We’ve all experienced setbacks or failures in our lifetimes, but it’s especially true in the business world. Running a business means trying new things and taking risks- some of which will lead to failure. However, if you haven’t failed (or don’t remember failing), there’s a good chance you aren’t thinking big enough or taking enough chances.
Even the most successful businesses have experienced failure, but they don’t let it stop them from trying. Instead, they’ve learned to bounce back from their failures and setbacks—a skill every business owner needs to know.
It may be easier for some to bounce back over others due to their perception or mindset about things, but everyone can recover from a failure. All you have to do is follow these tips.
Realize that You’re Not Alone
Failures happen to everyone, no matter their business or social status.
Everyone you’ve ever met has experienced failure, and, somewhere, someone else knows exactly how you feel.
And, when you remember that you’re not alone in your experience, the failure won’t seem quite as devastating as before.
Don’t Let Your Failure Stop You
Think back to when you were a kid. Maybe you were learning to tie a shoe or ride a bike, but you weren’t getting it right the first few times you tried. Did you let that failure stop you?
Probably not.
It’s the same here. Yes, you may have failed at trying something new or taking a risk on your business, but that shouldn’t stop you from trying again. Remember the child within you- how they kept going despite the setbacks or obstacles- and use that mindset to bounce back in your business.
You can also try shifting your mindset from “I failed” to “I found a way that doesn’t work” and use that optimism to stay motivated. Remember, failure doesn’t always mean a lack of success. Others will see you branching out and be encouraged and inspired to follow in your footsteps.
Sometimes, that’s all the success you need.
Problem Solve
Once you’ve encountered a failure or setback, it’s helpful to retrace your steps and see what went wrong. Take some time to problem-solve these issues and create different ways of combating them in the future.
Then, when you’re ready to try again, you’ll know how to do it differently.
Be warned; there will be moments when you can’t identify the problem or understand why the endeavor failed. When that happens (and it will), it’s ok to reach out and ask for help, talk to your peers who’ve tried the same things, or simply accept that it didn’t work and move on.
Re-evaluate the Goals
Whenever you fail or experience a setback, it’s always good to re-evaluate your goals with the following questions:
- Are they specific enough?
- Can I measure them?
- Are they realistically achievable?
- Do they relate to my business or customers?
- Can I get them done within the time frame?
- Are they viable?
If the answer to these questions becomes a “no,” it’s time to redefine your goal or find something new. There’s no shame in abandoning a goal because it wasn’t right, and you shouldn’t go after something simply because you failed to grab it the first time.
For example, if your goal is to invent time travel, and you know that the science isn’t there to support that yet, it may be time to re-evaluate your goals and find something more realistic.
It’s a radical example, but you get the point.
Sometimes, failure happens because we try reaching for the stars when we need to stay closer to Earth. I’m not saying you shouldn’t think big, but there’s a difference between thinking big and wishful thinking.
Know When To Get Professional Help
Failures and setbacks may be a part of everyone’s life, but that doesn’t make them suck any less, and some setbacks are so big that you won’t be able to overcome them with these tips alone.
That’s when it’s time to get professional help.
If you’re seriously struggling after a failure or setback, find a therapist and talk to them. Or- in extreme cases of anxiety and depression- make an appointment with your doctor and see if there are medications that can help.
Everyone handles failure differently, and there’s nothing wrong with getting some extra help if your quality of life is suffering because of it.
One thing’s for sure; you’ll never be a failure for reaching out and taking care of your mental health.
Final Thoughts
Failures and setbacks are a part of life, and every business owner on the planet has experienced them. However, the key is to bounce back from these hiccups and find a way to persevere.
Use the tips above to cultivate a bounce-back mentality that will keep the threat of failure from stopping your dreams. If you do, I know your success will be right around the corner.
