Failure is inevitable when you’re living the life of an entrepreneur, but it’s how you deal with failure that will ultimately determine your success. As an innovator and problem-solver, the road to wealth can often be dotted with ups and downs, as you face disappointment, unexpected delays and unpredictable results. While no one said being an entrepreneur was easy, it can be a fulfilling and rewarding path, especially if you learn how to get the most out of your failings.
Learn from your mistakes and your successes
When things start to go awry, it can be easy to be filled with self-doubt and overcome with disappointment. While this is a perfectly normal response, there comes a time when these feelings start to negatively impact your motivation and enjoyment of work.
Instead of letting failure overwhelm you, take the time to process your situation. Make a list of where you may have gone wrong and how you could do better next time. What have you learnt? Also, take the chance to reflect on your recent successes, no matter how small, and remember just how far you’ve come.
Find a mentor quickly
If you can feel yourself spiraling because of a situation that hasn’t gone to plan or an unfortunate event, it’s time to give your business mentor a call. If you don’t have one, find one.
Every entrepreneur needs someone in the biz they can turn to when things get tough. Someone who can not only listen and offer empathy, but more importantly, offer well-intended advice on how to move forward from here. They may say things you don’t want to hear, but if you trust their judgement, they could save you from making a rash or poorly-timed decision.
Keep an eye on your finances
When the going gets tough, it can quickly take a toll on your cash flow. While you’re riding the storm, it’s important to keep a close eye on your finances. Be careful not to make any big decisions in the heat of the moment, but protect the cash flow you do have.
At this point in time, it might be worthwhile taking your paperwork to a professional accountant or advisor who can help you make big decisions, especially if you are feeling the effects of a recent setback. Accountants can look at the financial health of your business, troubleshoot any cash flow issues, help deal with unpaid invoices and assist with long-term strategy and growth planning.
Make a plan
After you reflect on the lessons you’ve learnt and appreciate how far you’ve come, and had a chat to your mentor and accountant, it’s time to make a plan to move forward. When you’re coming from a recent failure or unexpected setback, it can be tempting to take the easy way out.
But stick to your original goals and remember why you are doing this. If your business is in a fragile position, you may need to pivot or head in a new direction, but if you can do that with a level head rather than in a state of panic or fear, you and your business will be alot better off in the long run.