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HomeFINANCEHow to deal with failure in entrepreneurship? • ENTER.CO

How to deal with failure in entrepreneurship? • ENTER.CO

Failure in a business can be completely frustrating. That is why it is vital to learn to cope with it in order to continue on the path and not give up in the middle.

We constantly insist on how difficult but satisfying it is to undertake. Some describe entrepreneurship as a roller coaster ride, others as a leap into the dark. The truth is that entrepreneurship always represents a challenge and a risk that we must be willing to take.

Are entrepreneurs born or made? Perhaps both are correct, because the truth is that to be an entrepreneur you need certain personality traits: being a risk-taker, passionate, curious person, with leadership skills, always willing to learn, having the ability to adapt to changes and especially knowing how to accept and learn from failure.

The harsh reality is that most startups are destined to fail. In our country, for example, only half of the new companies make it past the first year. In Bogotá the survival rate is 64% during the first year, but after the first 5 years only 36.5% of the companies survive.

What are we doing wrong?

The truth is that a business can fail for many reasons. But to begin with, if you don’t have a clear purpose and you can’t build a business idea, it’s better not to go any further.

A key to the survival of any business is learning to listen. Listen to your customers, they know better than anyone what they expect from your product or service. Listen to your peers, some entrepreneurs have already been through the same as you and can give you guidelines to “get out of the mud”. Listen to your mentors. Today there are multiple acceleration and support programs for entrepreneurs, take advantage of them. Listen, learn.

With a world that is constantly changing and increasingly digital, it is essential to stay up-to-date. Do not be afraid to investigate, innovate, try new things. But train yourself, study, stay up-to-date with the latest trends and try to take advantage of the multiple digital tools that are available to your company.

Even if you follow these tips, failure can come. As human beings we are susceptible to making mistakes, to making bad decisions.

So how to deal with failure?

The most important thing about failing is getting up and learning from it. It sounds good, but it also sounds like a box phrase. The reality is that facing failure strengthens our character, but it is not an easy process.

The first advice is: accept things as they are. Whether you made a bad decision, or you messed up the execution, or whatever caused you to fail, just accept it. There are things that are not in your control and there are things that you cannot undo. But there are things that you can do to improve, but that you will not be able to understand or visualize until you let go of the frustration.

Surround yourself with friends, family, entrepreneurial mentors. Remember that you are not alone, take advantage of the networks of entrepreneurs and lean on those who have been through the same thing.

Take some time to pause, to share with your friends and family. Disconnect from your project so you can see it with a new perspective.

Once you have charged yourself with energy, observe carefully, review your steps, do a feedback exercise to review which points need to be strengthened, what things need to be modified, which ones need a change of course. Perspective and time, as well as the help of mentors, will help you find those answers.

Finally execute. Take the necessary actions, even if it means ending your business. Here the important thing is the learning you had with your failure, which will not only strengthen your character but will also help you make better decisions tomorrow.

Image by Elmer Geissler from Pixabay

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