Starting your own business is a venture that most individuals aren’t willing to take. It is financially daunting, stressful, and sleepless nights become a reality. Amidst the long list of reasons not to start a business, comes the realization that the odds aren’t in your favor. In fact, David Kiger, founder and CEO of Worldwide Express, says that “Entrepreneurs must understand that the odds are stacked against them when they start a company.” So what happens if you try something out entrepreneurially and fail? In this blog post we will discuss the 3 best ways to make the best of your failure and look forward to trying again.
How are you going to make something better if you don’t learn from your mistakes? One of the keys to making the best of your failures is to analyze where you went wrong. According to David Kiger, “When Entrepreneurs take the time to analyze a failure, they can gain important insights in the current market conditions and the receptiveness of their potential customers. This in turn enables them to launch an even better product in the future.”
- Embrace Failure
When an entrepreneurial failure occurs, it’s easy to want to stay in bed, eat ice-cream, and never face the world again. But as easy as this sort of self-loathing is, don’t let it get you down for too long. David Kiger says, “Entrepreneurs should look at each failure as a learning experience, a chance for them to discover what doesn’t work, which only brings them closer to finding what does.”
- Reframe Your Ideas
Now that you’ve analyzed where you’ve went wrong and started to embrace your failure, it’s time to reframe your ideas and get going on the next big thing. Instead of looking at your entrepreneurial failure as a mistake, look at it as a learning experience and reframe that experience into a meaningful and productive tool to use on future ventures. By reframing your ideas you are one step closer to success and what feels better than success? Virtually nothing.
It’s hard not to let an entrepreneurial failure get you down—your literal money, hard work, and sweat went into the business you were hoping to build and then it sunk. Although it’s normal to wallow for a little, the best thing you can do with your failures is to learn from them and ultimately turn them into your next success!