5 Ways Entrepreneurs Can Bounce Back After a Failure
The road to success is one littered with obstacles and hardship. Although perseverance and hard work in most cases lead to prosperity, there are still those instances of failure. These events are inevitable, but do provide a source of education for entrepreneurs as they learn how to avoid failure in the future. Ultimately, there are five main ways for new business owners to respond to early decline.
Be Aware of Self-Talk
When failure strikes it is easy to fall into a cycle of self-judgement, criticism, and even bad habits. Instead of allowing the inner dialogue to alter their decision making, entrepreneurs need to take a moment and show empathy for themselves. They should try to remember something they did successfully and congratulate themselves on it. This self-appraisal is critical because according to a study from the Mayo Clinic, negative self-talk is detrimental to an individual's stress management and health. Overall, entrepreneurs need to identify negative thinking and search for ways to replace it with more positive thoughts.
Ask for Support
Every entrepreneur needs a network of support they can turn to when disaster strikes. It is important for entrepreneurs to surround themselves with people who love and support them rather than compete with them so that when there truly is a problem, they can turn to someone whom they trust. One way to accomplish this connection is to join a mastermind composed of like-minded entrepreneurs who are in a similar industry. A mastermind is “a peer-to-peer mentoring concept used to help members solve their problems with input and advice from the other group members.” Entrepreneurs should focus on finding a mastermind which best fits with their long-term goals and industry.
Take Some Space
In some instances the best way for entrepreneurs to analyze failure is for them to take a step back from their business. This time away gives them a break from the stress of their job and allows them to regain some of their composure. After a day or two, entrepreneurs should return to their company with a clean mind and a different perspective on the problem. One such example of a business owner stepping away and coming back stronger was Steve Jobs from Apple. During the company’s darkest time he left the enterprise. However, after he returned, Apple flourished and is now one of the largest corporations in the world.
Start a Journaling Practice
On a day full of hardship, writing in a journal might provide the solitude and reflection entrepreneurs need to regain some confidence in their business. In some cases it is extremely beneficial to write about feelings because it has been proven to boost morale, help manage stress, lower symptoms of depression, and even improve memory. With a clear mind and hopeful outlook on the future, entrepreneurs will be able to put past failures behind them and continue their hard work.
Ask Good Questions
Asking the right questions is critical because they start to get entrepreneurs thinking about solutions rather than past failures. One such question entrepreneurs need to ask themselves is, “What is this really teaching me?” When new business owners approach their defeats they should come from a place of inquiry rather than assumption. This method allows for entrepreneurs to move beyond the current chaos and regain clarity on their current situation.
It is important to understand that failure strikes no entrepreneur should be alone. Everyone will reach a low point at some time on their business journey. However, the entrepreneurs who have surrounded themselves with the best people and look towards the future rather than dwelling on the past will have the greatest chance to save their company.
Dawn, J. (2018, September 24). 5 Steps for Bouncing Back After You Fail. Retrieved July 3, 2019, from https://www.entrepreneur.com/article/319607