Evaluate What Went Wrong To Start Business Again
After taking some time to grieve, do a post-mortem of your business. “It’s actually cathartic to think through what happened. There are so many lessons to learn,” said Tom Scarda, a speaker, franchise expert, and author who has owned both a highly profitable business and one that failed.
It’s necessary to be brutally honest with yourself and take responsibility for your actions and choices while analyzing what happened to your business and documenting both the successes and mistakes. “If you make excuses, that only stops the learning and prolongs the pain,” said Scarda.
Once you know exactly what went wrong, give yourself permission to let go and move on. “Learn from the setback, drop the baggage and move forward,” concluded Seth. After conducting a thorough assessment, incorporate the lessons you learned into the next chapter of your life.
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From my experience, I learned that failure is only a matter of perception. Where one person finds a failed venture, an entrepreneur with the right mindset can find a valuable pivot or a new opportunity,” added Sims. You’ll find yourself on the losing end of the spectrum if you try to go it alone. Starting over, I made sure to connect with other entrepreneurs [and] joined a professional organization,” added Rivers.
Scarda reminds entrepreneurs to not be held back by fear: “Your time is limited in regard to creating experiences for yourself and possibly creating a great business that can help the world, or at least provide a few local jobs to people who need them,” said Scarda. “Remember, you will regret the things you didn’t do, not the things you did.”