Buisness

Business Failure: A Six-Step Recovery Process

Whoever came up with the nonsense that the smart learn from the mistakes of others? Observing other people’s actions helps to reflect their own. And so – all by ourselves, colleagues, personal cones. Any failure, being correctly meaningful, turns into a valuable experience. No one is safe from failure. And when that happens, you need a recovery plan. After a series of defeats, which I discover the courage to admit, I put together a rehabilitation plan. And here it is

 

1. Accept failure as part of the path to success

 

The first step of the recovery plan is to acknowledge and accept defeat. You may find this mood defeatist or damp. If you do not observe failure as a step on the path to success, you will never reach a new level.

 

You need to accept what happened. This is unpleasant, but you need to accept and realize that you cannot correct mistakes already committed.

There are positive aspects to this adoption. The failure is already behind you. You are one failure closer to success.

2. Feel the pain of defeat, but try to focus on it

There is no more destructive behavior than the overthrow of emotions and pretense. Do not pretend that everything is in order. Give yourself time to grieve over the losses.

I understand that we are talking about business right now. But real emotions are connected; you cannot help but feel pain when you fail in business. And this is normal.

 

Use your Emotion to give you strength 

If you have failed completely, do not deny yourself the right to be sad, discouraged, and angry. It may take you three whole months. Maybe just half an hour. In any case, give the emotions as much time as needed.

However, do not stay too long in a state of emotional decline. Negative emotions have a positive side effect. They can motivate you to push up and find the strength in yourself to reach new heights.

3. Recognize your responsibility in the failure

You admitted what happened and mourned, literally or figuratively, your loss. Now is the time to admit your responsibility in the collapse of your company. You will be unpleasant to hear it, but I must say. You are the only culprit of all failures. Not your partner, not your employees, not your investors. Only you.

 

Accepting mistakes will increase your strength

Why is this so important? You should be ready to accept the harsh truth, only after that, you can move on and recover from what happened. This will strengthen your leadership qualities, increase the level of responsibility, and stress resistance in the case that hard times come back.

When you are 100% responsible for your future, you are ready to take the actions necessary for improvement.

4. Make a list of Mistakes

Write down everything that went wrong at one time or another. Feelings, Conversations, Money problems, Staff problems, Conflicts in the team, Marketing Mistakes. All.

Maybe you started a business with the wrong partner. Perhaps you were not attentive to the legal part of the problem. Maybe you did not spend enough time mastering the power of marketing.

 

5. Create an action plan for starting a new company

The fifth and final step in the process of recovery after a defeat and return to the path to success is to put together everything that your mistakes taught you and draw up a simple plan of action.

On the one hand, this is easy because you know what went wrong and what you now need to do in such situations. That’s why you went through the four previous steps.

 

It will be difficult, but you have Experience

Drawing up a plan can be difficult, as it requires serious mental effort and time resources. You already have a huge advantage – you know what stops the development of the company. And you know how to avoid certain difficulties. Keep this knowledge and use it when creating a new company.

 

6. Work with true Passion and remember the past failures

So what’s next? Everything is extremely simple: start a new company.

A defeat like nothing else can sober you up and make you act. You will try never again to feel such humiliation. The only way to achieve this is through passionate, non-stop, stormy, and comprehensive activity.

As soon as you get back into business, you will recall the past failures with a smile, and you will be grateful for the lessons that life has brought you.

You are a little older. A little wiser. And a little closer to success.

 

Conclusion 

Steve Jobs, Bill Gates, J.K. Rowling – all these people have failed. But they were able to rise from the ashes and become even stronger than they were before.

You can do that too. Head higher, move forward. Failures teach us harsh but priceless lessons. You can handle it, and you can do it.

Muhammad Farhan

I am a fresh finance graduate, who's great with strategizing, impeccable mathematical and analytical skills, combined with keenness on details and understanding the HOWs and WHYs of things. Excellent with quantitative analysis, financial feasibilities & problem-solving.

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