Failure is something that we, as humans, are reluctant to associate ourselves with. Failure, in society and business, is perceived negatively and is something that we are hesitant to admit.
Business failure could end in a loss of savings and notifying investors their money will not be returned; it could also include firing employees and possibly a loss of respect from those whom you admire. However, society is changing and evolving as more and more businesses are created every day and unfortunately more are folding. The buttoned-up conservative approach to failure is adapting over time and we are seeing a shift in the culture of success and failure.
Failure is not something to hide from but something to accept as it shows you took a risk. It may not have paid off but you can learn from failure and may even find that it is good for your small business.
So how can you turn your failures into positives for your small business?
Change Your Outlook
It is easy to adopt a negative attitude and throw in the towel when things flop. However, it is important for your mental health and the future of your business or career to remember the positives.
Your business may not have lived up to your dreams but it is vital to remember that nothing of value ever came easy. Failure is now deemed as character building.
Be sure to redefine what failure is in your mind, allowing for more positive growth; failing could be a blessing in disguise allowing you the freedom to rebuild from scratch. Put a spin on your failure and consider it as an opportunity to expand your knowledge base, giving you more credibility as an entrepreneur.
Create different meanings for success and remove yourself from the eye of the storm; look at your life and successes realistically with a clear head and objectively, this will allow you to appreciate the victories you have achieved separate from your business venture, as well as what was done right within it.
You Are Not Alone
Acceptance is key to moving on and up; you failed but that does not define you. Do your research and Google other failed entrepreneurs and what they have learnt. You will be surprised to find how many people have been in the same situation as you, and how a positive mental outlook has turned everything around. Colonel Sanders of KFC only found success at the age of 75 after living in his car. Donald Trump’s business failed twice, yet he fought to get back on top and Richard Branson famously had many businesses come under legal battles – after having to sell Virgin Music, he is now back on form.
Blog It Out
This is a new and highly popular way to vent and dissect why a business venture has failed. Many famous entrepreneurs are creating post-mortem blogs that pull apart their business showing others within their community why their business may have failed. In January 2014 Drawquest, CarWoo, Prim and Outbox all shut down, however they are not shying away from the media and instead are helping others; finding the good in the face of adversity. Entrepreneurs are finding it a good way to focus their energy after going through symptoms that could be mirrored in a post-breakup depression. Young entrepreneurs in particular find that not only does the failure of a business cost them money but also their mental health – using a post-mortem blog is cathartic and good for the soul; putting logic ahead of emotion and finding support from an online community.
Overcome the Fear
Entrepreneur Ajaero Tony Martins believes that the quickest way to build a successful business from scratch is to fail fast. Why is it then, we are so hindered by the fear of failure when there are so many positives to draw from it?
Preparing to succeed and changing your attitude is something that is vitally important when overcoming fear. Richard Branson suggests you figure out what it is exactly that you fear – is it deep rooted in your business plan or from a previous venture?
Figuring out where the fear lies can then allow you to overcome these when starting again. Failure drives us to change and even the best planners cannot create a contingency plan for everything- failure can be out-of-the-blue. To fear the unknown may seem smart, however if this takes hold of you, failure has already set in.
The Good News Is…
Failure is an opportunity to begin again but more intelligently, and it allows us to learn something valuable. By failing we can reflect on what could be improved upon and it makes us more resilient and innovative for the future. It is great for learning and many entrepreneurs believe that you can’t truly succeed until you have tasted failure in some form. Branson states that many venture capitalists evaluate potential partners on how they reacted to failure, as it is a test on your character rather than a mark against you. The only real failure is the one that you have learned nothing from.
To read more of our business related blogs, visit our Midas Touch website – a network for UK business owners and entrepreneurs, that provides the opportunity to network and engage with like minded people. We publish relevant content on business topics, as well as supporting challenging business issues.
By Jon Dawson., Partner Kingston Smith LLP