Ask anyone who has failed at something, and they will tell you failure is a critical part of the entrepreneurial process. Entrepreneurs understand failing doesn’t make you a failure, it’s part of who you are. Learning to come out of a failure with a new perspective or understand will give you the mindset you need to be a successful entrepreneur.
You’ve probably used Amazon before. One of the world's most successful online marketplaces, Amazon is now one of the biggest corporations in the United States. Amazon’s founder Jeff Bezos, started small too. Before the success that was Amazon, Bezos went through multiple failed online marketplaces, including an online auction site flop called “zShop”. The biggest lesson here is Bezos’ ability to use his repeated failures in the online marketplace industry to improve his product and build something that people truly benefit from using.
What to do after failure:
1. Take Time to Heal.
Yes, everything we’ve said about failure is true. At the same time, you’re allowed to be sad, angry, and emotional. Being in tune with yourself, and pausing for a little bit to regroup will help you move on successfully after a failure. It’s important to understand what went wrong and what could’ve been done better. Lastly, ensure that you take care of yourself, mentally, emotionally, and physically.
2. There is No Success Without Failure.
Failure is an integral part of being successful. Being able to grow and move on successfully from failures, from the smallest mistake to the biggest flop, learning and growing in everything is key.
3. Learning, Accepting and Being Honest About Mistakes.
Be honest with yourself. Why did you fail? Do your best to put your emotions aside and really think about what went wrong. The best way to turn a failure into a success is clearly pinpointing what went wrong, and ensuring that your bases are covered the next time around. Think carefully about what happened- Can you use the experience you gained through failing to improve your business or yourself, maybe even gain a unique advantage in a growing industry?
Again, the key is to be honest. If you don’t spend the time to truly look at what went wrong and how it could be improved, you’ve failed at failing.
4. Create a Positive Mindset, Hit Reset, and Move On.
After you’ve taken a moment to understand your failure, now it’s time to be positive. Being positive leads to positivity. If you constantly think about your failure and demean yourself about it, you’ll lose the plot. It’s important to stay positive throughout, because that will lead to small victories, leading to the motivation to keep going. It’s all about the mindset. It’s all about personal growth, learning from your mistakes, and having the courage to keep going.
