If you’ve experienced a business failure or setback, it’s not the end of the road. Here are 5 steps I took to turn failure into a successful venture.
Tagged: business failure
To judge from old and misleading statistics across the internet, starting a business seems scarier than diving off a 100 ft. cliff.
As an entrepreneur who has rebounded from a failed business, I’ve come to learn that resilience is one of the most valuable attributes in any successful businessperson’s repertoire.
Nobody wants their story to include an “I lost a business,” chapter. And yet, it’s a part of mine. Over the years, rather than hide and pretend it didn’t happen, I’ve come to embrace and appreciate it. Without that experience I wouldn’t be a success today.
Turning the family business around was a huge learning experience. Here are some of the lessons learned, which I hope help you manage your own business.
The following tips will help you deal with setbacks better by subduing your self-critic, boosting your self-compassion and achieving more emotional balance during challenging times.
Even though I failed in a big way, I couldn’t be more grateful for these startup lessons because now I know how to approach my next business idea.
Once you understand when it’s time to pivot or close your doors entirely you can take those lessons and move forward to new ideas, with better prospects and experience under your belt.
Maybe your first business will be an amazing launch and bring you fame and fortune, but there’s every chance that your business will fail.
So, what key mistakes do business owners make that contribute to these staggering trends?