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As entrepreneurs, we put our heart and soul into building something, often taking risks that others would fear. But when things don’t go as planned, the feelings of disappointment, frustration, and even shame will be overwhelming.
The truth is that failure is an inevitable a part of entrepreneurship. While it’s never easy, learning how one can deal with it is essential to moving forward. As Bill Gates once said, “Success is a poor teacher. It seduces smart people into thinking they can’t lose.” It is often during failures that we learn the most precious lessons.
Through my very own experiences with failure, I have discovered several key strategies to assist manage my emotions and the challenges that come with them. Here are 4 strategies that helped me – I hope they enable you too!
1. Feel your feelings
One of the first things you want to do after experiencing failure is to permit yourself to feel every thing. You cannot make clear decisions if you pretend you are not nervous. Acknowledge your emotions – whether or not they include frustration, sadness, or anger – and give yourself time and space to ground in these feelings.
At the same time, it is essential to set a time when you’ll stop wallowing and return to work. The period of time needed should reflect the severity of the failure. For example, if your entire business went bankrupt, it’s possible you’ll need a 12 months. If your product launch was unsuccessful, possibly a week can be enough. Not all setbacks are created equal, so make the most of the time it takes to get back on your feet.
When my first company failed, I felt the weight of that failure deeply. I spent months obsessing over starting a latest company, frantically coming up with ideas that weren’t great because I used to be forcing myself to do it. I finally realized that I needed to step back and give myself space to learn. I made a decision to spend a 12 months working at one other startup, learning as much as I could before even considering starting one other company. When I finally did it, I began a company Lemon light.
The takeaway is to present yourself time to process, but also set boundaries. When you permit yourself to totally feel your emotions, you will be clearer and more focused when it is time to take motion – and possibly your next great idea will find you!
2. Talk to other failed entrepreneurs
Failure can make you’re feeling incredibly lonely. The shame and guilt that usually comes with it could make you doubt your abilities and your future. But you are not alone and there are other people (storm other people) who were in your position! Talking to other entrepreneurs who have also experienced failure is a great option to get back on your feet.
No matter how many articles you read and how many people let you know that failure is a part of entrepreneurship, it still hurts when it happens to you. Hearing the stories of others who were there – and who got here out the other side – can make the experience less isolating. It’s comforting to know that even the most successful entrepreneurs have experienced failure at some point.
Reading books about entrepreneurship, failure, and growth will also be helpful. Whether it’s through personal conversations or reading about the experiences of others, learning from those that have already been where you are gives you the perspective and tools you want to move forward.
3. Make a list of every thing you have learned
One of the most vital things you’ll be able to do after a failure is to take stock of what you have learned. You may not prefer it straight away, but every failure brings with it precious lessons. Take some time to put in writing down every thing you learned from this experience, irrespective of how small it seems. This list can be a reminder that your failure was not without reason – it was an opportunity for growth.
Documenting these lessons while they are still fresh can be helpful later. You’ll likely encounter similar challenges in the future, and having this list will enable you discover patterns and solutions. It also helps you shift your mindset from seeing failure as a purely negative thing to seeing it as a resource that may lead to raised decisions in the future.
For example, when my first business failed, I noted what mistakes I made, decisions I should have thought more rigorously about, and areas where I could have improved. These insights became invaluable as I embarked on my next enterprise. They helped me avoid making the same mistakes and laid the foundation for smarter decision-making with Lemonlight.
4. Take the opposite motion
Doing the opposite means doing things you don’t need to do – especially the belongings you most need to avoid. It’s natural to need to quit after failure, but you then have to take motion. Doing things that make you’re feeling uncomfortable, like attending a networking event or having a difficult conversation about failure, is essential to overcoming fear and moving forward.
The key here is to take responsibility for the situation. It’s easy to let failure weigh you down, but the fastest option to get through it is to face it head on. Talk about it, be honest about what happened, and draw on the lessons you have learned. The more you hide and pretend the failure didn’t occur, the more you’ll extend the experience and stay stuck.
When I used to be at my worst after my business failed, one of the hardest things was coming head to head with the individuals who thought I had failed – explaining what had happened and admitting my mistakes. But these conversations, while difficult, were crucial for closure and growth. They also helped rebuild my self-confidence.
Every step, even the ones that appear scary, is a step towards regaining momentum. Taking the opposite motion can break negative patterns, build self-discipline, and ultimately enable you grow as an entrepreneur.
Failure is an unlucky a part of the entrepreneurial journey, but it doesn’t have to define you. By using these 4 strategies, you’ll be able to deal with failure in a healthy and productive way.
The next time you face failure, take a step back, assess which of those strategies might help, and move forward with a renewed sense of purpose. You will find that each failure brings you closer to success if you simply keep moving forward.