An Entrepreneur’s Guide to Failure

Small Business Employee Retention

A ridiculously large number of successful entrepreneurs have had a business flop. With more than 90% of businesses failing in the first 10 years, that is no surprise. In fact, many entrepreneurs who have made it big at one point declared bankruptcy.

Yet not every entrepreneur goes on to something bigger and better. Some people dwell in the failure, while others take lessons from it and move forward. There are big life lessons to be learned from failure, some of which are about mindset and others are about the things you do.

Learn From It and Let it Go

Your business failure is not who you are, unless you let it be.

Take the time to analyze what went wrong and what was successful, because in every failed business, there are many things that were done right. A realistic view of what happened will teach you the lessons you needed to learn from that experience.

When you have analyzed it as you should, put it behind you and move forward. While it is important to remember the lessons, don’t allow yourself to dwell on the negative, or let it prevent you from trying something new.

Take Responsibility for Your Failures

Owning up to your failure and taking responsibility for your part in it is critical to moving forward. However, this is often something that many people fail to do.

When you own your failures, you learn from them, and are less likely to make the same mistakes. Remember, you need to be the change. Moving forward, the biggest change needs to be with you if you are to succeed in business.

Winging It Is Normal

There are many days when you have to fake it till you make it. No one is a master of everything they touch. If you’re unsure of what you’re doing, reach out to those who specialize in it. Learn how to handle mistakes, because everyone makes them. Most people are winging it and there’s nothing wrong with doing so, as long as you are learning.

Master Time Management

Your time is incredibly valuable. You simply can’t get it back, so knowing how to manage it is key to success. When you are an entrepreneur, it is easy to get wrapped up in the “need” to do everything yourself.

However, those who are doing it right, know that they have to categorize tasks based on priority. Tasks that are less important need to be delegated, while the more important/time-sensitive things need to be done right away.

Do More Than You Think You Can

Complacency sets in when we accept that we think we know our own limits. Push yourself beyond those perceived limits.  You can always do more. Motivational videos/articles/podcasts can help tremendously. Be confident in your ability to achieve.

Be Direct

Your business relies on you to take charge and stand up for it. Don’t go easy because you are concerned about someone’s feelings. Communicate clearly so that everyone is on the same page.

Do What You Love

If you choose to do something you are passionate about, you will find that work is a joy. Dive into that passion and become a master of it. Doing so is the most direct way to happiness and success.

Failure is a part of the journey we are all on. Accept it and look to it for lessons that can propel you even further in your entrepreneurial endeavors.

 

Bio:

Kerri Gois is a freelance writer and marketing coordinator for BroadbandSearch.net. An avid reader and social media addict who also enjoys learning how to code, but is a novice at best. She’s extremely passionate about the Internet and Technology and lives in sunny San Diego with her puggle, Bernard. Follow her on Twitter @kerrigois

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