Many entrepreneurs start businesses with high hopes of success. Unfortunately, not everything goes as planned. Statistics show that only 25% of new businesses survive past 15 years. The rest fail along the way due to various reasons.
The earlier you realize that failure is indeed part of entrepreneurship, the faster you’ll learn how to deal with it and get back on your feet. Here are four ways businesses can recover from failure and achieve success.
1. Embrace Failures as Temporary Setbacks
There are many stories of successful entrepreneurs who failed more than once but didn’t quit. Instead, they used their failures as stepping stones to success. Start looking at your previous failures as short-term setbacks meant to teach you valuable lessons on how to act ahead. Reflect on the things you did wrong and think of how you can avoid making the same mistakes in the future. You should not give up on your vision because of a few failures. Your next attempt may be your breakthrough.
2. Find a Mentor or Advisor
Lack of experience is one of the main reasons some businesses fail. According to one study, 92% of new entrepreneurs say mentors hugely determine their business’ growth and survival. You need to find a mentor with vast industry experience to hold your hand. They will point out your mistakes and help you to make the right decisions.
A mentor can guide and encourage you whenever you face business challenges. They may have gone through similar situations and gained valuable experience. Their useful advice will help you get through difficult times.
3. Persevere and Remain Determined
Running a successful business is not easy. It requires perseverance, determination, and a warrior mindset. And to recover from failure, you may need to put in more effort than before. This may mean working until late in the night and waking up very early. But it’s also important to ensure you get quality sleep.
The Good Patch, a company known for its sleep patch, advises entrepreneurs to sleep for at least 7 hours every night. Most highly successful people sleep 7 to 8 hours every night. To stay motivated, read stories of people who exhibited unwavering perseverance in their pursuit for greatness.
4. Conduct a Periodic SWOT Analysis
Carrying out an in-depth SWOT analysis is a crucial step as you embark on your recovery journey after failure. Make it a routine moving forward. The analysis will help you identify areas that require adjustments for success to come. Start by listing your strengths and weaknesses. Look at your business’ present status and determine where you expect it to be within a few months or years. Your SWOT analysis results should help you set business goals and develop an action plan on how to achieve them.
In business, you’ll face many obstacles, but that should not shatter your vision. Many people have gone through the same challenges and overcome them. Get inspired by their stories when you feel like giving up. Think of failures as temporary setbacks. Persevere and remain determined as the journey will not always be easy.