7 Strategies for Entrepreneurs to Handle Failures

Failure feels painful but makes you strong.

Photo by Bram Naus on Unsplash

1. Be mentally prepared before failure

The first step to handling failures is preparing your mind before you fail. You’re going to join the field of entrepreneurs then understand that hurdles and challenges come along the way.

“Entrepreneurship can be a long, difficult, dark, and lonely place. You need to be prepared emotionally and prepare those around you.” — Langalakhe Nxumalo

There is no need for making accidental plans. Just recognize in your mind that anything unfavorable can occur in the field of business at any time. And that’s it.

2. Identify what makes you feel good

When you’re working in your office, you’re alone. You need to identify different things that help you stay relaxed, confident, and motivated.

3. Avoid reacting with emotions

It is natural for us mostly to react emotionally when something unpleasant happens. In daily life, it may be appropriate but not for entrepreneurs. Reacting emotionally only compound your problem.

“It is not what happens to you, but how you react to it that matters.”

__Epictetus

The right strategy is to adopt rational behavior. It helps you analyze the problem and generate a possible solution.

4. Spend time with supportive people

You cannot succeed without the help of other people around. You want a network to share your problems with them because they can provide you a strategy.

5. Avoid taking failure on your mind

Take failures normally. Don’t react to them too seriously. They are part of our life. Imagine if there is no failure in this world, and you face no problem then how this world looks and feels.

“I give myself 24 hours to mourn a failure. When something fails, I wallow in it for a day. And then I move on. I never let it stay with me for more than a day. But I give it its one day.” — Brad Feld, founder of Techstars

The solution is don’t remind past fails instead focus on the future by learning from past and present downfalls.

6. Develop the habit of accepting failures

Develop the courage to accept your failures. Avoid blaming others and take responsibility. Mostly, problems occur due to the mistakes of entrepreneurs.

“Accepting failure as a lesson is one of the most important things I have ever learned.” __Jason Saltzman

According to CB insights, 42% of startup businesses fail because of no market need, and 29% due to cash shortfall.

7. Take failures as an opportunity or option

Seeing failures as opportunities to grow and improve makes you intelligent. Mistakes are not bad but helping you become better and robust in the future.

“I have not failed. I’ve just found 10,000 ways that won’t work.” — Thomas A. Edison

Whenever you fail then, examine it. Find why it occurred and how to avoid its repetition. Find a way to become better and better in the future.

Summary

Entrepreneurship is a challenging field. You face tons of ups and downs that can turn you down, but this a part of a journey to building a successful business.

  • Identify what makes you feel good
  • Avoid reacting with emotions
  • Spend time with supportive people
  • Develop the habit of accepting failures
  • Take failures as an opportunity or option

A writer & dreamer. I write about business, finance, and marketing. @AhmadAl82230443

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store