Accepting Failure As An Entrepreneur - The Best Way To Get Back On Your Feet!

[Kendy]

There is one thing I know about failure and that is, "failure does not mean defeat." For me, failure means a fair trial. People deal with failure differently and at times, no matter the words of encouragement you give to them, it falls on deaf ears. As an entrepreneur, failure should be seen as part of your learning experiences. Failure should not define you, but you should be able to define it by succeeding! Some entrepreneurs would choose ultimately to remain in dead businesses just to boycott the societal satire, but they fail to forget that an entrepreneur is one who takes risk and this risk might be in the form of trying out other new ways creatively. Taking risks is not limited to being stucked in a business that would never be revived.


Apart from the business line, I see failure as an energy booster. I get depressed no doubt because I'm made with flesh and blood but I get the courage to stand right back on my feet. I have failed many times but one thing that keeps my morale is the ability to look failure in the eye, dust my clothes, fold my sleeves and get tight back to work. Failure should be seen as a place of opportunity for more creativity and innovative ideas. In fact, I discovered that failure does not pull any one down, it is how we fine-tune our mindset to handling challenges. Get back on your feet, look through, cross your t's and for your i's. Reframe your drawing board and read your curves and chats but this time, with smartness!

 

[Yhubee]

Indeed failure should not be seen as the end of a business for an entrepreneur. When one fails at something, quitting is never the best solution. Failing at something gives us a chance to do better by identifying our mistakes and correcting them.
Every business comes with risks especially for the entrepreneur and the business owner should therefore brace up anytime he or she is faced with a challenge. It might be very discouraging but would you rather allow failing at something get the best of you?
When I was younger, I watched my mum suffer losses in her poultry farm business due to a flu that affected the birds. We all thought that would be the end of the business , but no, she stood up from where she fell and moved on with her business. The next season she was able to make a lot of profit which even covered for the losses she made before.
A business owner should devise better ways to succeed since risks are inevitable. He or she should be innovative and come up with sound strategies that will help him or her succeed eventually.
In fact, failure should be seen as a stepping stone to success.

 

[Rachael]

If only entrepreneurs could accept the challenges and failures they encounter as a place of improvement, then they would see the light at the end of the tunnel. One common phenomenon I discovered with entrepreneurs who see failure as a place of creativity is that, they are always motivated in line with their business. On the other hand, those who are bent on putting blame on their employees, on the government policies and the market size are not always adequately motivated in line with the business. As a leader, one thing that makes you stand out is the ability to accept your mistakes and the downwardness of the business. This way, you would be able to suppress all the challenges by looking and facing it squarely. Some business owners are ruled with pride. Such that, they find it very hard to ever blame themselves because they might feel that they are so experience or have been in the business line for a longer period of time, forgetting that time does not set the benchmark for the success of any business rather strategies and techniques is the guiding factor. When a business fails, the best way is to get right back on your feet and by this, you first accept the mistake and go back to the drawing board.

 

[Alexandoy]

I had a failed business although it was not due to bankruptcy. My business partner did me wrong so I decided to part with him and eventually the business has to be closed. The failure caused me sleepless nights. I was fortunate to have a very understanding wife that she bought me a tape recorder. The internet was just starting and the cassette tape was still in fashion. My wife also urged me to attend a writing workshop because she knows that I am fond of writing. In other words, I had a positive diversion so forgetting the failure is not too hard. After 2 months I was engrossed with the writing club and there was no more pain on my failed business.

However, I will not forget that experience because I know that you cannot trust a person unless you have tested him in such conditions. That is why my usual advice when starting up a business is to make it single proprietorship or a corporation.... never a partnership.

 

[moonchild]

This thread is really profound and on point, a lot of wonderful entrepreneurs have given up because they have failed and they feel ashamed that they failed and also as if they are the first to experience failure.

Some entrepreneurs take failure personal and think maybe they don't have what it takes to succeed, this is really wrong for an entrepreneur to do, I look at failure as a feedback and you can use it as a lesson that would never repeat itself again.

If you did not try you would not fail think about that, it's because you've tried that's why you failed which means if you correct your mistakes and try again you will get it and you can help other people not to make such mistake again.

Business is hard and everybody know there is a slim opportunity for you to succeed at your first try so you should come with a ready mindset and you should Challenges as they come and make sure you make amendments and try again right away.

Most successful entrepreneurs we have today have failed several times is just that the media doesn't cover failure stories that's why, they just want to cover success stories.

 

[Sotherefore]

There is one thing I know about failure and that is, "failure does not mean defeat." For me, failure means a fair trial. People deal with failure differently and at times, no matter the words of encouragement you give to them, it falls on deaf ears. As an entrepreneur, failure should be seen as part of your learning experiences. Failure should not define you, but you should be able to define it by succeeding! Some entrepreneurs would choose ultimately to remain in dead businesses just to boycott the societal satire, but they fail to forget that an entrepreneur is one who takes risk and this risk might be in the form of trying out other new ways creatively. Taking risks is not limited to being stucked in a business that would never be revived.


Apart from the business line, I see failure as an energy booster. I get depressed no doubt because I'm made with flesh and blood but I get the courage to stand right back on my feet. I have failed many times but one thing that keeps my morale is the ability to look failure in the eye, dust my clothes, fold my sleeves and get tight back to work. Failure should be seen as a place of opportunity for more creativity and innovative ideas. In fact, I discovered that failure does not pull any one down, it is how we fine-tune our mindset to handling challenges. Get back on your feet, look through, cross your t's and for your i's. Reframe your drawing board and read your curves and chats but this time, with smartness!

You can't possibly see a failure as an energy booster , so does it really mean that you want to have failure in every area of your business before you can boost your energy and started the business successfully ? I don't really understand because I believe failures will always be one of the things people shouldn't pray to have or to be encouraged by it , when you experience failure in a business this automatically indicate that you have lost so many things.

Okay in a situation that I invested my only capital in a business then at the end of the day there is failure then how will I be able to raise another capital again to start up the same business so as to succeed based on my failure experience ?

Well I do not always consider failure as something for people to be proud of because failure in a business involves losing a huge sum of money and sometimes you may not even have any other thing to start up a business anymore.

It has been said severally that experience is always the best teacher and there is a reason why they choose experience not failure. To be experience is the best teacher.