As a new entrepreneur dipping your toe into the business world, uncertainty and fear of failure would probably eat at you everyday. No one wants to fail, no one wants to feel failure, but no one has gone through their entire lifetime not experiencing some failure. In business there’s a lot of competitors that could provide nicer offers, bigger discounts, or a different service for your clients, so the risk of failure also means that there is a risk of losing out to competition.
Failing is a nerve-wrecking thought especially when you put so much of your life into your business. People invest financially, physically, mentally, and emotionally into their business, so a lot is riding on the success. So just imagine how devastating it could be for any entrepreneur to have their business fail. In fact, even established companies fail. What are the chances for small or start up businesses to not fail?
Since no one can escape failure, here are some ways on how to accept it. According to the Bureau of Labor Statistics, 20 percent of small businesses fail in their first year and an estimated 50 percent fail in the fifth year. Now what if your business falls into either of those statistics, are you ready to face it? Are you ready to plan for What’s Next?
Some things are really not in your control in regards to your business failing. Understand why you fail in the right way and learn from its lessons. It could be entirely your fault, or it could be due to the economy, the global health pandemic, a shift in technology or innovation, or hundreds of other reasons beyond your control. Know why you failed, adapt, and start again.
YOU ARE NOT ALONE
When your business fails, remember that there are other entrepreneurs who also failed too. You do not carry the weight of the world on your own, so surround yourself with like minded people – people who are going through the same situation as you. Support each other and help other small businesses bounce back.
Your mess becomes your message. You can teach other people not to fail in the same way as you.
Keep in mind that success doesn’t come overnight. One or two or three or many more failures doesn’t mean forever failure. A business can fail for five years and be successful in the sixth year. Did Edison fail 1,000 times to make a lightbulb, or did he successfully find 999 ways of how not to make a lightbulb?
Accepting that your business fails is an indication that you are willing to face reality. Failure shouldn’t stop one creative individual from pursuing success. Learn from the experience and apply it in the future.