No matter how tough and challenging it can be to achieve success once again, you have to think of failure as huge stepping stones, large milestones in your career where you have to learn, learn more than what we thought was enough, mature into a person who is more experienced, more determined, more resilient and is capable facing any adversity blocking you from achieving your success.
Now after feeling like you just hit rock bottom and feeling like you reached the end of your career, it is time to let loose of all the negativity and pick yourself up! Bouncing back from business failure is not an easy thing to do, but what separates the winners from the losers is the mindset of trying harder after every defeat. To be back on top, it is important to keep in mind three things:
Accept That You Are Human
Recovering from a business failure, or any failure, is probably one of the toughest things you will do in your life. I know. I owned an outdoor lighting St Louis company that I was forced to close due to the tanking economy. Let me tell you; it felt as though someone had ripped out my heart when I closed the doors for the last time.
The key to your recovery from a small business failure, however, is in accepting that it happened. You will experience a variety of emotions; anger, sadness, depression, maybe even joy. Allow yourself to feel those emotions. This is a vital part of the grieving process, and that is essential to your healing. At some point, though, you should realize and accept that sometimes these things happen.
Reflect On What Went Wrong that Let to Business Failure
Once you’ve reached the stage of acceptance, it is time to reflect on what went wrong in the business to cause it to fail. It will be tempting to start throwing blame around especially when your business closed due to reasons outside of your control. But they say that hindsight is 20/20, and often when you look back, you will see where you could have done things differently.
This is a good time to get a journal and write down the revelations that come to you. Journaling is therapeutic and can help you sort out your feelings. Mostly, though, writing down your experiences can help you avoid making similar mistakes in your future businesses.
Jump Into Recovery With Both Feet
Like the saying goes if you fall off the horse then you need to get right back on it. Otherwise, you risk becoming afraid of horses and will never go horseback riding again. Just because your business failed, this time, does not mean your next one will.
If you read the biographies of many well-known entrepreneurs, then you will quickly realize that they experienced a ton of failures before they achieved the level of success they have. One prime example of this is the founders of Twitter had their previous company Odeo fail. In fact, Twitter was born out of a brainstorming session they had while trying to figure out a way to turn the company around.
Business failure is a fact of life, but it doesn’t have to be this overwhelming thing that consumes you. Grieve the loss of your business but then pick up the pieces and start over. You never know. You may end up with a multi-billion dollar company.
And after every failure, it is important to stay DETERMINED to change for the better, to develop the right attitude, to have the right mindset, to make a difference and to finally achieve success. Most people break down and focus all their attention on their failures instead of channeling their senses, focus, and resources towards staying determined in making a comeback. Just like in any sport, they take losing as added determination to strive harder and perform better than they did a year before. They don’t stop training and just think about the loss, they regroup, rebuild and reorganize the team to make a better comeback. Always remember, life can take you as far as your thoughts can go. If you believe that you will be successful, stay determined, stay focused and YOU WILL!
It has been said in the “Law of Attraction” that you will attract into your life that which you think about and shift your thoughts to. Always remember to stay Resilient, Learn from Experience and Stay Determined and the more you think about reaching success as well as being able to picture out success in your mind even before begin trying again, it is certain that success will be yours once again.