Business Mentor: How to deal with failure

Armando Bartolome

Posted at Aug 15 2020 11:12 AM

Jonathan Cellona, ABS-CBN News file photo

Some of the most successful people failed many times before they succeeded in their own fields. Some even thought they would end up as losers, not because they lost confidence, but because they feared that they had exhausted everything.

Putting up a business is a gamble. There is always a 50/50 chance of failing. But you don’t need to stop the first time you stumble. Be inspired by these tips on how you can make your failure a stepping stone to your success.

Be prepared
We need to consider that there may be unavoidable circumstances that may come along. When you make your initial plan, consider having a contingency plan, as well. You should always take two steps forward for your business to succeed. But what if along the way you missed something? You need to foresee the possibilities of failing so you would know what to do.

Accept challenges
One quality of a good entrepreneur is not letting any obstacle hinder from moving forward and starting all over again. Failure should not be perceived as a setback but a reason to improve and learn anew.

Don’t lose hope
If you fail, don’t feel that your life is doomed. It is just how things happen sometimes. You are not perfect. You are capable of making mistakes. Help yourself get up and see things in a different light. Taking risks is part of the game. R.H. Macy ventured into several businesses prior to establishing one of the world’s largest department store chains in the world, Macy’s.

Learn to deal with pressure
Did you know that almost half of those who start a business eventually shut down? But there are entrepreneurs who are just born fighters. Dealing with pressure in their everyday lives propels them to overcome their adversaries.

Take responsibility
You failed maybe because you missed out on something. You don’t need to put the blame on others when you very well know that the mistake was on your end. When you blame others for your actions, you lose your integrity as a person and along with that is your employees’ trust if the business can bounce back and if they will still be treated fairly. Accept the consequences. Whatever happens, deal with it.

Deal with the emotional challenge
For a better recovery after a fall, allow yourself to feel the pain of failing. Cry if you must. Pouring out your emotions allows you to drain all the negative energy so you can have new space to fill in with positivity. Just like in a relationship, when things don’t work out and you finally decide to go on separate ways, you will feel all sorts of pain. Allow yourself to cry. Then you need to push yourself up to start all over again.

Analyze The Problem
Where have you gone wrong? How did it start? What steps did you miss? What could be the outcome if you made a different decision? When you know the answer to these questions, then you can make a new set of plans on how to make things work successfully.

Learn from Your Mistakes
Don’t keep making the same mistakes. The whole process that you have gone through in dealing with your mistakes is not an easy ordeal. Think of the time and emotions you have invested on a failed plan. You don’t want to exhaust yourself all over again. Your mistakes should lead you eventually to succeed because you have identified the problem.

Don’t quit
If you have failed, stand up and move on. Strive harder to make things work. Sometimes we just do not see the potential we have because we hang on to too much emotional baggage. Be around people that will strengthen your will and help you reach your goal. These are the kind of people that you need to be with. Negative people would just drag you down.

Have the courage to start all over again
You have gone through all the steps and yet you still failed. Do you still have the guts to go on? You should! Go through the process all over again and check how you could rectify the mistakes. Life is a journey and that also goes in building a successful business.

Failing is a heart-breaking experience. But, life is full of challenges. Learn to see negative things as something that can push you to make positive results.

You are not alone in your struggles because there are people who can give you advice on how you can better manage your business. With their help eventually, there will be improvements. Going back to square 1 will not be as difficult.

“When you reach an obstacle, turn it into an opportunity. You have a choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.” – Mary Kay Ash