“Failure is success in progress.” Albert Einstein
In life, we don’t typically prepare for failure. Instead, we create inspirational plans for success. This positive point of view is the same in business. Failure may seem like an indication of inherent weakness or a flawed strategy. Failure could even make you question your abilities. In business, failure is an even more significant blow as it is usually accompanied by loss of effort, hope, money, and above all, time. This is why most skilled professionals work hard to avoid business or work failure at all costs.
However, avoiding failure doesn’t always keep it at bay as failure could catch up with you sooner rather than later. What you need to realize is that failure is not the end but the beginning of better. Instead of viewing it as a stumbling block, you can embrace failure and use it as a stepping stone for future success. This is possible if you have the proper techniques at hand to manage failure.
50% of small businesses fail after five years. 65% of small businesses fail after ten years. 90% of startups eventually fail. 82% of small businesses fail because of cash flow problems. U.S.Bank
Remember that failure is inevitable for entrepreneurs. It comes in many forms, like losing an important client or deal to your competitor, small financial losses, or even significant losses that could negatively impact your business operations. The secret to overcoming business failure lies in your ability to manage failure and navigate through difficulties, both internally and externally.
Simple Ways That You Can Manage Failure
When faced with failure as an entrepreneur or professional, do not embrace the temptation to give up. As Jack Canfield once said, “Everything you want is on the other side of fear.” It starts with overcoming your fears and moving on to better things ahead.
1. Always Be Prepared
Entrepreneurs and skilled professionals plan for success but are least prepared for failure. Managing failure requires some preparation. In business, do not put all your focus on success. Instead, create a plan for managing failure so that you can work things out when things do not follow the anticipated path.
2. Reenergize Yourself
Dwelling on failure will take up all your energy and leave you feeling desolate. Do not remain in that situation of hopelessness for long. Wake up, accept that things haven’t worked out as you planned, and charge up for a comeback. Do something that stirs up your energy, such as building on your knowledge, engaging a business coach, or building up your network with like-minded individuals.
3. Avoid Making Emotional Decisions
When something negative happens, it is easy to allow your emotions to take control of your thinking. Decisions that are driven by emotions tend to be illogical. Take time off to cool down, and then start again when you can make rational decisions.
4. Reevaluate Your Strategies
We do not always make the right decisions. Thus, your failure could have been a result of a wrong decision you made in the past. Take time to reevaluate your strategies for better results in the future. Moving on blindly without taking time to determine precisely what went wrong could lead to more failures in the future.
In business, failure is inevitable. When it happens, move on from it and make better decisions moving forward. Managing failure means allowing yourself to accept it, learning from your past mistakes, and planning for a better comeback.