Six Ways I Overcame My Business Failures

It was never easy to overcome failure, be it your business or from your relationship. Getting back on track required one load of effort, which I lacked. Even though, as an entrepreneur, I was not accountable to anyone for my blunders. However, being answerable to yourself is the most challenging job, I suppose. The realization dawns harder on you when you can’t find the answers. This is precisely what happened to me, but I had to find my way out. Long story short, I’m writing these six ways through which I overcame my business failure, and now you can imagine where I stand!

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1. Heal

Took the longest time to heal as I knew that I would never be able to focus entirely without my mind being healthy. I searched up success stories and got a tremendous amount of inspiration. Prominent personalities had failed before becoming successful. Why couldn’t I? As soon as I healed, I wanted to start immediately. It was as if determination and motivation were waiting for me.

2. SWOT analysis

One thing that I didn’t keep in my mind when I started my business was to analyze what my weaknesses and strengths are and what threats and opportunities are there in the market. It is essential to know what your company is capable of, the qualities that separate my company from the competitors, limited resources and how to arrange them, emerging competitors, customer’s attitudes towards my product, etc. The planning does not stand firmly without the research. I did the detailed research to get back on track.

3. Business plan

Overcoming the failure, I realized that a business plan is vital for various reasons. It clearly defined my goals and objectives; hence I got to know in what direction to move. Secondly, it became easier to raise finance for the business as the business plan shows the company's legitimacy and authenticity. Therefore, it became easy to convince the investor or the lenders.

4. Do not dwell in the past

Once I accepted that the complete history is filled with the most significant failures and that I’m not alone, it became easy for me to move forward. It is not wise and healthy to overthink how and when it went wrong. Moving forward is a sign of courage; however, learning from the past mistakes helped me succeed in the future. It is imperative to keep on learning so that whenever there is something going wrong in your current business, it becomes easier to fix it before it breaks down. Indeed, many times you will face the same challenges and if you cannot learn from the past mistakes, the same thing may also set your business to fail. Therefore, it is wise to use the lessons learnt to improve on present and future situations.

5. Take responsibility

The realization of owning my flaws and correcting them made it easy for me to move on. The blame game is easy to play, but it did me no good. Consequently, I took the responsibility for my actions and became successful in no time!

6. Move forward

Once I was done with the acceptance and realizations, I took the paper pen and started with it. A positive mindset has made me successful, and I suggest that to everyone. Even if it takes 100 days to get back on track, don’t start without a ready-to-go brain. The faster you reach the height, the harder you fall.

The fact is failure in business is something that is inevitable and sometimes it may come when you least expect. It is in this situation that you have to be prepared to accept it if it happens. You also must learn that, for the blue chip companies that are making multi-billion dollars every year, it’s not always smooth sailing. And since failure is something that you cannot avoid, you should set your mind to accept that, if your business fails, its not the end of the world. Just the end of one venture. This happens to everyone and therefore, you need to be set in your mind to handle failure in case it happens to you.