Leadership Guide

Things Entrepreneurs Should Learn from Failure

Failure is something that every entrepreneur has to face sometime or the other and they should try to find ways of managing it rather than embracing the failure. Many overachievers tend to be hard on them but the way we face failure is what is important. Let us now look at some of the things you need to do after failure in any task.

 take ownership of your role in this failure

Own it:

If any of your strategic plans fail then people part of that task will also fail along with you. The important thing here for you will be to take ownership of your role in this failure. In case you start giving excuses to protect yourself or put the blame on others then it will make things worse.

Forgive Yourself:

This is the most difficult part for many people. Entrepreneurs need to think of failure as one of the life experiences and learn from it. Examples of other people who learnt from their failure and did well in the future can be helpful in this situation.

 Business confrontation. Two mature men in formalwear arguing while sitting together at the table

Make Earnest Apology:

If your failure resulted in losses for others then you need to apologize earnestly to them. The apology should be personal and not some form of professional looking statement.

Do Transparent Retrospective:

It is important to look back and evaluate the reasons because of which you failed. Proper analysis of the situation and causes will help you take necessary steps so that such failures do not occur in future. In this retrospective, you need to involve all the concerned people and the stakeholders to get better insight into the situation. Another essential thing would be to remain transparent while sharing the details with the customers as well as workers in the company.

 share what you learn from your failure with others

Inform Others:

It is worthwhile to share what you learn from your failure with others. There are many entrepreneurs facing similar situation like you and it will do a lot of good to them if they get useful insights about the reasons you failed and how you recovered from it or the steps you took to make sure it does not happen again.

Summary:

Failure is a learning experience and helps us to figure out the problems present in the organization, so that you could solve them. As an entrepreneur, you also need to make sure that you accept your role in the failure and apologize for it. Lastly, you should not sit with it and make a concerted effort to move and change things around.

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Dr Prem Jagyasi (c)

Dr Prem is an award winning strategic leader, renowned author, publisher and highly acclaimed global speaker. Aside from publishing a bevy of life improvement guides, Dr Prem runs a network of 50 niche websites that attracts millions of readers across the globe. Thus far, Dr Prem has traveled to more than 40 countries, addressed numerous international conferences and offered his expert training and consultancy services to more than 150 international organizations. He also owns and leads a web services and technology business, supervised and managed by his eminent team. Dr Prem further takes great delight in travel photography.

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