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Entrepreneurship, like life, is full of ups and downs. Some people say that this roller coaster is what makes the business venture exciting, while others experience enough excitement in a single day to last a lifetime. One of the most damaging situations that a new entrepreneur can face is the absolute failure. The fall flat on your face, humiliation filled type of failure. It happens to the best of us.
A large part of being an entrepreneur means that you take chances and meet new opportunities willingly. Sometimes, those chances prove to be more than you can handle, resulting in failure. At other times, that failure may not even be your fault, but as the figurehead for your business, you experience it anyway. As much as we may like to stand tall and proclaim that failure isn't an option, it will find a way to creep in through the cracks and find you when you least expect it. Regardless of the size of the failure, whether it is a single project or your entire business on the line, the failure will still affect you in the same negative way.
Dealing With Failure
When it comes to thinking outside of the proverbial box, every aspect of your business must be primed to face failures and continue on. Part of being a renegade entrepreneur means that you must deal with the inevitable visits from failure and see them not as a termination point, but rather as an opportunity to learn from your mistakes.
Of course, making that statement is easy. What isn't easy is putting the concept in to motion and actually using your mistakes as a means of bettering your business, your future ideas, and the very way that you think. In order to help you do just that, we're going to teach you how to take those failures and turn them into valuable lessons to make you more productive in the future.
In the meantime, what is important is that you don't permit this failure to force you to give up. If you're truly a renegade entrepreneur, you can't allow a simple failure to stop you in your tracks. You must be willing to push on and continue in the business world. If you don't recover from this failure, it will compound into the biggest failure possible and take down your business with it.
What Went Wrong
To begin the recovery process from this failure, you need to do more than simply put it behind you. You need to determine what actually went wrong. In order to learn from our mistakes, we must understand them. As painful as it may be, reviewing the incident is a necessary part of dealing with your failures.
Take some time to think about the situation and determine why it failed. What went wrong? Why didn't it work out? The answers to these questions are the basis for understanding the failure situation, and for turning it into something that you can make use of in the future.
The Disastrous Moment
Try to recall the exact series of events that led to this failure occurring. If you can, map it out on a piece of paper. Try to pinpoint the precise moment, the very decision, that ultimately led to the failure taking place. Study this outline of events and locate this first critical error.
When you locate that moment, concentrate on it. Consider the events leading up to it, and what was on your mind at the time. Attempt to determine what happened, and how it influenced you to choose in the manner that you did. Spend some time in this search, and work through the entire situation again in your mind. If anything sticks out as a possible cause, or as a source of distraction, make a note of it at this time.
Use this list to your advantage so that you can focus on weak points that exist in your decision making space. You may discover a weak point in yourself, or possibly in your business strategy. What made you choose in this manner is something that you must be alert for in future situations.
Consider what your other options could have been at this critical moment. Hindsight is always perfect, and now that you are no longer in the moment, you will probably be able to find some possibilities that you didn't recognize at the time. Make a list of the other options you could have chosen at this crucial moment, and combine them with the reasons why you didn't chose them.
Learning A Lesson
Busy entrepreneurs are probably wondering what spending their time focusing on this failure in such a manner can possibly do for their current situation. This method of reviewing the problem will help you to see new paths that you could have taken, but they are not meant for reminiscing over.
You will have before you a list of possibilities, and the reasons why you didn't select them. Study this list, and see what you can learn from it. Do you jump to conclusions too quickly, without giving yourself enough time to properly make decisions? Do you allow your personal life to influence business decisions? Or did you simply not give the matter the amount of attention that it deserved and failed as a result?
Whatever conclusions can be drawn from this failure, make note of them and instill them into your personal way of thinking. If you can realize these flaws now, after a single failure, think of how many failures you can avoid in the future. Allow this business failure to change your life, and your entrepreneurial practices for the better.
This new approach to your business will give you a new way of thinking about the world, and help you to create a better tomorrow for your company. Yes, that failure hurt, but because you dealt with it and learned from the problem, you will be able to avoid similar situations that arise in the future.