Entrepreneurship is not for everyone. Starting your own business, leading a team, and making all the decisions on what is best—can be stressful. And many people don’t want to take on the pressures and challenges of being an entrepreneur.
But it’s an amazing ride for those who choose entrepreneurship (or maybe entrepreneurship chose you!). Being an entrepreneur can open many opportunities in your life and be a fulfilling vocation.
Because entrepreneurship is unpredictable and uncertain, losses should be expected. The reality is that you are doing something no one has done before, and that means that you will sometimes fail! It is not the failing that matters overall—we’ll all experience that—but it’s what you do after.
Here is the top advice for entrepreneurs coming back from a loss from Garen Armstrong. Follow this, and you will be like that phoenix rising from the ashes, coming back stronger than ever.
1. Take time off
This might seem counterintuitive. After a business failure or loss, shouldn’t you get back out there and try again? Eventually, yes. But it is important to let yourself grieve the loss and acknowledge your feelings about it.
Taking time off will help you get in the right mindset, reorient, and come back with a clear head.
2. Debrief with your team
When you’re ready to get back to it, take some time to debrief with your team—either colleagues or trusted friends, mentors, and family members. Ask questions like:
· What went wrong?
· Were there any warning signs?
· If we wanted to try again, what would we do differently?
Approach it in a logical and straightforward way, trying to keep emotions out of it This will help you get a clear sense of what happened.
3. Practice gratitude
After a major loss, you might fall into the trap of negative self-talk and anger. Or you may feel discouraged and hopeless. Research shows that a gratitude practice can help you combat these negative feelings and positively impact your brain and attitude. Some ways to practice gratitude include:
· Journaling and writing down what you are grateful for.
· Intentionally thanking someone for something they did for you.
· Pray or meditate.
· Talk to your loved ones about what you’re grateful for.
4. Set new goals
Set some new goals for yourself as you get ready to step back into a new project or venture. It’s possible that one of the reasons for your previous loss was that you either didn’t set goals or didn’t set the right kind of goals.
The SMART goal framework is an excellent tool for goal setting. It directs you to make goals that are Specific, Measurable, Attainable, Relevant, and Time-based. Setting these kinds of goals makes it easier to move forward and meet them.
What has your experience been with business or entrepreneurial loss? I know how hard it can be to face. But I believe in your ability to rise up from the ashes! If you’d like to connect more, please reach out and contact me at Garen Armstrong.com—I’d love to hear from you.