Are you stuck in a rut after a failed business or one that is not doing as well as you anticipated? You might be wondering how to overcome entrepreneurship failure. This is natural and a great step forward. You have moved beyond wallowing in the negativity of the failure and are now ready to learn how to overcome entrepreneurship failure and move on in a positive and successful manner. Congratulations – this is an important step towards your eventual success!
How to Overcome Entrepreneurship Failure? Check out the below 8 different ways to overcome entrepreneurship failure:
- Find Acceptance
- Take A Break
- Learn From Your Mistakes
- Learn From Your Successes
- Ask For Help
- Keep It Simple
- Step Out of Your Comfort Zone
- Be Persistent – Try Again
Oftentimes when people are starting a business they are excited to bring to market whatever innovative ideas they have, but they do not take to time to consider what if all does not go to plan.
Once a business fails or is even just struggling, many people do not know who to deal with this situation. So what steps can you take to deal with this failure?
How to Overcome Entrepreneurship Failure – 8 Ways to Start Now
Let us check out different ways to overcome entrepreneurship failure.
1. Find Acceptance
This is the simplest way to deal with failure but perhaps one of the most difficult ones to master. You need to learn how to accept failure. Understand it is common and part of life. No one succeeds and excels at everything that they do or try to accomplish. No one. Why should you be the exception?
If you are a gambler – starting a new business is not a good idea. 1 in 5 new businesses fails in their first year. 3 in 10 fail by year two. By the fifth year, only 1 out of 2 businesses are still open.
This is not to say that you can not possibly have a successful business – you sure can – but understand that many new businesses fail and most successful business people have had several failed businesses before they created a successful one.
If you truly want to move on from your failure you need to first accept that it happened and nothing you do going forward will change that. You also need to understand that your business failed, you did not.
Just because you have had a failed business or even several, that does not make you a failure.
2. Take A Break
If you want to be able to turn your business failure into a success story later you will probably need to start by taking a breath. So many people try to just right into another venture as soon as one failed, but usually, that is not a great idea.
If you were running a business that failed you likely did everything to save it. This could include long hours at work, spending every working moment trying to fix things or figure out a solution.
When you were working crazy hours and doing everything you could to save your business you burnt yourself out, even if you think you can continue to work these crazy hours, you can’t. You need a break.
Dealing with a struggling business and then a failed business is mentally and emotionally draining. If you have not already taken some time off to recharge and come to grips with everything that happened, now is the time for that.
You can certainly start another business if you want to, but first, you need to do something for yourself. Take the time to spend more time with family and friends. Go on vacation. Take a stay-cation and do nothing.
Start a hobby. Put energy into a hobby you used to love. What you do does not matter, what matters is that you stop and do something for yourself.
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3. Learn From Your Mistakes
A failed business is a combination of two things: Things that you could have done better and things you had no control over. Understand success is not just hard work, good ideas, intelligence, and creativity – it also does involve timing and luck.
With this being said there were probably things that happened to your business that you had no control over, but there were also things that were completely in your control, and you could have either done these things better or you could have made better decisions.
If you want to be able to move on from your failures it is important to learn from your mistakes, so you do not commit them again.
Learning from your mistakes could be difficult, especially right after your business failed. The reason is that to truly learn you will have to analyze everything you did during the time the business was in operation and even during the initial planning process and take each item and see where any errors happened and how you could have done better.
Many people have issues in truly analyzing their own actions and decisions and being able to be impartial to see the bigger picture.
Think about big picture questions. Did you have a business plan or did you jump right in? Did you follow your plan? Were you too ambitious too soon? Did you skip big details? Did you only focus on the things you knew you were superb at and ignore the details you were not proficient in? How could have each stage of your business (planning, grand opening, first 6 months, etc) gone better? In what ways would you change it if you could go back in time?
It is important not to just understand where you went wrong but to also know how to fix those issues in the future. Everyone makes mistakes. Successful people embrace those mistakes and learn from them.
Also, you may like to read, Top 10 Trends and opportunities in technology entrepreneurship.
4. Learn From Your Successes
Whereas it is important to learn from your mistakes, it is just as important to learn from all your successes, big or small. Learning from mistakes allows you to learn and grow and know what to do better next time. It is also important to learn from everything you did right and every success you have had.
Is there a way to recreate these successes in the future? Take the time to study all the successes you had. Analyze what made these things successful. Was it an innovative idea? Was it hard work and dedication? Did you use a particular form of marketing or advertising?
If you learn to study how you were successful in different areas you will be able to apply this to other ventures, and eventually, use your knowledge to scale up.
Make a list of everything that had any level of success in your business. Once the list is complete assign a value to each success between 1 – 10 to determine the amount of success you saw.
For each item on the list further, analyze each item to determine which things you can easily replicate and which things were due to luck or outside factors you have no control over.
Once you have this list in front of you in black and white it will be easier for you to know which items you can repeat in the future and how much work and time will go into each type of success.
You may like to read, 13 Goals of Entrepreneurship.
5. Ask For Help
Entrepreneurs are independent which can be a great thing. However, just because you are independent does not mean you never need any help. One reason entrepreneurs fail is that they do not recognize when they need assistance.
Assistance can come in many forms. You can ask family or friends for help when needed, even if it is just someone to bounce ideas off of or to help find a solution that is just not coming to you.
Another good way to get help as a business owner is to know and talk to other businesses in your area or even just through the internet. Sometimes you need to talk to others who know what you are going through and understand your specific struggles.
These types of relationships can be important to you to connect with other like-minded people, to learn a variety of things from one another, or to network.
You could also actively seek out a mentor – someone who has been there before but has now moved on to the type of success you are dreaming of. Mentors understand where you are currently at and how to move on to the next step.
Finally, asking for help could lie in education. This could mean anything from just reading books and articles on a subject you have not mastered but is necessary for your business to taking classes on these subjects. You do not know everything you need to know right now, and you never will.
It is important to identify what you do not know and make a plan to learn more to become successful. Education is something that is never over, it is necessary throughout our entire lives.
Check out, Pros and Cons of Being an Entrepreneur.
6. Keep It Simple
Sometimes the problem is not the plan or the idea we started off with, it is that we want to do way too many things.
For instance, if I were to sell wedding dresses, wedding dresses should be the main thing I know everything about. It takes a long time to really master a market so maybe in the first 6 months I should not also try to master wedding headpieces, bridal shoes, bridesmaid dresses, wedding jewelry, reception decor, ceremony decor, and everything else that might be related to a wedding.
In the above scenario, I went from trying to be the premier place everyone buys their wedding dress to the place they get every wedding item. When I branch out too quickly, my business plan and focus have become muddied and there is a little or everything, and it does not appear I have specialized in anything at all.
So instead of people coming to me for a wedding gown as I carry hundreds to thousands of styles, now my wedding gowns are only 10% of my store, and they do not like my selection.
It is perfectly okay to have lots of ideas and understand the many ways you want to expand your brand later, but too many people do everything all at once which leads to an issue of lack of quality and the public not having a good understanding of what your brand is all about.
Also check out, 10 Characteristics of Successful Entrepreneurs
7. Step Out of Your Comfort Zone
Everything is not comfortable in the business. Sometimes you have to step outside your own comfort zone to be successful. Many things make a business successful.
For instance, the product you are creating or selling is your main business – but to sell this product you may need to pay for advertising, learn how to do free to low-cost marketing, form relationships with customers, go on interviews with local TV and radio, or several other things that are to get your product out in the public eye.
Chances are that you are not comfortable in every area we just mentioned. However, success demands that you find a way to find some level of comfort as these are things that you will need to master.
8. Be Persistent – Try Again
Finally, one of the ways to learn how to overcome entrepreneurship failure is by trying again. As I mentioned earlier this is the last step – you really need to do everything first if you do not want to set yourself up for failure again, but eventually, you will need to start over.
Just because you have had a failed business previously does not mean every business you ever have is destined for failure. This is just not how life works.
Almost all successful companies are run by people who have failed in the past. You will have another great idea that you can not wait to bring to market. The difference is that this time you know all the places you went wrong before and how you are going to improve this time around.
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You started off wanting to know how to overcome entrepreneurship failure and as you can see there are many steps you can start taking right now to do just that. A successful business venture could be not too far down the road for you as long as you learn how to overcome entrepreneurship failure and put those practices in place today!
Bijay is an entrepreneur and start-up founder having more than 14 years of IT industry experience. He is the co-founder of TSInfo Technologies, a SharePoint development company.
A dedicated professional and very passionate about public speaking and also wrote thousands of technical blogs in various technologies. He also wrote a lots of blogs on entrepreneurship, investment, startup, business, manage money tips, etc.