One way or another, failure is inevitable for entrepreneurs. On average, for every ten startups, three or four of them won’t make it off the ground. Another three or four may survive long enough to make it back to their original investment, but only one or two of the original ten will see significant returns. While these numbers may seem intimidating, this is not a reason to prevent yourself from pursuing your goals. Instead, embrace the idea of failure and learn how to overcome it.
Adjust Your Mindset
Failure is a part of life, but how you deal with failure will be a determinant to your success. Overcoming failure in your business heavily relies on your mindset. If you are going into developing a business with a positive and flexible attitude, you are more likely to roll with the punches and be more willing to make changes as needed.
Be Mentally Prepared
You don’t need to have a set plan for every kind of failure that may occur, but being mentally prepared for failure is critical. Keeping in mind that failure is inevitable and knowing that there will be difficulty ahead will allow you to think quicker on your feet and allow you to adjust accordingly. Going in with the mindset that everything will run flawlessly without error will make it more difficult to handle those challenges otherwise.
Remove Yourself From The Equation
It’s easy to get caught up in the failure of your business as a failure of yourself. It’s vital that you remove yourself from the situation and not blame yourself for 100% of the failure. Becoming increasingly attached to the notion that your business failing is solely your fault will make dealing with it that much more difficult.
Dwelling on the loss of business prevents you from accomplishing anything else. Everyone that has made a name for themselves has failed in some way. Take, for example, J.K. Rowling. The Harry Potter books were turned down by countless producers. Today, her net worth is roughly $1 billion. Rather than beat yourself up, move on and look towards the future with a forward-thinking mindset. Success is just around the corner.
The most important aspect of failure and overcoming it as an entrepreneur is to learn from your mistakes. Moving on is vital, but knowing why you failed will allow you to work towards a different outcome. It can be difficult to ask yourself the hard questions, but answering them and dealing with the response will help you move towards success.