As an entrepreneur, your first business will probably fail. But that doesn’t mean you can’t become a billionaire. If we look at some of the world’s richest entrepreneurs right now, they fell before they flew. Elon Musk almost bankrupted both Tesla and SpaceX. Steve Jobs was once fired from Apple – his own company. The point is, failure isn’t the end. It might hurt, knock your confidence, or feel like the end, but it’s actually just an opportunity for growth. Below are are 5 solid ways written by Elle Juliette, to recover as an entrepreneur who’s lost a business.
Salvage what you can from your old business, then let it go
Just because your last business failed, it doesn’t have to be wasted. If you’ve built a loyal client base or an extensive email list – use it! Products you made can be repurposed, and social media can be leveraged for a new launch. The skills, relationships and resources you’ve accumulated can be recycled and reused in the future. Yes, your business crashed and burned – but you can use the ashes to grow a new one.
Learn new skills and adapt
At the risk of sounding a little too ‘Bear Grylls’, when your business goes down in flames, you need to adapt, overcome, and survive. If that means learning a new business model, a new skill-set, or partnering with another entrepreneur, do whatever it takes to get back on your feet.
Adapt and find a way to start a new business – even if that means completely pivoting into a new industry. You need to invest in yourself before you invest in a new venture.
Leverage Networking
There’s no shame in asking for help. Networking is key to any industry, and, especially if you’ve built solid relationships in the past, it’s how you’ll find your next big opportunity.
Grow your network and use social media to connect with potential clients in your field. Joining Facebook groups or branching out on LinkedIn are great ways to find job openings and nurture some industry connections.
Having a support network of fellow entrepreneurs is also vital for mental-health. Losing a business is brutal, so it’s important to have people who understand that you can talk to.
Use your failure to your advantage
A cautionary tale can be marketed and sold. If you tried to start a business and it failed, use those mistakes to teach others. People are just as interested in how not to fail as they are in how to succeed. Run seminars, become a consultant, write an Ebook – charge others to learn about your setbacks. Failure doesn’t have to be wasted – take back control and make those lemons into lemonade.
Learn from your mistakes
You’ve made mistakes – you can’t change that. But please, for the love of God, don’t make the same mistakes again. Spend some time evaluating exactly what caused your business to fail – break it down – from the finances, to the marketing, to the execution. Work out what you need to do with your next business to avoid repeating those mistakes.The reasons for your first business failing should help form the blueprint for your next business’s success.
Forgiving yourself and moving on.
There’s a saying amongst entrepreneurs that starting a business is like raising a child. So when you lose that business, it’s genuinely heartbreaking. But punishing yourself and spiraling into self-loathing won’t help – it wastes time that could be spent on a new business. At the end of the day, you took a risk. That’s more than most can say. Promise yourself you won’t let the experience go to waste, then forgive yourself and move forward.
