There is one fact of life that everyone must come to terms with: failure is inevitable. “Failures” range from a smaller setback loss like losing a client to a bigger blow like failing to make payroll, but whatever the source, failure hurts. It can make you question your entire journey and even yourself. However, a failure does not have to end your journey unless you allow it to. It can actually be used to your advantage once you learn how to deal with it.
Learning how to navigate difficult situations is critical to your success as an entrepreneur. An entrepreneur is not defined by his failures, but how he handles them. Here are some practical ways to overcome those unavoidable bumps on your journey to success.
1. Accept that failure happens
Failure is a natural part of the process of starting a business. Without it, you cannot possibly succeed. It is naive to think you can get everything right on your first try, so don’t bother putting that unnecessary pressure on yourself. The most successful entrepreneurs are not those who never fail, but rather those that are willing to fail over and over again.
2. Set reasonable expectations
It is important to have big dreams and goals for your company, but is equally crucial to set reasonable expectations. You should always keep the big picture in your mind, but you must also understand you will not get there overnight. Focus on reaching each individual step towards your ultimate goal, so you can celebrate each mini success rather than mourning a massive failure.
3. Plan for failure
Planning for failure does not mean you don’t believe in your company, it makes you smart. We like to call it playing the what-if game: constantly ask yourself what would you do if x happens so that you do not have to come up with the solution in the time of it happening when you are otherwise stressed and overwhelmed. In this case, if you do run into a setback, you already know how to proceed and can get back on your feet more easily.
4. Learn from failure
When faced with failure, there is no use in beating yourself up over what you did wrong. A failure should prompt you to look within your company and assess why it happened. It is impossible to rectify your mistakes before identifying the root of them. In most cases, the causes of your failure are identifiable. Once you have determined the factors that led to your failure, you can focus on the more important question of what to do next.
5. Be motivated by failure
While it easy to dwell on your failure, the best entrepreneurs choose instead to respond to it constructively. You have the power to make a conscious decision to view your situation as an opportunity rather than a setback. By recognizing the things that contributed to your failure, you put yourself in a better position to prevent the same outcome in the future. Rather than being demoralized by it, use failure as motivation to do better.
In conclusion, mistakes are signs of forward movement if you learn from them; therefore, make an effort to go out and embrace the outcomes either way for the good of you and your organization.
Best,
Lawrence Brown
Managing Consultant | AngelytiX Consulting