yourself in – you enter the unknown. Instead of retreating back to your bubble zone whenever you feel scared, embrace that fear and step into a new, unfamiliar experience.