Help! I’ve Failed and Can’t Get up: 3 Ways to Recover from a Business Setback

Every entrepreneur has the capability (and the choice) to get back up and recover from a business setback and here’s how.

2. Sure up your first line of defense.

In combat, a nation will use land forces with which to maintain its integrity against armed aggression or invasion. Now that you know what “invaded your territory” – lack of preparation, poor financial decisions, inadequate business partnership selection, etc – you should make a concerted effort to protect your newly gained knowledge.

Minimize business casualties by using data points and strategic action to course-correct.

3. Believe in yourself and act decisively.

People will tell you to believe in yourself, as they should. But this is missing one key ingredient – action. If you don’t act – you don’t really believe at all. You must regain confidence in your abilities, learn new skills to cancel out deficiencies and then act swiftly.

Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win (Sun Tzu, Art of War).

Recovering from a small business failure is achievable with incremental, purposeful and confident action. The only thing standing in the way of the business you want … is you. So, come on – get up, open your eyes and try again.

What are your tips for recovery from a small business failure? Let me know in the comments section below. Did you enjoy this article? If so, subscribe to YFS Magazine and never miss an update. Don’t forget to make our friendship official and join Young, Fabulous & Self-Employed entrepreneurs on Facebook.

Photo Credit: GANT


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