Nine out of ten startups will fail. This is the hard truth about the business world.
Building any startup requires immense hard work but there is no guaranteed result. Even optimistic entrepreneurs need to be realistic and aware of such statistics about failure. When startups fail, the financial ruin, embarrassment, and even mental collapse is a hefty one for the founders. But it is essential to know how to cope with it. The biggest difference between successful entrepreneurs and unsuccessful ones is the ability to bounce back.
Here are genuine ways to cope with failure:
Accept Your Emotions
Failure can hurt and create tremendous stress. The embarrassment after a startup shutdown can lead to mental collapse. But the first most important thing to do is accept your emotions. Let it sink in instead of rejecting it.
Related Article: When You Have To Shut Down Your Startup
It’s alright to feel hurt. When you accept your emotions they hurt you less in the long run and rejecting them can lead to making you moody or pessimistic about situations.
The Business Does Not Define You
When you face a setback, it is very common to think that you will keep failing. You may start considering yourself to be a failure. Don’t fall for such seductive self-fulfilling prophecy. Remind yourself that the business does not define you or your abilities.
Learn From Your Mistakes
“The most valuable thing you can make is a mistake. You can’t learn anything from being perfect.” ~Adam Osborne
There can be more than one reason for the failure of a startup. Analyse what went wrong for you. Once you know your mistakes it will become easier to not repeat them in future. You can learn a lot about your business from the mistakes which occurred.
Don’t Bottle Up Your Thoughts
“Most people overestimate what they can do in one year and underestimate what they can do in ten years.” ~Bill Gates
Have conversations with people inside and outside your circle to look at things from a different perspective. This will help you with different ways to analyse the situation. It will also encourage you to learn and find a way forward.
Look For Inspiration And Support
“I have not failed. I’ve just found 10,000 ways that won’t work.” ~Thomas Edison
As the statistics convey, your startup is not the first or only one. You can read about other entrepreneurs. There are several success stories after a setback. Motivate yourself so that you can begin again.
Keep Moving Forward And Think Of A Fresh Idea
“Failure is an opportunity to begin again more intelligently.” ~Henry Ford
The shutdown of one startup should not stop you from achieving your goals. There may be a flaw in the idea or the way it was executed. Give yourself as many chances it takes to achieve your goals. As Steve Jobs says, “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.”
Take Action On The Planned Idea
“I knew that if I failed I wouldn’t regret that, but I knew that the one thing I would regret is not trying.” ~Jeff Bezos, founder & CEO – Amazon
Buckle up and start afresh. Remember the previous mistakes and take necessary actions to move towards your goals. Also, keep reminding yourself that YOU are not a failure.
About The Author
[The author of this post is Swekriti Bhatnagar, Psychologist, YourDOST.com.]