Jeff Bezos is famous for being the richest man on Earth after creating online behemoth Amazon, but even this savvy businessman has seen his fair share of failures. Who remembers holiday booking site Amazon Destinations, or Amazon’s Fire smartphone?
The point is, even the most successful person will have a dip in fortunes somewhere along the line. What matters is how you deal with it. We can help get you back on track if you have a bit of a business wobble and, in the meantime, here are our tips for how to move on from failure.
Be kind to yourself
Not everyone can be Steve Jobs, but we can emulate the Apple boss who was fired from the company he set up, then came back all guns blazing and made it an iconic, global brand.
Being sacked didn’t stand in his way of success, and you shouldn’t let a project that doesn’t pan out crush your self-belief. Accept what has happened and mourn any losses, then either use your time for some self care or to get cracking with your next entrepreneurial venture.
Take an honest, objective assessment
Once you’ve ripped off the plaster by acknowledging the business or project hasn’t succeeded, it’s worth taking a closer look at what didn’t work and what did.
Try to be as objective as possible in this examination, take honest responsibility for your decisions and actions. The aim is to see what you can learn from the situation and use moving forward. Making excuses and dodging accountability won’t help.
Count those pennies and pounds
The next step of recovering from a business failure is to assess your financial position. It’s a good time to create a short-term business plan covering the next six months, something we can help with if you’re not sure where to start.
Not only will it make sure the bills are paid, the process of laying out even the most hazy plan could spark a new idea that leads to your next business venture.
Get a little help from your friends
No entrepreneur succeeds on their own. We all have a support network, whether it’s family and friends or like-minded professionals, and they’re both invaluable during both bad times and good.
While you’re recovering from a setback, now’s the time to call on this network for emotional support. Those who are also in business will sympathise and empathise, and probably have stories of their own to share. You never know, it may even lead to one or two ideas being bounced around.
A new you?
They say when one door closes another opens, and a business project that doesn’t get off the ground also presents the perfect opportunity for reinvention.
Take the chance to explore new avenues or put some flesh on the bones of ideas you’ve been percolating for a while. Then, using everything you’ve learned and, with the right support in place, you’ll soon be eager to take the business plunge again.
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