For Entrepreneurs: 10 Ways to Bounce Back from Failure

People fail.

Regardless of the long hours spent for planning, the time and sweat spent on delivering quality output and the skilled manpower employed to finish a task, there are times when the combination just isn’t enough.

Perhaps there is someone better, or maybe your timing is off. Regardless of the cause, the more pressing matter at hand is how you can recover from the depressing emotion brought about by the failure and work on building back your project.

Today, we’ve compiled ten effective ways all entrepreneurs could use to help themselves cope with failure and come back strong!

Allow the failure to sink in

Just like in the stages of grief, recovery comes first through acceptance. When you fail in business whether it’s a proposal, deal or partnership, the first thing that you must do is to accept the failure.  No matter how tragic or upsetting the result is, you can never come back in the game unless you allow your loss to sink in.

Feel the defeat, know that it’s real and let it sink in.

Don’t get stuck

Of course, you can’t just let yourself wallow in depression. Recognizing the loss takes courage, but so as letting go and moving on. And mind you, this isn’t easy. But wallowing for too long about your failure is only feeding your brain negative thoughts and the more you allow yourself to succumb to depression, the more it becomes difficult to bounce back and focus on what’s ahead.

Spend time to feel the defeat, but don’t dwell on it for so long!

Carefully assess what has transpired and be honest about mistakes

One of the most common reactions when people experience failure is to rationalize it. We find reasons for the loss and try to justify why we did what we did. It’s a kind of defense mechanism that we employ to help us cope with the loss and feel a little bit fine knowing that we did all we can.

While rationalizing is logical, it also becomes a hindrance when it impedes us from seeing the real mistakes in our process. To come back strong from a failure, one needs to muster the courage to be honest in admitting mistakes so that you’ll have more time to work on correcting them.

Learn to forgive yourself

Successful entrepreneurs don’t play the blame game. Failure can be caused by two reasons. Either someone in team messed up, or your competitor just did better. Either way, it’s too counterproductive to place the blame on a person or group and let them carry the burden of it all. While it’s also appropriate to point out the mistake and let the person or team understand what it cost your whole venture, it shouldn’t go as far as letting them feel like it’s the end of it all.

People make mistakes, and it’s totally fine to feel upset. It’s even fine to get angry! Just make sure you learn how to forgive. Inability to do so could only add strain to your colleagues and may result in eventual fallout.

Embrace your passion and find time for it

Never underestimate what your passion can do to help you bounce back and feel reenergized after bedding with depression. Your passion is something you love even if you don’t get paid to do it. If you find yourself stuck in a rut and unable to move forward, take some time to take a break from all work-related activities and do your passion. If your work is your passion, look at it a different angle and maybe invest time on dwelling on those tasks that don’t require you to recall your recent failure.

Passion is not only there to help you relax. It can be your primary source of inspiration too!

Practice the gratitude habit

This is otherwise called as recognizing your blessings. Failures evoke a feeling of negativity, and nobody wants to be a slave to negative thoughts One of the proven-effective means to combat this is to pay gratitude to anything that you have.

It’s a clever brain trick. Every time you find yourself thinking of how bad you feel about not getting that deal, thanking God or the person who gave you something is an excellent remedy. This way, you are rewiring your brain to focus on the positive and see the things that you currently have rather than those you’ve lost.

Find opportunities from your experience

They say that every experience is a learning opportunity and this is also applicable on failures. When you fail, it gives you the chance to reexamine your strategies. Finding opportunities from recent defeat is not about letting your emotions get ahead of reason. It’s about letting your creativity wander and search for the learning lessons found in an experience.

What is this experience trying to teach you?

Take a step back and forget about winning

Who doesn’t want to win? We love winning. In business, it’s a primary goal. In fact, some experts would suggest that you carefully set your eyes on winning – on visualizing your success. Indeed, it’s important to have a winner’s mindset. But there’s a huge drawback.

Focusing your full attention on winning makes your service company-centered rather than putting your customers first. When you fail, the psychological and mental blow can be detrimental. Worse, your mood can be greatly affected which then impacts your relationship with coworkers.

To overcome failure, try taking a step back and shift your focus somewhere else. Sometimes, all you need is to understand people better before you win. Stop focusing on the outcome and work on what you can do to enhance your offer at present.

Invest on consistency rather than perfection

People have long been working on becoming perfect. We read it in history books, science, art, music and all fields of specialization. The idea of perfection is so strong that many professionals in this digital age seek to find that formula that would give their careers, businesses and professional life the ‘perfect’ status they envision.

But striving perfection in business often results in disappointment primarily because perfection takes time. And customers are in no way obliged to wait for you. Consistency is a better approach because it makes you more visible and more relevant to your audience’s direct needs.

If you failed in an attempt to produce the perfect product, might as well drop the pursuit and work on building quality and consistent approach.

Always keep in mind that everything has an ending

Lastly, always remember that everything ends. You may be feeling so upset today, and maybe for the next couple of days but do know that whatever it is evoking that kind of emotion, it will pass. Teaching your brain to focus on this reality helps you adjust to failure better. It also becomes a sort of inspiration knowing that you have another shot to do what you failed to do.

Failure happens regardless of what industry you belong in. For ventures such as online marketing agencies that are always met with the issue of maintaining a strong online presence, the challenge is even bigger.

Learn how to deal with failures well and use the ways we have on the list to do a major, successful comeback!

 

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