“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.”
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.