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5 Tips On How To Cope With Start-up Business Failure

By Edited Nov 13, 2013 0 0

Don’t be afraid of failure

Do you fear failure? Why?

Is it because failure makes you feel incompetent, failure makes you feel useless. Well, let me tell you, that that’s only natural. We all have failed many times in many things. There is nothing to be ashamed of about it. But what’s important is how you cope with your failure. Stand up to your failure, stare it in the eye, you can change your failure to your greatest success. Now, that is the sign of a courageous personality.  Your willingness to risk feeling failure for the sake of your business idea or passion, that speaks volumes about your seriousness and your commitment to you business. One day, when that risk pays off and when your business is on the path of success, you will have enhanced your reputation many many times over.

 

Try not to take it personally

Even with the best of intentions, things do go wrong – sometimes drastically so. This happens both in personal life as well as in any business. It is not a reflection of you as a person. No one is perfect and we all make mistakes. Your failure may seem to be the end of the road. 

Rather than withdrawing into your own cocoon and giving up on the business idea that you were only until very recently been so passionate about, try to see what you could learn from this experience. What could you do differently the next time to change the outcome from failure to success. Remember, what dosen’t kill you will only make you stronger.

 

Seek feedback

Your customers know best. After all they are the users of your product or service. They have a view and a perception that may totally surprise you. Do not be ashamed to ask. Do not unconciously make assumptions and base your actions on your assumptions. Ask for your customer feedback. Lend a ear to all who are willing to provide a constructive feedback.   There are countless examples of businesses that have turned themselves around from failure to success, by listening to their customer feedback and acting on it.

 

Take Action

Distance yourself from the failure and try to objectively analyse what went wrong and why. Let not your emotion cloud your view. Do not hold any grudge on anybody. Just evaluate.

And once you understand what it is that was the root cause or causes of this failure, set about putting in place an action plan to ensure that this failure does not happen again. It may be something that may be a quick fix or it could even be something that would require some time. But if you have a plan in place and you act on the plan, then not only will you be better prepared next time, but you could discover opportunities that you never realised.

 

Focus On The Future.

When failures do happen, as they inevitably will, learn from them and try to move on. There is nothing you can do to change the past. So try to see failure from a different perspective and focus on the future. See the possibilities. Run the same scenario through your mind, but this time try and visualise a successful outcome. Envisageing a successful outcome will help you to create the environment for a successful outcome next time.


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