The role of failure in entrepreneurship: Turning setbacks into success
They always say that opposites attract. Well… the opposite of success is failure. As an entrepreneur you often have to face failures before you get to those successes.
You have to realize that you may not just magically bounce back. Sometimes failure in business is a chance for you to start over or maybe even just pivot to a different direction.
If you have experienced failure or you’re going through it right now, here are a few things to consider to help you come out on the other side:
Own it
One of the hardest things you can do is to admit failure. Remember, that doesn’t mean defeat. It doesn’t mean that your path to entrepreneurship is over or that you have to shut down your business. Once you own it, you can be proactive about finding a solution to the challenge you face.
Keep in mind that facing failures and mistakes head on is going to put you so far out of your comfort zone and you have to learn to go with it.
Figure out what happened
Take your time. Figure out what happened and what made this specific thing a failure. It’s best to step back and take a breath so you can avoid knee jerk reactions to things.
I often like to start with what were my goals and how did this NOT serve my goals. Usually something fails when it doesn’t help you get closer to reaching your goals. And if you never set goals to begin with, well, then now is the time to do it.
Decide what you want
Now that you have taken the time to step away from the chaos and disappointment that likely came with it. Set some new goals. As simple as it seems (and you know how I feel about buzzwords), set your SMART goals. Setting goals and objectives that are vague and unmeasurable leaves you with no direction. But if you set goals that are:
Specific
Measurable
Attainable
Relevant
Timebound
It’s very different setting a goal that says you want to increase sales vs. setting a goal that says you want to increase sales by 40% within the next 6 months. This gives you something to work towards. It’s all about envisioning the end result and creating a plan to get there.
Stay consistent
When you’re in the middle of a challenging time, it can be really tempting to keep changing things up. Once you have taken the time to create your strategy, you have to trust the process. Let your strategy breathe. Let yourself breathe.
Focus on the goals you have set for yourself, your marketing, your business. Let your goals and milestones guide you so that if you do need to make changes you already have a loose roadmap.
Failure and mistakes don’t mean disaster. They are opportunities for growth and change. If you’re stuck, book a free 20-minute consultation with me and we can talk it out!