A business failure doesn’t have to mean the end of the world. A failure might actually be the beginning of a much stronger and more resilient business.
Here are the things you should consider and take away from a business failure.
The blame game
It can be hard not to blame others, or extenuating circumstances for a business fail. However hard it may be to admit, as the business owner, the buck stops with you. When you take responsibility for the failure, your mind actually becomes open to change.
Don’t beat yourself up
Taking ownership of the business failure doesn’t mean you should blame or berate yourself. Plenty of successful business people have experienced business failure, only to bounce back bigger and better. Take Steve Jobs for example. He was forced out of Apple in 1985, only to later merge Apple with his new company NeXT in 1997. He then became CEO of Apple.
Don’t double down
Just like a bet at the casino or a bad investment, don’t double down on the business failure. You can’t make it work by simply reinvesting in the same idea, hoping it will work next time. Einstein is often attributed to the quote, “Insanity is doing the same thing over and over and expecting different results.”
Bring in experts
However experienced you are, there’s always someone with a little more knack. So bring in an expert to give you a hand. They will also be able to see things with fresh eyes. Building a team of experts will only improve your execution the next time.
The bottom line
The bottom line is, don’t give up. The success of your business lies in how well you deal with failure – not how well you celebrate success.