The role of failure in entrepreneurship

The role of failure as an entrepreneur or small business owner

The worst apprehension of any businessman is obviously to fail, and never to resurface after such an affront. In such situations, the best way to bounce back is to get up as quickly as possible and try to make that little "false note" a new starting point.

This is possible if one can remain optimistic in all circumstances and approach things with diplomacy and intelligence.

What is failure ?

If, as a general rule, failure is perceived as the opposite of success, being the failure to achieve the objectives set, it seems to take on a completely different aspect as far as the entrepreneurial world is concerned.

Failure sometimes has negative effects, especially on an emotional level. A bad result always leads to feelings of powerlessness, disappointment and even despair. Some people become depressed and their self-esteem is lowered. But in the business world this is slightly different.

Entrepreneurial failure, the first step to success

Why do we fail ?

There are several factors that could contribute to the failure of a project.

The first is the failure to raise funds, or the inability to convince investors to finance the business. When you can no longer find the money to bring "water to your mill", nothing can save the day and unfortunately this can only lead to the total bankruptcy of the company.

The second is related to a targeting error. Any activity must be designed to meet the expectations of a specific clientele, otherwise it will not survive very long. When the product is not well received by the consumer, it has no chance of asserting its existence on the market and this is what causes the entire procedure to be aborted before it has even begun.

The third is related to a bad strategy that can lead to the scattering of the entrepreneur. This often happens when one wants to put the cart before the horse and launch a new product while the previous one is still in development. Needless to say, this is risky both for the reliability of the company and its financial equilibrium and for the reputation of its boss.

The fourth relates to internal conflicts and tensions in employee relations. This misunderstanding is very dangerous for the company because it undermines its operations, which are essentially based on teamwork. In this case, if no action is taken to appease spirits and rebuild a cohesive and harmonious group on a more solid foundation, failure is guaranteed.

The last factor is the economic conditions surrounding the event. It happens, by bad luck, that the marketing of a product falls on an unfavorable context. Unless one is skillful enough to get out of this mess as quickly as possible, one is headed straight for its demise.

How do you, as an entrepreneur, benefit from failure ?

Failure is not useful for the success of a business creation, it is indispensable. And for good reason, it is a crucial and inherent phase in the entire process. History has provided irrefutable proof that it is only by making mistakes - even very serious ones - that one can move forward in life. And this is perfectly valid for businessmen who are sometimes confronted with quite serious defeats in the course of their careers. Here, in a few steps, is how to turn the most dramatic setbacks into a lever for success:

1. Recovering physically and morally

Start by getting help from those closest to you without being afraid to show your weaknesses. Rest, clear your mind and give it time. It will heal the deepest wounds and give the individual the strength to continue to fight. He will then regain his motivations and he will once again want to work to realize his dreams.

2. Grieving

This can only be done by accepting one's failure, however painful it may be, and by being able to put things into perspective. It is important to tell yourself that this is not the end but rather the beginning of a new adventure. In this stage, we must show self-compassion in order to transform a seemingly tragic situation into an asset for success.

3. Regaining self-confidence

Do not hesitate to talk about your experience to others. Not only will you gain the relief of "confiding in someone else" but also the satisfaction of being able to help someone with the same experience and knowing that you are not alone. Furthermore, the fact that you are listened to and cared for is a great source of comfort in itself.

4. Questioning yourself

It is very important to take a moment to reflect to understand your mistakes and take responsibility for the failure you have just experienced. This way, you are sure to start off on a good footing.

5. Rising from the ashes

By seeing failure as a step to be taken and not a fatality, one can find an invaluable opportunity to learn more about oneself and draw the strength to start all over again, if necessary.

6. Getting back on track

At this stage, it is important to focus on your own life in order to redefine your priorities and regain your bearings.

7. Moving forward

Take a more positive look at your abilities, your professional and personal life and set new goals. In this way, you will be able to design a new project and give yourself the means to carry it out in the best possible conditions.

The secret of success for a business leader is therefore not to make a clean sweep, but rather to learn from his mistakes in order to make them an advantage and not a constraint. This gives them a second chance to rebuild themselves and get back on the road to success.

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