If you want to be a successful entrepreneur, you need to learn how to handle failure. Along with your entrepreneurial journey, you will make many mistakes, will face many obstacles, will miss many opportunities, and often will feel like giving up.
Successful people have become experts in handling setbacks. If you want to survive and thrive in the startup world, you need to learn to pick yourself up and dust yourself off after you fall down. It is easier said than done, of course.
Here are 10 powerful pieces of advice that will help you accept and overcome entrepreneurial setbacks and turn them into opportunities:
- You always get another chance – if you have made a mistake today or couldn’t finish something important on time, remind yourself that there always is tomorrow. You will get another chance to make the things right.
- You are not the only one – other entrepreneurs face the same obstacles and challenges as you do. Nothing happens just to you. Setbacks don’t follow you personally. Reach out to your network and support group – they will help you get your strength back.
- Stay true to your values – act according to your core values and business mission. Whatever the outcomes of your decision are, if you have stayed true to who you are as a person and what you believe in as an entrepreneur, you will be able to face with dignity even the negative outcomes.
- Do your best – work harder than anybody else around you. Even if you face a setback, it is important to know that you’ve done all you could have done. This will help you trust and be kinder to yourself.
- Foster your confidence – it is hard to stay confident when you face a major setback, but this is exactly what you need to do. Your confidence will give you the strength to move forward when you hit rock bottom.
- Invest in yourself – be willing to learn new things and to improve your skills. Invest in knowledge, in experience, in experimenting – the more you know the better you will handle hard situations.
- Embrace the challenge – don’t try to avoid challenges. Don’t be afraid to take risks. Be ready to face the obstacle, to accept it. Embrace it as a great opportunity to learn something new, to grow and become a better version of yourself.
- Don’t seek comfort – entrepreneurship is all about getting out of your comfort zone. If you want to be comfortable, better look for a regular job with a steady paycheck. If you want to succeed, look for the things that challenge you. Don’t be afraid to take risks. If you fall, at least you’ve tried.
- There is always something that can be done – whatever the situation is, there is always something that can be done. If you can change the situation for better – do it. If you can’t – accept it and work with what you get. There is always something that can be done – it is important to keep moving.
- Bet on the untraditional – many entrepreneurs give up when they have faced an obstacle because they have no previous knowledge of how to handle the situation. Don’t look for the familiar. Look for answers beyond the things you already know. Think outside the box. Look for the solution in places where you’ve never looked before. Play the entrepreneurial game not by following the rules, but by creating your own.