In entrepreneurial endeavors, failure is expected. In many instances, it is unavoidable. However, it is not the outcome of the failure that defines us as business owners, it is how we face that failure. Don’t just embrace it, manage it with these four tips:
Try. – Theodore Roosevelt once said, “It is hard to fail, but it is worse never to have tried to succeed.” Not acting in fear of failure does no one any good. You must take chances to create something of meaning.
Own it. – Don’t make excuses. Take ownership of what went wrong and act. This helps you learn as well as your peers—and you’ll gain a huge amount of respect for it.
Forgive yourself. – This may be the hardest part. As entrepreneurs, we are extremely hard on ourselves. But we have to accept that failure is part of the human experience. It is what helps us grow. So give yourself a break.
Share your experience. – Use your failures as a teaching moment. Sharing with your peers will help give you closure and you may even gain some valuable insight.
Dwelling on failure only slows your journey on the road to success. Use these tips to accept your downfalls and move forward quickly.
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.