Failure in business: 3 aspects of failure to mitigate

If you are an entrepreneur, you need to set goals and take risks. But you aren’t going to make all of your goals and not all of your risks will pay off. How do you manage yourself when you fail? In this video I explore the 3 aspects of failure and how to mitigate their impact on you.

If you haven’t set a measurable goal with a specific deadline, you are almost certainly dealing with your own fear of failure. Every failure has 3 aspects to it that you can overcome.

  • Reality. If you set a goal to make $1000 and you made $100, there are real consequences. Maybe you can’t pay your bills or you can’t purchase the next marketing campaign or whatever it is. This is the easiest aspect of failure to overcome, because you have no choice. I mean, here you are. You have $100, not $1000. If you hadn’t at least tried maybe you wouldn’t even have that. In any case, you just have to go on.
  • What people think of you. Rejection by society and our loved ones is one of the hardest things to deal with. In most cases, our family and friends don’t reject us, but our perception of how they will react may keep us from trying something new. First of all, notice that most people don’t really care about you. They care about themselves. Secondly, and more importantly, surround yourself with other entrepreneurs who are trying and failing and succeeding like you. This can’t be emphasized enough. The people who are in your circle have more influence on  you than almost everything else. Find friends and colleagues who will support you and encourage you to keep trying.
  • What you think of yourself. We tend to be much harder on ourselves than other people are on us. To mitigate this, notice what you are saying to yourself and ask “would I say that out loud to my best friend?” If not, apologize. Treat yourself as if you are your best friend. If you just heard a voice in your head say “You’re such a loser,” apologize as if you had said it out loud to someone. “I’m so sorry,” say to yourself. “I can’t believe I said such a cruel thing. Of course, you’re not a loser. You were courageous for trying and you learned something new so next time you may succeed.” This is from Sean Stephenson’s book, Get off your But”.

If you are trying anything ambitious, sometimes you will get a different result than what you planned. If you learned something, it’s not a failure. If you keep trying, you haven’t failed yet… so keep trying!!!