Starting Again After Business Failure

An entrepreneur is not necessarily a person who runs a company; it’s as much of a state of mind as anything. Every entrepreneur will experience ups and downs — and when the downs are severe, they can be horrific. A business failure can be the death knell for your entrepreneurial ambitions… if you let it.


The truth is that one of the defining characteristics of the entrepreneur mindset is determination, an unwillingness to be cowed by issues. Sure, a business failing is not a great start, but it doesn’t have to be the end of your entrepreneurial spirit. If you have another idea for a business, there’s no reason why it can’t be successful — so long as you follow the right path forward.


Step One: Identify Your Past Mistakes

The last time you were in business, what went wrong?


Identifying this might be difficult and frustrating. It might mean being accountable for your own mistakes; if you need any help on this, has some great strategies to help you identify problems of your own causing. This requires a lot of introspection, which can be uncomfortable — but you need to know.


As soon as you know what you personally did wrong last time, you can be sure not to repeat the same errors this time around.


Step Two: Construct A Plan For What Will Be Different This Time


When you know what happened last time, you then have to outline — preferably in writing — what’s going to change with your new enterprise. If you have areas where you need more information or support, then you have to also come up with ways you’re going to be able to obtain that information and support. It’s unwise to move forward with your new business until you have a solution for every issue you experienced in the past.


Step Three: Modernize and Futureproof


If you have a good idea for a business right now, then that’s great — but what about the future? Unless you want to be facing business extinction for the second time, you have to put the future at the center of your business thinking.


That means you’re going to need a website like the ones possible by; you’re going to need to have a mastery of social media; you’re going to need to know how to market to as many demographics as possible; you have to use the latest technology. If you’re too cavalier and don’t try and make the effort to keep up with the times in — as well as outright futureproof — your business from the beginning, then you could find yourself in trouble once again.


Step Four: Manage Your Anxiety

When you have had business failures in the past, you’re going to be anxious about the future of your new endeavor. However, anxious people don’t tend to make good decisions — so try and get a grip on these emotions. There are all sorts of anxiety-management techniques such as those noted on, so try a few until you’ve found something that works for you. Your business will benefit from you doing so.


By following the above formula, you can launch a new business and finally let the entrepreneurial side of yourself fly free.

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