How do you recover from entrepreneurial failure? (2024)

It’s essential that you have a trusted advisor that understands exactly what you are going through. There are going to be really really good days and really really bad days. Unless someone has been there or knows you and/or the business really well it can be a lonely journey, However, when you have a trusted advisor you have someone that will listen and know where you are at without judgment. ❤️

There are crazy highs and lows as an entrepreneur. We have the opportunity to totally change our trajectory in life - but the cost is that it isn’t linear and it doesn’t always go to plan the first time around.When you can accept that failure is part of the journey and in a lot of cases, the bumps in the road feel much worse than they actually are, it gets easier to embrace the cycle and practise self acceptance.When you can locate your worth internally, rather than externally because of the things you have achieved and how impressive they seem to other people, it allows much more peace on the journey.

Failure should be an expectations for every entrepreneur. It's not a matter of if - it should be a matter of when you will fail. The key to recovery from failure is first having the right mindset that failure is part of the learning process of entrepreneurship. We are all humans and we make mistakes - sometimes massive ones that have heavy consequences. If you are not willing to deal with this type of risk, do not venture into entrepreneurship. Positioning yourself in the right mental place will let you weather the failure. This includes surrounding yourself with the right support group of family, friends and peers. This should also include a setting where you can be completely vulnerable about how you processing the failure.

Everything can be learning lessons and this step is a huge on (failing) on the way to massive success. The more you know what went wrong the more you can ensure doing things right a next time around. There’s no need to blame yourself or anyone - this is counterproductive although often part of the coping process - but view these as data points.

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While I believe analysis is a great but caution is not to overanalyse. We keep thinking about the situation or the failure so much that we start making wrong judgments. The best way of avoiding overanalysis is to close the loop as soon as possible. Find the root cause what were the inputs and what were the outputs. Build the plan to overcome and avoid such situations and failures in the future.This closure will help capture the analysis in better way and avoid youbfrom over thinking.

One thing is for sure, please give a pat on your back. How many people think about it and out of that how many actually try. It requires lot of courage. Success or failure is a part of this game/war, you will fall, will have bruises BUT the biggest regret in this life would be not playing that game, not going on war when opportunity presented to you. As they say what ever is the outcome you would be totally different person. One thing to remember , people will forget all failures if you score single win. You have to choose between flight and fight option. Some people get fired up by design andsome by accident. If you decide to fight back, with so much of learning and experience, you would be surprised by your passion to succeed.

This is huge. A big step toward and into an awesome next chapter. Identifying what got you to this point, recognizing that you’ll have a fresh start ahead when and as you’re ready, and knowing that a next time around much (including fundraising) gets much “easier”.

Achievements are usually the results of having goals. Goal achievement requires having a plan. So, in order to celebrate your achievements... 1) Have a plan, 2) Follow the plan until success happens, and 3) Celebrate your achievements.

As the saying goes FAIL is First attempt in Learning. Learnings give you new perspectives new directions now thought process and hence new opportunities to work on. Buckle up for a new ride and give your best

I remember going through the 5-stages of grief after my first failure. I was sick to my stomach thinking about what went wrong and what I could have done to avert it. I was invited to join an accelerator to support a group of fresh founders by chance. It quickly became apparent that I have gained a tonne of knowledge through the 2.5 years of journey, which I can use to help others. This realisation allowed me to focus on new opportunities and realise the value I can bring; the lessons did not go to waste. Today, that experience is part of the backbone of what I teach so the founders won't repeat the mistakes I made.

Entrepreneurship is a hard road as a first time founder, but it becomes easier and easier with more ventures that you participate in. Usually the 2 key lessons that you learn from your first startup failure is that 1) there was a lack of product-market fit (PMF) or 2) timing for the product / service was wrong. Once you take some time to reflect what went wrong, you can look forward and plan better for your next venture.

ADAPT AND IMPROVE by PRETOTYPING. What is pretotyping? YOU FAKE IT BEFORE YOU MAKE IT 🤗✅. Check it out here …Pretotyping is a technique for testing hypotheses and validating ideas quickly and cost-effectively. It involves creating a simplified version of a product or service to collect user feedback and understand market demand.For example, in the food industry, a company may pretotype a new salad recipe by offering a limited quantity to a small group of potential customers to gauge their interest before investing in full-scale production. Pretotyping helps reduce the risk of failure by assessing market response early in the development process.

It's never perfect the first time. Uber didn't take off the day they launched. Neither did Facebook. Neither did AirBnb. It takes time to see success in a new business. I've been at my business 6 months and I'm not nearly as profitable as I thought I would be or that I wanted to be by now. But that's ok. I know that what I'm doing is valuable and that it will be profitable when I have the resources I need to scale.You can't get those resources without starting somewhere. So start wherever you are. Fail. Try it again. Fail. Try it again. There's no limit on how many times you can pivot and adapt and launch. Do it as many times as you need to find success!

It’s not really failing if you get back at it. You learn, improve and take the next step. So many people hate failure it’s painful but you get better. If you only won everyone would do it.

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Move on fast, real fast! to your next journey. If you don't do it within 75days, you might not recover from the "failure". I walked away from 20yrs of my life as an entrepreneur in a particular venture, I launched new projects within 60days because I know that if you spend a lot of time looking backwards into a past you can't change, you have taken your eyes away from the future that you are in full control of!.To anyone out there who think they have failed , lean forward & keep on walking!.. there's so much for you ahead. You are an entrepreneur , keep building! because many people depend on your creative fire!

I often see entrepreneurs and especially solopreneurs thinking they have to do it alone. It can be YOUR business, but that dies not mean you have to do everything by yourself. Ask others to help you assess AS YOU build the business is best to reduce failure, but it can also aid in post-mortem and reviewing what could/should have gone differently for the next venture. Asking those that did NOT buy the product or service for insight into why they did not, why they bought from other vendors or what would have compelled them to buy is highly recommended. Few do it. But there is much to be gained.

As an entrepreneur, I have a different perspective. I see being an entrepreneur as a means to an end. My business is not the end it's a means to an end. Having a business that affords me the financial freedom and lifestyle I desire is the end, so I don't see anything along my entrepreneurial journey as a failure and won't until I decide to give up without reaching the end. So, as an entrepreneur, there is no failure, there is only learning. But what I find intriguing, as I work with my clients who are coaches (primarily), consultants, and entrepreneurs is that they try to build a business without having a clear game plan. Taking this approach doesn't set them up for failure, but frustration, which will ultimately lead to failure.