How do you Handle Failure as an Entrepreneur ?
You might think that your product is the best ever and a lot of consumers need it, but the launch strategy is a mess and nobody is buying. You have practically failed in that aspect. How do you then handle failure and keep going?

In business, failure is almost inevitable; especially for start-ups as they are usually handled by newbies in the business world; bound to make a whole lot of mistakes. There are ways a business could fail ranging from raising funds, sales to managing the business altogether. What is more important is the attitude of entrepreneurs towards handling failure.
Don’t take it personal
We all have different ways of handling rejection or failure. So, when you experience a failure in your business, don’t go about feeling sorry for yourself or lamenting how you have failed yourself and those that believe in you. The fact that you have failed does not mean you are a total failure or you can’t try again and succeed. Rather take it as a learning process, where you learn from your failure and grow.
If you take it too personal, you will find yourself wallowing in your sorrow and pain. And the time you spend in doing that can be put into preparing yourself for your comeback. The choice is all yours.

Take responsibility -Blaming someone else for your failure won’t make you feel better, so hold yourself accountable for every misstep that lead to the failure of your business. Retrace your steps and avoid making the same mistakes in the future.
At this stage, figure out your strengths and weaknesses in business and work on the latter.

Successful entrepreneurs have a positive mindset; they always see the good in every negative situation and failure. They do not say to themselves, “I am a failure”, rather they find ways of turning a failure to be a massive success. And that is what sets them apart from failed entrepreneurs.

“It is fine to celebrate success, but it is more important to heed the lessons of failure. How a company deals with mistakes suggests how well it will bring out the best ideas and talents of its people, how effectively it will respond to change.”

Bill Gates

By analyzing the situation, you are re-evaluating your business by trying to figure out what you did and didn’t do. Finding answers to why your business failed at first attempt or severally as the case may be; what went wrong, how it could have been prevented. By doing this, you are taking notes of the lesson for your previous business failure and building on those lessons to remodel.
Start again

“I have not failed 10,000 times, I have not failed once. I have succeeded in proving that those 10,000 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.”

Thomas Edison.

If only all entrepreneurs could have the positivist spirit as Thomas Edison who tried more than 10,000 times to invent a light bulb. I must say, that is really a lot of time to try out a single thing. The lesson of the story is, he didn’t give up. He was persistent and he was determined to succeed. With this positivist spirit and motivation, rise up and start over. You could start a whole new business bearing in mind not to repeat the same mistakes you made in the previous one or you could rebrand your business with a complete model hoping it would work.
Without failure, you don’t get learn and grow outside your comfort zone. Failure is a setback preparing you for your grand comeback. And without failure, there may not be a success story. So embrace your failures and rejection, learn from them and soar higher.

“The business empires built by successful entrepreneurs were erected on the foundation of past failures.”