Enter a reason for deleting this comment
Failing startups happen, but you can power through it.
If you're an entrepreneur, you're likely going to fail at one point or another. What you do after that failure is what defines you as a business owner. Dropping a business model or marketing campaign doesn't make you bad at something, it's actually the opposite, you noticed something wasn't working and you switched gears. You'd be amazed at how many people will dump money into a marketing campaign or PPC campaign to try and fix it rather than attack it from a different angle.
Failures should be seen as a learning experience and not a stain on your business resume, and here's why...
Failure is all over the place
Almost every successful entrepreneur you run into will have at least one story of how they failed and didn't let it keep them down. Have you ever hear of Tony Robbins or Elon Musk? Probably. Did you know that they've failed dozens of times before ever getting something together that was successful? Hell, they still fail today but they see it as a learning experience, and you should to.
Elon Must actually loses investors just as quick as he gains them because of his failures. He doesn't lose much when he does fail because it's not on a grand scale, but investors want to see success every time. The investors that trust Elon are the ones who will be billionaires in the next 25 years. I actually wish I had the money to invest in Elon's business plans because you bet your ass I would be buying up as much as I could
You never hear anything about the person who failed and then crawled into a cave to hide away from everyone. You hear about the person who overcame 1, 2 or even 100 failures to finally get something together that made them a success. The 100 failures may have been the 100 pieces of the 101 piece puzzle that you needed to put together before you could make it complete. You never know when you're strike gold so you need to keep your head up and fight through the negative times
We've all have negative reviews, had charge backs, missed an opportunity or had some bad press about our websites. It happens, but you need to power through all of it if you want to be successful. I know that I missed one massive opportunity when I wanted to set up a website and didn't have the time to pitch it to one of the guys I usually partner up with. About 6 months later he launched a website that I was thinking about pitching to him and now I don't own part of it. He actually makes around $2,500 a day from this website, but I can't get down about it because it's not mine. I had the idea, and I didn't pitch it because I wouldn't have had time if we did work on it together. I now pitch him every idea I have even if I don't have the time, because I never know what will be the next big thing
Take control of your failure
There are a few ways you can overcome the negative thoughts you have running through your head when you fail, and I'll list them below. You'll need to take control of your failure and not let it control you, if you know what I mean lol.
- Psychology: You'll need to overcome your fears of failure and using something along the lines of cognitive behavioral therapy could be what you need. Basically you'll learn that failure isn't what you are and that you can work past it to become something great in the future. If your failure is due to psychological reasons, then you're the only person who can work that out. A therapist can only push you in the right direction.
- Identifying The Reason: Figure out the exact reason for the failure and attack it head on. Now if the reason is because of a person, please don't attack them lol. Instead, you can work it out with them and help them learn what they did wrong instead of fighting them, which is never a good thing to do.
- Tell The Story: If you're working for yourself and fail a few times it's not a big deal. If you're running a business and you're looking to bring in an investor, you will need to outline what happened in your failures so that they can get a better understanding of what happened and how you fixed it. An investor wants to see that you learned from your failure and not that you just stopped in your tracks when you hit a wall or a problem.
- It Doesn't Really Matter: At the moment of your failure I'm sure it hurt you emotionally. But when you look back on it in a year or 10, you will realize that the little failure that had you locked in your room, didn't really matter.
Just remember, like I mentioned earlier, failure is all around us. It doesn't matter if it's due to the economy or you actually messed something up so bad that you had to shut down. What you do after those things is what defines you as an entrepreneur and business owner.
The only thing that really matters after you fail is if you pick yourself back up and keep going with your entrepreneur ideas. If you can work through a failure, you're stronger than most people out there and you will be successful soon enough
The only real failure is when you decide to stop trying.
Failing isn't great, but they can make you look good
When being an entrepreneur, you'll run into your failures sooner or later. It's a fact that a little more than 50% of startups will fail within their first 4 years and another 20% will fail in a few years after that. So that means roughly 70% of businesses will fail within 7 years of starting up. The really big downside to this is that if you're one of those business owners who makes it to the 7 year mark, you're likely investing 100% of yourself into the company and it will feel like a killing blow if your company goes under. These are the type of business owners that need to focus and get back on their feet.
The good thing about this is that you have 7 years of business experience and you can easily start something else up. You've built up connections and know how to incorporate already so getting back on your feet should be easier than the business owners who started up and failed within the first year.
Investors will sometimes be put off by everything in your pitch, but that's when you can go into your what you know and how you overcame failures to achieve success. Investors will want to hear about your screw ups because they want to know everything about you, not just your highlights. They want to know that if you're hitting some hard times that you will power through it and make everything better than it was before.
Remember to follow me!