How To Bounce Back From Failure In Business
The folks over at www.findmyworkspace.com share tips on how to survive from failure and end up stronger than before. In an ideal world, you see yourself succeeding in each goal and venture – the first time, every time. As long as you put in the required sweat and hard work, you will achieve your targets and be victorious in all your projects.
Back to reality – unfortunately, the world just doesn’t operate that way. As wise or more experienced entrepreneurs always caution, setbacks are a natural part of life and business. Despite all of your invested time, effort, headaches, heartaches, great talents, intelligence, and abilities, still not all of your ventures will become successful. In fact, studies show that at least 50% of startups do not make it to their 5th year. Sadly, you might even fail countless times before you can hit your winning formula.
Failures hurt, no doubt about it – you might need to take some time off to recover from the shock and pain of your experience. But do not let it permanently disable you from getting up and trying again.
As with any loss, you need to go through a process to fully let go of the situation and to start moving forward:
- Allow yourself time to grieve – but not too long.
Go through a mourning period and do not be afraid to let yourself feel everything that you need to feel. What are your disappointments and fears about the failure? Listen to yourself and remind yourself that this moment will pass. Write down what you are feeling and thinking.
Do not isolate yourself during this time – talk to loved ones, mentors, or fellow entrepreneurs who went through the same experience. Knowing how others survived from their own tales of temporary defeat can help you see that your problems are not as big as you thought they were.
- Learn from your mistakes.
Evaluate what you did wrong – not to make yourself feel worse, but to learn from them. Identifying your weak and blind spots can help you know how to change and improve on them, or what kind of support you need to complement your weaknesses in the future.
As you go through your list, it is important that you forgive yourself for your mistakes and errors. Forgiving yourself can be a very empowering experience, and it will help you become more resilient as you face new challenges.
- Be optimistic and count your blessings.
Do not wallow for too long in the past and be grateful for the things that you have now. Concentrate on the things and people that make you happy. When you feel more positive, you can see things from a healthier perspective, and that will help you bounce back from the failure.
A good practice is to have a gratitude journal – list down everything that you have going for you. When you start feeling down again, reading your journal will remind you of all the good things you still have in your life, in spite of that temporary challenge you are facing.
Doing daily meditations can also help you attain the right balance and serenity. Take some time to be by yourself each day, to be alone with your thoughts and to quiet down your fears and worries. That will help you to feel emotionally secure.
- Work towards achieving a better version of yourself.
As you have identified your weaknesses and mistakes, now is the time to ask yourself what you can do to grow professionally and personally. Are there classes that you can take to develop a certain skill? Is there a habit that you can adapt to learn more each day?
Use this time to prepare yourself for the greater things to come. It does not have to be mental – you can also take steps to strengthen yourself physically. After all, when you become more active physically, your brain and emotions benefit too. You will become more alert and happier! Exercise also builds your discipline, a very crucial trait for any successful entrepreneur.
- Look for your next opportunity.
Once you are ready, go out and keep your eyes open for the big idea that you can convert into your next profitable venture. Focus on what you are passionate about and start to feel excited about the opportunity to try again.
Consider your past failure as something that made you stronger and more ready to take on your next big project. Do not let the fear of failing hold you back from continuing your path towards your vision and goals.
When you respond to failure the right way – as a stepping stone towards becoming wiser and better and a motivation to try harder – you do not let it defeat you. Failures are only temporary setbacks. Do not let them be the end point of your entrepreneurial journey. Always remember that you can surpass any failure. So learn from them, let go, and press on!
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace