You have worked hard and put heart and soul into your business, but by some bad luck or unfortunate turn of events your business fails; but this is where you need to take control of your life.
As we like to say it here in Kenya “It’s time to ACCEPT and MOVE on.” Here’s a proven formula that will help you overcome business failure and start afresh
#1. Don’t sit there and complain all day
You get absolutely nothing by complaining and lamenting over your business failure. Failure can be a huge disappointment; no doubt.
But one has to be prepared for hard times and upheavals when doing business. So don’t take it personal, it’s just life.
The more time you spend complaining about it, the more you strengthen the sense of failure. Voice your woe once or twice, and then gather yourself together.
#2. Don’t shift blames; take responsibility
“Oh, the government did not bail me out”; “Oh my family let me down”…you can blame anyone else under the sun but that will not help at all. Take responsibility, accept the situation and move on.
Don’t blame your luck either. That would be handing over your destiny and future to something uncontrollable. Stay in control and smartly adapt to the circumstances.
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#3. To err is human
You had the independence and courage to start and run a business. You wanted to get out of the drudgery of being ordinary. You put in the effort but it didn’t work out.
You would have done your best so forgive yourself. To err is human. You can always pick up your courage, because you have it in you.
# 4. Analyze the situation- Ask yourself some questions
It’s difficult, but you need to look at the situation objectively. You need to know exactly why you failed so that it can be a lesson for the future.
a) What are the things that worked for you ?
b) What were the decisions and ideas that didn’t work and went wrong?
c) Could you have done things differently ? Are there any other methods or techniques?
d) Was there anything that you missed out completely to cause the failure?
Try to find the answers for these and write them down. You will be half way to starting anew.
# 5. Decide to succeed- Commit yourself to a new beginning
A tough decision but has to be made. Put the failure firmly behind you and decide if you have the courage to continue in the same business. Be completely honest with yourself. The choice is yours.
If you can’t summon up the strength to move forward, quit pursuing that goal. Embark on something else you are more motivated about and commit you to be a success this time round.
#6. Create- Check and Execute a New Plan
You have recommitted to a goal or found a new one. So create a plan of action to reach the goal. This time, do a reality check and get a good adviser or local entrepreneur to critique your plan.
If you feel excited and energized while creating the new plan, it means you are fully motivated to go ahead. Now take the big step and the big action to execute the plan and if you remember your failure, use that emotion positively to fuel you and drive you forward.
